ServiceNow CEO Bill McDermott called cloud computing the “pervasive computing theme of the 21st century.”
The cloud computing market is experiencing significant growth, due in no small part to the pandemic and the rise of hybrid work. All three leading providers are experiencing significant growth, with no signs of slowing. According to McDermott, the success of cloud computing is due to its “pervasive” and transformative nature.
“It simplifies everything. Everything is on mobile. Everything is nice and easy to use,” McDermott told Yahoo Finance.
“It’s a platform that can single-thread business across an entire enterprise, all business functions. So, it’s a great unifier in a sense, because some people have a very powerful Chief Information Officer, some have Chief Digital Officers, some have Chief People officers, some have these amazing data managers,” McDermott added. “But to have that one platform, that single thread, all those powerful relationships to deliver great experiences is so exciting to us.”
Although the economic downturn has many companies hedging their bets and cutting costs, McDermott believes the cloud computing market can continue to grow, fueled by companies’ digital first strategies.
“Ninety-five percent of CEOs have a digital first strategy. So, they are leaning towards digital transformation. Because it’s the only way out. On the one hand, it’s software as the great deflationary force,” McDermott said. “On the other hand, if you can’t change and reinvent your business model, and innovate digitally, you lose the game. So, CEOs know this very well. So, that tailwind is very strong.”
McDermott’s predictions are good news for the cloud market and highlight the opportunities available to cloud providers.