THE RISE IN CLOUD BASED SYSTEMS
Lancaster House hosted some of Britain’s technology industry during the Olympic Games.
The former chief executive of Autonomy, who are one of Britain’s most successful technology companies, Mike Lynch, took to the stage to speak about key trends he believes will drive the global technology industry over the next 12 months.
Cloud computing, which is the provision of computing services over the internet, was one of the areas that he focused on. He believes that cloud service providers who grab a significant share of the market initially will then be able to sell different services to their clients. Once their data is hosted clients will be reluctant to move.
The 12th annual Sunday Times Hiscox Tech Track 100 league table which ranks the fastest growing technology companies shows that many of these organisations are already exploiting this new low cost service delivery mechanism. Companies in the league table using these services have grown their turnover in the past three years from £521m to £2.7 billion.
Venture capitalists have shown interest at such a high growth rate and 11 companies have raised equity finance with 40 companies now controlled by private equity or venture capital firms.
Lynch left Hewlett-Packard, who acquired Autonomy, this year to set up his own venture fund.
He also observed that the way large companies make their buying decisions has changed. This opens opportunities for smaller, entrepreneurial technology firms. He said “IT vendors used to sell to IT people. The thing that is driving the cloud is the ability for non-IT people to do something”. An example of this is marketing teams at large companies buying a cloud based search engine and website optimisation services.
Other trends include the rise of advanced consumer mobile technology and the rapid adoption of combined audio and visual communications over the internet, know as unified communications.
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