In a conversation with CNN Business, IBM CEO Arvind Krishna has revealed that the company is aiming to make a big claim in the cloud business. A market where Amazon Web Services and Microsoft Azure already call the shots.
IBM is not making its move sneakily, it has announced that this is its strategy. Putting Arvind Krishna in charge of the company in April 2020 was a clear signal. Krishna has been a major force in the cloud space and he is popular for heading the deal that saw IBM buy Red Hat, an open source software provider in 2018.
The plan is to take IBM back to its glory days of being highly profitable. While it remains a reputable company with over 100 years of existence below the belt, many other companies have been outshining it recently.
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This is set to change, and it is banking on the cloud tech to do this. In 2019, cloud accounted for 27% of IBM’s revenue. But, the company is not abandoning its decades-long business of physical servers. Instead, it will combine both in what is called hybrid cloud.
In the hybrid cloud business, IBM would likely be king. It already has a long list of customers who have been using physical servers. If it introduces the combination to them, they would likely easily take to it.
The American tech giant hopes to turn things around. IBM plans to invest over $1 billion in companies that focus on cloud tech to improve its hybrid cloud ecosystem. The company projects that the hybrid cloud market could be worth nearly $1.2 trillion within the next two years.
Analysts and experts also expect that the pandemic and the change it brought will spur more companies to consider moving to the cloud tech space. When this happens, IBM hopes to garner as much of the market as it can.
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