It was very unlikely for the business to have grown by over 50% in 2019. It has been even less likely in 2020 when a lot of companies have struggled due to the coronavirus crisis which struck the world in the first quarter of the year. However, in the Cloud segment, it is rather normal to see numbers like that – especially for Google, which seems to have gotten used to that with a lot of their products.
As we can read in Andy Samu’s piece for Disruption Banking, Google (or Alphabet) IPO’d in 2004 on the Nasdaq and a single share was worth $85 back then. As we can all imagine, throughout the years, this value skyrocketed and today it is above $1500. The colossal company, like every other, has been affected by the virus, which pulled the value of the share down to $1000. Although, Alphabet rebounded in a surprisingly short period, and it looks now as if it is about to enter a whole new level of the share price.
We could attribute this success of elevating the price in 2020 to a bunch of new hires with Thomas Kurian being one of them. He joined Google Cloud in 2018 and has become CEO of the Cloud Platform. He is just an example of Google’s thinking of the future. Kurian is very experienced in technology, as he spent over 20 years at Oracle before joining Google’s staff. He has now taken on re-focusing Google’s cloud business on tighter cooperation with partners and providing new solutions for the whole company.
What happened after Kurian joined Google?
It took a few months before we have witnessed a kind of rebranding of the old Google Cloud Services Platform. It was replaced by Google Cloud Anthos software which by 2020 has recorded crucial successes. Among them, we can easily point out customer wins including HSBC, Lloyds, or PayPal. But it is not everything, as other banks (Revolut, Unicredit, Monzo, Bank of Canada, Nationwide, ABN Amro, and Starling Bank) started to use an opulence of other Google products such as Apigee and BigQuery.
The Disruption Banking piece contains a meticulous analysis of some of Google’s steps, with the main focus on PayPal. The company’s Vice President, Employee Technology & Experiences and Data Centers, Dan Torunian expresses PayPal’s belief that “Google Cloud’s offering is the right fit when it comes to providing security, quality, and velocity.” These are the words we could hear from a number of Financial Services sector entities, as Anthos seems to be the most reliable and the best-developed Cloud technology, reaching the leading position among the competition.
The advantage of Google Anthos Cloud over the competition
“Today, if you talk to Azure they will say you can run Azure Stack on-premise and on the cloud, Amazon will say you can run Outposts on-premise and in the AWS cloud. They are fine companies, but they’re not solving the multi-cloud problem”, said Thomas Kurian, Google Cloud CEO. His words seem to be explaining, how Google approaches its competition. These are the thoughts Kurian shared in November 2019 and since then it seems that Google Cloud’s rising current has been sustained. Join Azure Certification training today and become certified.
Google is said to be outstanding when it comes to AI and Machine Learning, with TensorFlow’s platform being an essential part of that success. The times, when Google was just an addition to AWS or Azure products are over. Google Cloud provides banks with tools and services that for now are hard to compete with. In 2020, the long list of Google’s clients was joined by Deutsche Bank for instance.
JPMorgan’s CIO report shows that Microsoft is now the no. 1 Cloud platform in terms of market share. The data concerning the company’s revenues seem to be confirming that, and Microsoft is expected to be gaining “substantial amounts of the Cloud marketplace” globally.
As it is always, Google is not free of trouble on its way to success. Big Tech companies are being pushed more and more for “dominance of a small number of digital platforms and the adequacy of existing antitrust laws and enforcement.”, as House Judiciary Committee Chairman Jerrold Nadler and Antitrust Subcommittee Chairman David Cicilline stated.
You can read more details about that case in Andy Samu’s piece published on the Disruption Banking website. Apart from that, the text contains an exhausting analysis of Google’s plans regarding China. The author has also described what DeepMind is, and has explained its connections with Alphabet company. To read the article, visit the link: https://disruptionbanking.com/2020/07/14/googles-anthos-continues-to-grow-market-share-why-are-banks-choosing-them/.
