Global Cloud Computing Projected to Reach $718 Billion by 2027
The 5G Open Innovation Lab (5GOILab), a global ecosystem of developers, enterprises and government institutions, today announced that F5 (NASDAQ: FFIV), a multi-cloud application security and delivery company, has joined the Lab as a Corporate Partner. F5 will be providing carrier-scale 5G infrastructure and security solutions deployed through virtual, containerized and physical architectures to the Lab’s diverse start-up ecosystem. As a corporate partner, F5 will leverage its rich experience in telco network traffic management, app security services and cloud computing to help the Lab’s startup ecosystem develop, test and deploy 5G solutions in order to accelerate market adoption. F5 joins the Lab’s Founding Partners Amdocs, Dell Technologies, Intel, Microsoft, NASA, T-Mobile and VMware and Corporate Partner Avanade.
The Lab selects 15 to 20 early- and later-stage companies to participate in the program twice a year. These companies represent 5G infrastructure and 5G-enabled technologies such as artificial intelligence, edge computing and IoT across diverse markets including agriculture, manufacturing, entertainment, transportation, energy and space. To date, 33 companies have been accepted to the program.
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“F5’s participation in the 5GOILab will spur more even more creativity and real world problem-solving to share and apply market-driven agile innovation to our leading 5G infrastructure, edge and security offerings.” said James Feger, VP and GM for Service Provider at F5. “These fresh applications and deployment ideas stretch beyond standard proof-of-concept labs in a unique atmosphere of mutual learning and growth to benefit service providers and especially mobile operators – whether part of a large-scale telco cloud ecosystem, a private network for specific vertical use cases or a mix of both. It elevates us all to be better prepared for the known and unknown challenges at the new insertion points in a 5G network.”
According to analyst firm Verified Market Research in a report published October 20, 2020, the “Global Cloud Computing Market was valued at USD 252.70 Billion in 2019 and is projected to reach USD 718.07 Billion by 2027, growing at a CAGR of 13.9%.” The analyst report looked at new trends in application cloud development such as Infrastructure as a Service (IaaS) and hybrid public-private clouds.
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“We have always believed that realizing the true potential of future 5G networks depends entirely on developer access to these networks. Just as they did with the Cloud, developers will become the driving force behind new applications, services, and industrial capabilities built on intelligent edge platforms,” said Jim Brisimitzis, general partner of the 5G Open Innovation Lab. “As a corporate partner, F5 brings deep telco and enterprise experience to the Lab that will help us verify and bring to market proven 5G-enabled applications through our portfolio. Very few companies have the depth of knowledge and expertise in both telecom and application development and we are fortunate to have them join us.”
The Lab is managing its Fall 2020 program consisting of 16 member companies that will conclude their 12-week program next week.