We’re happy to announce we’ve added a new Real Time Industrial Classification (RTIC) – Cloud Computing. This has allowed us to capture a wider range of companies in the sector that was not previously captured by other RTICs such as SaaS and Data Infrastructure.
What is cloud computing?
Simply put, cloud computing refers to the delivery of computing services over the internet, often referred to as “the cloud.” These services include a wide range of resources such as servers, storage, databases, networking, software, analytics, and intelligence.
Cloud computing is transforming the way businesses and individuals use technology, offering more flexibility, and access to powerful computing resources.
How we did it
The first step we took when adding this RTIC was beginning to research what defines the cloud computing market. This investigatory work involves digging deep into the industry to find what it’s made of and speaking to experts in that industry. In this case we were able to use an independent parliamentary report as a basis, we then refined this model further whilst developing the RTIC.
Once we had a better understanding of the industry, we began constructing it. Each vertical is built using a set of keywords. These are used to find ideal companies for the training set. Each of these businesses are the archetype of their respective field.
When there is enough data generated for the training set, we cleaned the lists to remove any companies that don’t fit – this is to ensure accuracy.
Finally, we performed a QA check to ensure that it’s up to our standards.
Let’s take a quick look at the industry:
- Over 3000 companies, with a few giants (HCL, Fujitsu, Atlassian)
- High estimated growth per year +7.8%
- Mildly decentralised, with hubs in the North and Southwest
- High investment, with grants from Innovate UK being up to £3,000,000 in the case of HP
The new Cloud Computing RTIC allows for more accurate and nuanced analysis, revealing new insights into the sector. It goes beyond the traditional SIC codes, which are outdated and struggle to keep up with modern industries.
The Cloud Computing RTIC is now live in our platform and available to all Data City users.
Want to find out more about our Cloud Computing RTIC and see the data in action? Sign up for a free trial today.
