Cloud computing is the pervasive computing theme of the 21st century

Tech giants Amazon AMZN Microsoft MSFT and Google GOOG reported strong growth in their cloud businesses during their recent earnings reports despite fears of a looming recession.

One Silicon Valley executive probably wasn't surprised. Bill McDermott, who is now CEO of Influencers with Andy Serwer ServiceNow NOW, called the cloud the most pervasive computing theme of the 21st century, according to a recent interview with Influencers with Andy Serwer ServiceNow. It simplifies everything. Everything is beautiful and easy to use, according to McDermott, who spokeswoman for Yahoo Finance.

Cloud computing services allow users to access data online rather than on a hard drive. McDermott, CEO of ServiceNow, a cloud computing company with over 17,000 employees and a $104 billion market cap, says his platform can help tech workers become more efficient.

It is a platform that can be used to run a whole business, all functions of the business. It's a great unifier in a sense because some people have very powerful Chief Information Officers, others have Chief Digital Officers, others have Chief People officers, others have these wonderful data managers,'' McDermott said. To have one platform, that single thread, all of those powerful relationships to deliver great experiences is super exciting. The last few months have seen a volatile market. Americans are increasingly worried about their country's economic future as the Federal Reserve has increased interest rates in an effort to curb inflation. Some experts believe that a recession may be imminent, such as Minneapolis Fed President Neel Kashkari.

McDermott remains optimistic about the future of cloud computing and ServiceNow.

Ninety-five percent of CEOs have a digital first strategy. They're leaning into digital transformation. On the other hand, it's software that's the great deflation force, McDermott said. If you can't reinvent and recreate your business model, and innovate digitally, you lose the game. CEOs are aware of this. That tailwind is super strong. Cloud computing services have become increasingly coveted. Cloud revenue was up $25 billion, up 28% year over year, according to Microsoft's last earnings report.

According to Gartner Inc., global spending on cloud services was close to $411 billion in the year 2021, compared to $270 billion in 2020.

McDermott said that ServiceNow's strength is its product.

If you have great ideas, and you can innovate and build solutions that the customer doesn't know they need, but once they get them, they don't know how they're going to live without it, then you're doing something important, McDermott said.

Before joining ServiceNow in 2019, McDermott spent more than a decade as CEO of the German enterprise software company SAP. During his time there, the company's market cap grew from $39 billion to $163 billion. He lost an eye in an accident in 2015, an experience he told Yahoo Finance gave him more empathy in his heart and soul and the ability to connect with people on a more human level.

ServiceNow has 28 offices in the United States and its headquarters is located in Santa Clara, CA.