What is Smart Cloud Marketplace offers?
Smart CloudMarketplace offers an open electronic market where multiple cloud consumers and multiple cloud providers can efficiently trade IaaS based on the supply and demand mechanisms. By balancing supply and demand it improves the utilisation of cloud resources and revenue for the cloud providers, as well as more efficient procurement of IaaS for the cloud consumer accessing the large number of competing cloud providers. Both the IaaS futures and spot trading can be automated in the Smart CloudMarketplace with the efficient computational market algorithms. It can also support market-based IaaS exchanges across the federated clouds.
Why do we need it?
Cloud Computing is a rapidly growing industry: today it is worth $97 billion, and it is projected to increase to $241 billion by 2020. Today, more and more businesses are migrating to the cloud for different reasons including to lower the costs and to get better reliability. A lot of new cloud providers are emerging in order to meet the constantly increasing demand for cloud services. They focus on delivering competitive services for their customers. But more importantly they try to efficiently manage and sell this service in order to make profit! Cloud consumers, in turn, seek value for money and wish to buy the services in a fair market.
Who is it for?
Our research outcomes can be used by industry partners, who provide or broker Infrastructure as a Service. The providers can trade their spare resources in a fast and more cost-effective way. IaaS brokers can use our market mechanisms to efficiently trade cloud services among multiple resource providers and consumers.
What are the benefits?
When applied by infrastructure cloud providers, our market solutions can improve the revenues by establishing the prices that adapt to the changing market conditions. We have designed a market mechanism that generates significant cost savings for the cloud provider, while optimising the resource utilisation. The ongoing work focuses on the exchange market of cloud resources. When used by brokers, our solutions will offer a platform for services exchange, that enable all the participants to automatically sell and buy cloud resources efficiently and fairly.