Traditional way of software engineering is no longer fully suitable in the changing scenario of modern hardware
and software architecture of parallel and distributed computing on Semantic web and Cloud computing platform. A parallel
hardware architecture can support high performance computing but needs changes in programming style. Also the capability
of Semantic web can link everything on the internet making an interoperable intelligent system. And with this capability
many beneficial business models like Web services and Cloud computing platform have been conceptualized. Cloud
computing is the most anticipated future trend of computing. These changes in hardware and software architecture means we
need to re-visit the traditional software engineering process models meant for a single computer system. This paper first
surveys the evolution of hardware architecture, newer business models, newer software applications and then analyses the
need for changes in software engineering process models to leverage all the benefits of the newer business models. This
paper also emphasizes the vulnerability of the web applications and cloud computing platform in terms of risk management
of web applications in general and privacy and security of customer information in shared cloud platform which may
threaten the adoption of the cloud platform.
Keywords/Index Terms— Agile Process Model , Cloud Computing Platform, Privacy and Security Issues, Risk
Management, Semantic Web, Software Evolution.