Private Cloud Drives the Cloud Storage Market
Cloud storage of interest? You bet!
The total cloud storage market is expected to reach $46.8 billion over the next four years with a CAGR of 40.2%.
That’s according to a new market research report “Public/Private Cloud Storage Market (Incl. Cloud Storage Gateways, Backup and Recovery, Data Movement and Access, Data Replication, Hsm and Archiving, Security And Storage Resource Management Solutions) – Worldwide Forecasts and Analysis (2012 – 2018)” published by MarketsandMarkets.
Where’s all the growth coming from? The digital data being produced by a huge number of small, medium-sized and large enterprises is increasing at a very fast pace, creating greater need for secure data storage systems. Cloud storage, which is a networked virtual pool of enterprise-class storage, serves the data handling needs of organizations by providing cost efficient data management and a secure and reliable storage infrastructure.
Also according to the report, the global private cloud market is expected to grow from ($5.6 billion in 2012) to $46.8 billion by 2018, at an estimated CAGR of 40.2% from 2013 to 2018. North America commands the largest share; it had 60 percent of the overall cloud storage market in 2012 at $3.4 billion and that figure is expected to reach $21.8 billion by 2018. That’s a CAGR of 33.8% from 2013 to 2018.
According to MarketsandMarkets, “The emergence of the digital trend has accelerated the volume, speed and variety of unstructured data generated, commonly known as Big Data. But, with the amount of data expanding, organizations face the challenge of storing the data securely and at a low infrastructure cost. This will force enterprises to migrate limitless amount of data and solutions to the virtual environment or cloud storage, without being required to spend too much on infrastructure.”
In the years ahead, the cloud storage market will continue expanding steadily largely due to the growth of Big Data. Most enterprises, including small businesses, are rapidly adopting gateway tools to integrate into their existing architecture some means of cloud storage. The process of doing this is becoming easier and easier, which is driving cloud storage adoption – particularly private cloud storage.
How can we help you integrate private cloud storage into your architecture? Contact us for a free consultation.