Cloud Based Storage Markets
Growing Enterprise Storage Requirements Drive Demand for Cloud Based Storage
According to “Cloud Based Storage – Global Strategic Business Report” – global market for Cloud Based Storage is projected to reach US$13 billion by 2018, driven by widespread adoption of cloud services by enterprises against a backdrop of increased storage requirements, cost benefits, growing demand for anytime, anywhere access to corporate data, and rapid proliferation of smartphones and HD content.
Defined as data stored online on the cloud in virtualized pools, cloud storage is a phenomenon that is gaining immense popularity. With IT budgets remaining fairly static and with data volumes spiraling at robust double digit rates, cloud storage is increasingly becoming a necessity. Given that the value of data is time sensitive, timely availability of data, and easy accessibility of data when required represent the two vital factors for effectively managing data in an enterprise. This brings to fore the growing importance of data storage and its ability to support a company’s changing business goals, and needs. In addition, data in the modern enterprise environment is distributed. With enterprises expanding their global reach, smooth and fluid flow of data and information to and from the head office, remote offices, and branch offices, requires a truly globally integrated enterprise. Also, waxing popularity of enterprise mobility and the growing base of mobile workforce is resulting in corporate data becoming more mobile. There exists mounting need to access corporate data from mobile computing devices such as smartphones, tablets, laptops, and ultrabooks, among others. In addition, growing deployment of server virtualization and the creation of numerous new virtual machines on a single network, is amplifying storage needs on a dynamic scale.
Against this backdrop, cloud storage is growing in prominence for its unique ability to provide a single consolidated storage point for all dispersed data. Key benefits offered by cloud storage largely responsible for its adoption include higher levels of flexibility in storage administration, self-service provisioning, superior business continuity and disaster recovery ability, resource scalability, advantages of a distributed storage architecture, reduced downtime, easy data migration, pay-per-use subscription based usage model, and lower cost of ownership. Types of cloud storage solutions gaining in popularity include personal cloud storage, public cloud storage, private cloud storage, and hybrid cloud storage.
With bandwidth being the most limiting factor of cloud storage, popular application areas of cloud storage currently include nearline data cloud storage, cloud backup, and cloud archiving. The cloud’s perfect fit for nearline data storage stems from the fact that nearline data is less critical than primary data and therefore does not require fast response times. Cloud backup and archiving storage also offers a practical use case scenario since backups and archived data are not accessed on a routine basis and uploading the same to the cloud server is not a time-sensitive process. Use of cloud for enterprise grade primary data storage is however limited and is expected to remain so in the medium term until developments in bandwidth and security bring a change for the better.
Government compliance requirements which mandate maintenance of detailed historic and current transactions records for future reference, requires enormous volumes of storage capacity. This obligatory need puts a heavy burden on on-premise storage resources and consumes valuable storage real-estate. Cloud storage archiving, in this regard, allows companies to optimally make use of on-demand infrastructure services to dynamically self-provision requisite resources as and when required. Against this backdrop, storage as a service is witnessing strong growth with companies increasingly adopting these services for “cloudbursting” of in-house applications.
As stated by the new market research report on Cloud Based Storage, the United States represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a projected CAGR of 29% over the analysis period.
Major players covered in the report include Amazon Web Services, Inc., Apple Inc., AT&T Inc., ADrive LLC, Axcient Inc., Bitcasa Inc., Carbonite Inc., Cleversafe Inc., Dropbox Inc., Datapipe Inc., EGNYTE INC., Google Inc., Hewlett-Packard Development Company L.P., Hitachi Data Systems Corporation, Internap Network Services Corporation, Intronis Inc., International Business Machines Corporation, Microsoft Corporation, Nasuni Corporation, Rackspace Hosting Inc., RISC Group IT Solutions Ltd., StorSimple Inc., SoftLayer Technologies Inc., SugarSync Inc., Vembu Technologies Pvt. Ltd., and Zetta Inc., among others.
The research report titled “Cloud Based Storage – Global Strategic Business Report”, provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections in US dollars for all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (Australia, China, India, South Korea, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin-America), and Rest of World. The global market is analyzed by Service types such as Basic Services and Advanced Services.