Cloud storage market to surpass $46 billion by 2018

Cloud storage market to surpass $46 billion by 2018

January 25

Online storage is one of the major advantages of cloud computing. As more businesses worldwide experience ever-growing data demands, the cloud will likely serve as the platform to host corporate information. A recent report by MarketsandMarkets predicted that the global private and public cloud storage market will expand at a compound annual growth rate of 40.2 percent between 2013 and 2018, reaching more than $46 billion.

Many trends are impacting the global cloud storage market, according to the research firm. The advancement of big data and other digital trends has made it difficult for companies to keep pace with growing storage demands. Instead of spending for on-site infrastructure to store information, more firms will implement hosted environments without breaking the bank.

MarketsandMarkets noted that the private cloud, in particular, will experience steady growth in the coming years, especially as more businesses address the big data phenomenon by adopting private cloud storage solutions.

Cloud storage popularity growing
A recent survey by TwinStrata revealed that the growing importance of cloud computing for storage and disaster recovery purposes. Overall, 80 percent of cloud users said they can recover their most important information in less than 24 hours following a disaster, while nearly 25 percent can do so immediately. This is much quicker than for non-cloud users, with one in six saying it may take more than a week to retrieve their data under the same circumstances.

The survey also found that 68 percent of cloud storage users said the cloud is an effective solution for disaster recovery and data protection needs.

As MarketsandMarkets also found, TwinStrata explained that companies continue to deal with growing storage needs. As a result, firms need solutions that offer immediate results.

“The ability to implement cloud storage incrementally at first and to grow it over time, provides a unique opportunity for organizations to solve their immediate problems while testing the viability a long-term storage strategy,” TwinStrata said.

It is clear that cloud computing is not a one-trick pony when it comes to overall functionality. Businesses can leverage hosted environments to meet a number of IT needs. As companies continue to address the influx of data impacting their systems, the cloud will likely be many organizations’ saving grace in this regard.