Evolution of “as-a-Service” Era in Cloud Primes Cloud Based Storage for Mainstream Adoption

Numerous benefits of cloud that can no longer be overlooked against the backdrop of the evolving era of “as-a-Service” where 'everything' is now a service (XaaS) are poised to drive the global market for Cloud-Based Storage Services to reach US$117 billion by 2024.

The importance of data is well known in the information age, with data being likened to the new oil vital for running the economy and fueling its growth. Data and information assets are today more valuable for companies than physical assets. Against this backdrop, appropriate handling of data is gaining prominence as companies wake up to the value of time sensitive data, and thereby undertake efforts to ensure its timely availability and easy accessibility. 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. Cloud servers, in this regard, are emerging into the digital cathedrals of the new information era. Defined as the process of storing digital data on servers owned and maintained by a hosting company and connected to the internet, cloud storage offers the perfect storage solution by providing a single consolidated storage point for all dispersed data.

With IT budgets remaining fairly static and with data volumes spiraling at robust double digit rates, cloud storage is increasingly becoming a necessity to ensure data agility, safe backup, disaster recovery and business continuity. Key benefits offered by cloud storage driving its adoption include higher levels of flexibility in storage administration, superior business continuity, and disaster recovery ability, scalability, advantages of a distributed storage architecture, reduced downtime, easy data migration and lower cost of ownership, enhanced content sharing experience, pay-per-use subscription based billing, and self-service provisioning, among others. Both enterprise and consumer cloud storage solutions are growing popularity.

Few of the factors driving growth of enterprise grade cloud storage solutions include rise of enterprise mobility and increased spending on BYOD programs supported by globalization of businesses/borderless organizations and workforce decentralization; rise of “Bring Your Own Cloud” as complementary to the BYOD trend; growing pressure to invest in green IT against a backdrop of rising concerns over the growing datacenter carbon footprint; rise of data-intensive business environments, focus on managing & treating data as a corporate asset & the ensuing increased spending on advanced data storage technologies; increased adoption of big data programs and the ensuing need for less expensive storage architecture for big data; growing awareness over the importance of SaaS data backup and the resulting preference for cloud-to-cloud backup. In the consumer cloud storage services sector, expanding base of new generation data hungry smartphones/tablets and the ensuing creation of a society of digital omnivores is benefit growth.

As stated by the new market research report on Cloud-Based Storage, the United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 31.1% over the analysis period led developing Asian economies; growth and development of the enterprise sector supported by mushrooming SMBs with a robust appetite for Storage-as-a-Service; growing cloud readiness of Asian economies;  increased reliance of emerging Asian economies on digitalization, the Internet and transformative enterprise technologies and the ensuing strict legislation of mandatory data archiving regulations; rising adoption of consumer cloud storage as the standard data storage technology among the rapidly digitalizing smartphone friendly internet population.

Major players in the market include ADrive LLC, Amazon Web Services, Inc., Apple, Inc. Arcserve, AT&T Inc., Axcient, Inc., Barracuda Networks, Inc., Box Inc., Carbonite, Inc., Dell EMC, DigitalOcean, LLC, Dropbox, Inc., EGNYTE, INC., Google, Inc., Hitachi Vantara Corporation, Internap Network Services Corporation, International Business Machines Corporation, Microsoft Corporation, Nasuni Corporation, Oracle Corporation, OVH Group, pCloud AG, Rackspace Hosting, Inc., SugarSync, Inc., Vembu Technologies Pvt. Ltd., and Virtustream among others.

The research report titled “Cloud-Based Storage – Market Analysis, Trends, and Forecasts” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the U.S., 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. Service types analyzed in the report include Basic Services and Advanced Services.

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