How Big is the Cloud Storage Market on a global scale
How big is the cloud storage market – you may ask?
According to Verified Market Research, it is valued at “USD 22.56 billion in 2016 and is projected to reach USD 191.17 billion by 2025, growing at a CAGR of 26.8% from 2017 to 2025.”
Based on these numbers, the cloud will sharply change the features of next-generation data storage technologies, including when, how, and where they get deployed.
But this is just the beginning.
We are just starting to see how IT teams in various industries are embracing the cloud.
We believe that in today’s world, mid-sized and enterprise corporations are stepping up to drive the cloud storage adoption and increase the use of cloud storage technologies.
Let’s take a look at the features and factors that will influence the cloud storage market.
Exploring the factors shaping the cloud computing solutions market on a global scale
1. Backup and Recovery
Backup is a significant cloud storage use case for most businesses. Some use a traditional backup application that holds backup on a backup server, tape, or a backup appliance.
They keep this data on-site for several weeks or months and then migrate aging backup to cloud storage.
While others use cloud storage as their primary backup, implementing cloud gateways will directly backup your data to the cloud.
Some of these direct cloud backup applications provide an option for them to keep a copy of their high priority data on-premises for immediate recovery.
Next, cloud-to-cloud backup is also a notable and famous use case.
Many organizations do not comprehend that only a few cloud storage providers will automatically backup software as a service (SaaS) data.
Many SaaS cloud host providers do not offer this feature as part of their basic plan even though they are concerned with the durability and availability of their systems.
To solve this, SaaS users should invest in a premium service or a third-party cloud backup to protect their SaaS data.
If you want to know our preferable and favorite picks on the best cloud storage, check our article on it.
Recover is also a big issue, just like a backup.
Yet, many popular cloud storage providers offer a similar service-level agreement and prefer not to adjust service-level agreements for each customer, let alone by customer application.
Customizing service-level agreements are usually offered as a premium service that will add to your cost.
But in reality, it is money well spent in the long run to ensure RPO and RTO.
Moreover, many companies are moving to managed services providers(MSPs) that offer backup and recovery as a service to minimize the complexity of managing cloud backup and restore.
They will provide various options for backup software and cloud hosting that allows you to decide what works best for you.
2. Disaster Recovery
Disaster recovery also affects cloud storage and its costs. Application and data failover require constant replication to your cloud provider.
This will grow your storage footprint as well as paying for failover services.
Despite the increase in price for service, a cloud-based replication failover solution can guarantee that you can reach your application availability goals.
Archival reserves less active data in economic storage tiers, and allows users to access the data from their applications transparently and efficiently.
However, active archives in cloud computing are used for frequent user access, which leads to lessen costs by economically storing the data.
Active archives in cloud computing may not offer the performance that users want.
But, thanks to serious hibernation problems between the cloud and end-user locations; cloud storage and archival software providers are investing in WAN acceleration techniques as an additional solution to encourage users to buy more bandwidth for cloud storage and high computing performance.
This will enable active archives in cloud computing to grow as a use case.
Security is not the primary concern as it used to be. But it should be as it involves client or user sensitive data.
More organizations and businesses trust their cloud provider to secure their data.
Nevertheless, users still need to study and understand thoroughly on their selected cloud provider security.
It is imperative to understand key management, encryption offerings, multi-tenant security architecture, and user access control.
If you want to know more about the most secure cloud storage providers, read our article.
This is also another concern for many users. When it is implemented correctly, it will drive enormous cloud growth in the market.
Therefore, it is imperative to get a cloud provider who is compliant with regulations.
For example, Google Cloud and Dropbox’s security and compliance policies are transparent and available on their websites.
Even though it’s all clear and transparent, but data leakage and breaches of privacy concerns are still among the core question that needs to be answered.
If you feel like to move away from Dropbox, check out these alternatives.
Remember, you still own the responsibility for that data.
6. Cloud Complexity
With the management of multiple clouds while servicing a variety of workloads, running a diversity of subscriptions, handling different SLAs, and using numerous management portals may seem hectic.
It is a smart decision to run a multi-cloud selection for your organization.
Working with various cloud storage providers allow you to maximize your cost savings and optimize workloads.
You also dodge vendor lock-in and data migration issues.
7. Costs$As previously mentioned, businesses are moving to cloud storage to maximize space and significantly cut price expenditures further.
However, sometimes, IT in several companies practice a false economy to prioritize cost savings over everything else.
Therefore, it’s a great idea to budget for additional cloud storage services such as customizing SLAs for RPO and RTO, third-part backup plans for SaaS data and replication as well as failover add-feature services.
If you’re still new to cloud storage and want to give it a try, check out our article on 32 free cloud storage services.
8. WAN speeds
Wan speeds are another significant challenge for businesses who want to grow their data footprint.
Hibernation can impact the rate of restore, backup, archival, and failover services.
Both cloud storage providers and software backup operators do offer WAN acceleration techniques, and therefore, it’s essential to take advantage of those.
Nevertheless, many businesses should take the leap of faith and invest in higher prices to upscale the bandwidth speed.
The growth in demand for cloud data storage, storage backup, and security will increase the growth of the cloud storage market among many user groups from small, to medium and large businesses.
Not to mention, several industry verticals such as public sector, healthcare, media, IT, and retail are moving to cloud storage to store critical information of stakeholders, clients, and private data.
As a result, this will exponentially increase the global cloud storage market growth.
Email us on what else do you think will contribute to the global cloud storage market growth.