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The global cloud storage market has been forecast to increase at a compound annual growth rate (CAGR) of 40.2% over the next five years, increasing from a value of $5.6 billion in 2012, to hit a market value of $46.8 billion by 2013.
Cloud storage is a model of networked online storage where data is stored in virtualized pools of storage which are generally hosted by third parties. Hosting companies operate large data centers, and people who require their data to be hosted buy or lease storage capacity from them.
The data centre operators, in the background, virtualize the resources according to the requirements of the customer and expose them as storage pools, which the customers can themselves use to store files or data objects. Physically, the resource may span across multiple servers.
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 and without being required to spend too much on infrastructure.
As big data expands, organizations are challenged to store data in secure environments and keep costs of infrastructures to a minimum. Enterprises are migrating huge amounts of data and solutions to virtual environments and cloud storage, and the market for cloud storage will continue to grow at a steady rate.
Because of ease of transition and security functionality, even SMBs are adopting gateway tools to allow for integration of cloud storage into existing architecture.
The cloud storage market will continue expanding in the coming years and largely due to the growth of Big Data, and the adoption is not forecast to slow down any time sooner and is expected to experience a steady growth rate.
For more information on the global cloud storage market, see the latest research: Global Cloud Storage Market
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