The global cloud based storage market is expected to witness brisk growth over the forecast period owing to an increase in demand for big data storage. Companies need to store huge data for business purposes and cloud based storage provides an easy platform for the same. Such operational benefits are expected to fuel market growth and development in the near future.
Cloud based storage is a service model for the data storage under which digital data is stored in a logical set of pools. This model is used to maintain, back up & manage the large data set and allow easy accessibility to users over any available network. The physical environment for the stashing is managed and owned by a hosting company. These hosting companies are accountable for information accessibility & availability along with protection and running the entire system in actual physical environment. Organizations buy available capacity from the provider company to store applications or organizational information.
In the recent past, it has been observed that rapid cloud storage system adoption has resulted in a higher demand for gateways. A gateway is software or hardware based appliance which resides on the customer premises and serves as a link between the remote cloud based storage systems and local applications. As companies need to pay only for the space they use for data storing, it reduces operational expenses. Thus such benefits are expected to propel the cloud based storage market ahead in the near future.
These systems also have other benefits such as reduced energy consumption when compared to physical storage systems. Businesses have a choice between on-premises and off-premises cloud space options or a mixture combining these two, depending on business decisions and information type. Responsibility for maintenance operations for these storage systems belongs to the hosting companies, thus sparing the user companies from additional expense.
This market has witnessed huge popularity in recent years owing to benefits such as information security during natural disasters such as floods, earthquakes, and hurricanes. These systems have sound back up capabilities with multiple backup servers located in different places. They provide immediate access to a broad range of applications and resources hosted by other organizations via the web interface. Thus these above-mentioned advantages related to adopting such systems have resulted in a rapid increase in its popularity over the recent past. Benefits including easy accessibility to the stored data from any place at anytime have been made possible by a few vendors via interfaces such as mobile applications. Simple & quick data sharing facilities coupled with huge storage space at a reasonable price are presumed to assist the cloud based storage market over the forecast period.
Major restraint for the market is data security. Malicious hacking technologies have seen rapid growth in the recent past. The service providers in this industry need to adapt to change and update their technology as per the requirements to improve data security. Such malicious technologies are expected to negatively impact the global cloud based storage industry over the next seven years.
Innovations related to data transfer, data security, and efficient storage technology are projected to offer ample opportunities to the industry participants for growth and development. Performance issues related to transfer rate, uploading, extraction, and quality are presumed to act as major challenges for cloud based storage industry over the forecast period.
The cloud based storage market can be segmented on the basis of using methods such as private, public, and hybrid. Private type is available for personal usage as well as for companies with specific requirements. This type provides better security and offers more administrative handling control. Public type offers less administrative control as the information stored can be accessed by any authorized person via the internet. Hybrid type is the combination of both public and private types. It is used when an individual or an organization wants to store specific data as private and others in the public domain.
On the basis of the solution provided, this market can be segmented into solutions including primary, backup, cloud, and data movement & access solutions. Primary cloud solution systems provide basic document storage feature. This system provides backup for the information stored. The movement of data is quick and easily available to the authorized person. The cloud based storage market is used by small and large businesses for storing the files as well as other important data.
Developed regions such as Europe and North America have witnessed tremendous growth in this market over the recent past and are expected to show similar trends in the near future. An increase in demand for cheap &easy storage options can be attributed to the rapid cloud based storage industry growth and development. Developing regions such as Asia Pacific and Central & South America is expected to witness robust growth over the forecast period.
Industry participants are taking strong measures and investing heavily in R&D initiatives to develop systems with better performance and higher security with an aim to gain a permanent foothold in the market. This industry is characterized by low entry barriers, which has resulted in numerous new entrants in the industry, leading to high industry competition. Prominent industry participants include AT&T, Apple iCloud, Google, Salesforce, Microsoft SkyDrive, Dropbox, Box.com, justcloud.com, sync.com, Backblaze, SugarSync, Idrive, Crashplan, Carbonite, Jottacloud, Elephantdrive, and Acronis.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.
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