The global market for Cloud-Based Storage Services is projected to reach US$117 billion by 2024, driven by the 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). Few of the benefits responsible for why cloud storage is today a big part of the modern enterprise include low initial CAPEX and total cost of ownership (TCO); easy and rapid deployment; agility offered by on-demand services; self-service provisioning and ability to self-customize and configure services; pay-per-use subscription billing; resource scalability and the ensuing ability to 'scale right' as per changing requirements; enhanced data/content sharing and collaboration experience; ensures easy and cost-effective compliance to data storage regulations; enables effective business continuity and disaster recovery; unrivalled data portability and enterprise mobility benefits which are vital in this era of connected enterprises; lower infrastructure management and maintenance burden. Other major factors also influencing growth include growing adoption of a wide variety of business applications and IT solutions as SaaS based solutions and the ensuing popularity of cloud-to-cloud backup security for SaaS data; rise of SMBs as a major customer cluster for Storage-as-a-Service; increasing use of big data in the Internet of Things (IoT) era and the resulting need for cost-effective storage of mountains of big data; rise of data-intensive business environments, the focus shed on managing and treating data as a corporate asset and the ensuing expansion of spending budgets for IT 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 by the development of the enterprise sector; 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.
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Company and Industry News & Stories
- InterVision Acquires Infiniti Consulting Group, an Amazon Web Services and Microsoft Azure Cloud Consulting Partner
- VMware to Acquire CloudHealth Technologies in a Bid to Strengthen its Position in the Cloud-Based Software Services Market
- Pure Storage Acquires StorReduce, a Software Company, in a Move to Meet Growing Demand for Solutions to Manage Unstructured Data in Multi-Cloud Environments
- RapidScale Partners with Veeam® Software in a Move to Provide Reliable and Robust Cloud-based Backup Solution
- FileShadow Enters into Partnership with Wasabi in a Bid to Add Multi-Cloud to FileShadow’s Service
Outlook in Key Market Segments
- Through 2024, Basic Cloud-based Storage Services will remain the largest market, followed by Advanced Cloud-based Storage Services.
- Basic Cloud-based Storage Services is projected to witness the fastest growth driven by growth in data creation and parallel increase in storage IT spending.
Product Definition & Scope
- Cloud Based Storage is referred to as provision of on-demand scalable storage space delivered through internet on a multitenant sharable basis. Cloud based storage services being a highly demand agile, responsive and scalable service typically is well suited to serve archiving requirements. Cloud-based storage is also used for primary data storage, enabling the company to leverage from cloud based storage benefits such as multi-tenancy shared architecture, extreme scalability and on-demand storage, without the added advantage of high data security, control and availability. Cloud based storage services typically store data on a centralized location on-line in a platform agnostic manner, they are especially useful in synchronization of content and data across several devices. In addition, cloud based storage solutions typically store data on a central location on-line, it is fairly easy to share data over the internet.
Timeline for Analysis
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
Geographic Markets Analyzed
- US, 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
Market Segmentation & Classification
- Service Type:
- Basic Services, and Advanced Services
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- International Business Machines Corporation
- Microsoft Corporation
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