Cloud storage systems are becoming increasingly popular as businesses shift from traditional storage solutions, and remote work becomes more common. Not to mention, cloud storage is also readily available to individuals and is among the most commonly used cloud resources. We have compiled data based on industry studies to showcase the growth in cloud storage services and trends in the market.
Certain factors contribute to cloud storage adoption, such as:
- Adoption of cloud technology: the most obvious reason is the adoption of cloud computing itself. When enterprises move to the cloud or migrate from one cloud environment to another, a significant chunk of business workloads resides in cloud storage units.
- Increased adoption of hybrid cloud storage: A hybrid cloud becomes a more viable cloud deployment option depending upon the use case and size of the organization. In this case, the consumption of storage resources takes place in both the public and private cloud ecosystem. Hybrid cloud deployments offer cost-effective scalability that can provide the right amount of storage resources based on the needs of the organization.
- Need to lower CAPEX: Budgeting for IT infrastructure is critical to any business model. Moving data and workloads to the cloud allow decision-makers to cut down on capital expenditures otherwise invested in on-premise storage solutions.
- Upgrade of research and development: Up and coming technologies are transforming how organizations carry out research and development. Data generation continues to rise as more innovations take place. All this information is, in turn, stored in cloud storage facilities!
- The growing need for enterprise mobility: The ever-changing business environment requires employees to have access to their work at all times and from remote locations. The abilities of cloud computing make this a reality, and therefore, cloud storage solution becomes the preferable option for storing company data. Therefore, cloud storage growth is subject to the above elements. Based on your company's requirements, your cloud storage needs will vary, but advantages like cost-efficiency and upgraded IT facilities cannot be overlooked.
The cloud storage market is increasing in the coming decade. Its market value is all set to $88.9 billion by 2022 and approximately $222.25 billion by 2027, as predicted by researchers. During the forecast period of 2020-2027, the market will record a compounded annual growth rate of 21.9%.
North America holds the largest market share and will continue to do so throughout the forecast period as well. One can attribute the rising demand for cloud storage in this region to the increasing demand for business continuity solutions. Such solutions enable businesses to achieve a high degree of flexibility and scalability, much needed in the current corporate world.
Although North America is spearheading the growth, the Asia-Pacific region will record the highest CAGR between 2020-2027 of 25.6%.
Moreover, it is the small and medium enterprises that are adopting cloud storage services the most. Some significant segments are IT and Telecom and BFSI.
Cost-Efficient Cloud Storage
If you require a cloud solution that provides you cost-efficient storage, then an OpenStack based cloud is for you. VEXXHOST's cloud offering is well integrated with multiple OpenStack projects that help you utilize your cloud resources to the maximum. Our pay as you go platform allows you to get started without any upfront cost, setup fees, or minimum costs. You only pay for the storage you use.
Are you curious to learn more about what you can do with an OpenStack cloud? Get in touch.
Stay tuned for some exciting announcement about our public cloud storage!