Cloud Based Storage Market Size & Forecast Report, 2016 - 2024

The global cloud-based storage market is anticipated to witness growth owing to the rising adoption of online depositories by prominent companies to manage and store data efficiently at reduced costs. It is a prototype of data storage in which digital information is warehoused in rational pools. People and establishments purchase or lease memory warehouses in terms of volume from the providers to store application, user, or organization data.

Memory warehouse maintenance tasks, such as purchasing additional memory capacity, are offloaded to service providers they provide users with instant access to a broad range of resources and applications held in the infrastructure of organizations through web service interface which makes them a desirable choice. Moreover, they also allow users to upload or retrieve their desired information from anywhere in the world at any time.

The rapid adoption of online depository gateways and the rising need to store unstructured information at minimum cost along with advanced solutions are the major market drivers of the industry. It serves various verticals such as manufacturing, logistics & transportation, telecommunication & IT, retail & consumer goods, media & entertainment, Banking Financial services and Insurance (BFSI), government, healthcare & life science, energy & utilities, and research & education which serve as an indicator of the promising growth prospects for the industry over the next seven years.

It reduces the risk of unauthorized physical access to information which has lately increased its usage among SMBs, large enterprises, and government bodies. The market can be segmented based on solutions, applications, and deployment models. Solutions are further segregated into primary, online gateway solutions, backup solutions and data movement, and access storage solutions. Cloud-based storage has applications in several domains including SharePoint, exchange, and manufacturing.

The private online warehouse facility provides a dedicated space to organizations, affirming security and control. Under the public online depository model, clients share the identical arrangement with restricted configuration, protection, safety, and availability variations. Online memory warehouse providers deliver economies of scale by using the same depository capacity to meet the needs of many organizations, passing the cost savings to their customer base, hence making it a revolution in making.

The hybrid online depository has gained prominence in recent years due to its features such as cost-effectiveness as well as security, which help enterprises to use it as per their need. SMEs benefit to a huge extent as it significantly diminishes information depository costs increases efficiency and safeguards easy access to information from anywhere and at any time.

Online depository of memory can be used for replicating virtual machine pictures from the online depository to on-premises locations. In addition; it can be used to move virtual machine images between data centers or between user accounts. As a result of this, with rising digitization, it is expected to grow at a considerable rate over the forecast period.

The major challenge is the disclosure of personal information by certain erroneous means, faulty equipment, a bug, criminal intent, or when information warehouse/network is shared with many other users/customers. It poses a threat to the privacy of an individual or a firm. However, creating proper service level agreements (SLAs) has helped in providing high-end memory security.

The transmission of information from on-premise boards to an online memory board is expected to boost industry growth over the forecast period. New technological advancements such as virtual gateway applications designed for enterprises by major market players including Amazon and Microsoft and modern storage arrays along with gateway support features are expected to open new growth opportunities for the business.

The major market players are VMware, Box, Google, IBM, HP, Microsoft, Web Services, Fujitsu, RackSpace, and AT&T. The business online storage vendors include Amazon, JustCloud, OpenDrive, Egnyte, MozyPro, CrashPlan, and Dropbox. Amazon offers workplaces a cloud-based desktop that helps in network optimization with the help of Amazon Web Services.

Oracle has introduced three online storage services platform as a service, infrastructure as a service, and software as a service. These services are expected to solve real business problems as well as be accessible at any time, from anywhere with the help of a browser. Other new analytical services include Oracle SQL, Oracle big data cloud, and Oracle Data Visualization Cloud Service.