The cloud storage market size is expected to grow from USD 23.48 billion in 2016 to USD 88.91 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 23.7% as per a report by MarketsandMarkets.
Why opportunities can grow due to increasing need for technologically advanced storage solutions?
The ever-growing amount of data across different industry verticals, such as media and entertainment, government, and BFSI is said to be driving the need for more advanced cloud storage solutions. Hence, the CSPs are looking for high-speed and low-latency storage solutions. Enterprises prefer economical cloud storage solutions that would help manage their high capacity storage requirements, while also achieving optimal performance. Therefore, the traditional methods of data storage are no longer sufficient to satisfy the growing data storage needs. Vendors are now focusing more on innovation to improve the performance of the cloud storage systems and aiming at providing low price/performance ratio. Due to the need for performance optimization and risk mitigation, a high demand is expected for new and innovative cloud storage solutions, so that they can combat the downtimes and data loss issues in case of storage failure or disaster.
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How delivering robust yet high performing storage solutions remain a challenge?
Enterprises are rapidly adopting cloud storage solutions to resolve their data storage challenges. Moreover, cloud storage solutions come with various benefits, such as agility, scalability, and cost savings. However, many enterprises are still hesitant to store their data on cloud due to performance issues. Performance issues arise due to limited network bandwidth, which hinders the data transfer rate. Therefore, the cloud storage providers are trying to achieve low costs and increased scalability in their new cloud storage solutions. However, this architecture might not be suitable for managing large volumes of data. To address such issues, providers have started using solid-state-drives, but the latency involved in connecting the storage devices over the internet tends to lessen the performance of the storage system.
The major players in the cloud storage market are AWS (US), IBM (US), Microsoft (US), Google (US), Oracle (US), HPE (US), Dell EMC (US), VMware (US), Rackspace (US), and Dropbox (US). These players have adopted various growth strategies, such as expansions, acquisitions, partnerships, joint ventures and collaborations, and new product launches. Partnerships and new product launches are the 2 major strategies often adopted by these players to gain a strong foothold in the cloud storage market.
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