A MarketsandMarkets research report projected the cloud storage market to reach $46.8 billion by 2018 spurred by the rise of Big Data trends, compelling the channel to re-conceptualize cloud storage as an inherent part of bigger security and data solution portfolios.
Channel partners might not want to forget cloud storage as part of their Big Data practices for 2013.
Cloud storage is set for an uptick – to the tune of $46.8 billion by 2018 with a CAGR of 40.2 percent, according to a new MarketsandMarkets research report.
The report “Cloud Storage Market, Worldwide Forecast & Analysis (2012 – 2018)” covered all aspects of the storage market including gateways, backup and recovery, data, movement and access, data replication, and archiving.
For now, and throughout 2012, cloud storage has remained a few notches above infancy, but lacking maturity. But that is set to change in the near future. In fact, the trend toward cloud storage is already well underway. Over the past year, however, the cloud storage market has experienced a sharp spike, growing from 300 million to 500 million subscriptions last year.
One of the biggest drivers behind the anticipated exponential growth will be the rising tide of Big Data. The amount of data generated from cloud, mobile and virtualization trends is already forcing organizations to reevaluate storage solutions and look for cheaper and more efficient ways to store massive quantities of information. Perhaps ironically, those new storage mechanisms will be cloud and virtualization- based solutions.
Meanwhile, it’s been well-reported that cloud services have had particular appeal in the SMB – a trend that holds especially true in cloud storage markets for all the obvious reasons. It’s cost-effective and scalable without being resource intensive or requiring additional infrastructure expenses.
Cloud storage also allows customers to focus on their business by outsourcing cumbersome data storage to experts – an appeal that will provide fertile ground for the channel to bulk up cloud storage offerings and build out related services.
Also attractive to SMB markets is ease of integration into the existing IT infrastructure along with security functionality, according to the report – a feature that enables the channel to provide cloud storage as a value-add incorporated into security portfolios and other offerings. But more than that, the channel will likely be prompted to rethink storage as an inherent part of greater existing solution portfolios.
The increasing interest in cloud storage has given rise to a dearth of new hosted cloud services and related offerings from Riverbed Technologies, Inc., Red Hat, Inc. and even Hewlett-Packard, Co. Cloud backup has experienced similar upsurge, evident by a swell of recent releases that have included Asigra, Inc., EVault, Inc., and Zetta.net, among others.
However, despite what seems like a massive ramp up, the cloud storage market reflects projected global cloud growth, which is expected to grow from $5.6 billion in 2012 to $46.8 billion by 2013, at an estimated CAGR of 40.2 percent between 2012 and 2018.