Northrook, IL -- (SBWIRE) -- 11/27/2019 -- The Cloud Storage Market size 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.

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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.

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.

Small and Medium-sized Enterprises (SMEs) segment is expected to record a high growth rate over the next 5 years. Flexibility, disaster recovery, automatic updates, low CAPEX , collaboration, document control, and security are the main reasons encouraging SMEs for migrating to the cloud environment at a rapid pace.

The hybrid cloud is a concept that incorporates the elements of both the public and private cloud. In this deployment model, enterprises use both private and public cloud at the same time. It simultaneously targets the 2 major concerns of scalability and security, which are difficult to attain by only using either the public or the private cloud deployment framework.

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Some of the major providers of cloud storage solutions and services are AWS (US), IBM (US), Microsoft (US), Google (US), Oracle (US), HPE (US), VMware (US), Rackspace (US), and Dell EMC (US).

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