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Cloud Storage Market to Reach $74.94 Billion by 2021

Industry News from Cloud IT

Cloud Storage Market to Reach $74.94 Billion by 2021

September 13, 2016
By Alicia Young
Web Editor

Remember when the cloud was first introduced? Everyone was partly terrified by the idea of allowing their information to “float around in the cloud somewhere,” and partly fascinated by the concept. Even now, you can hear people questioning where the information really is. Back in the days where people were too afraid to trust the cloud to protect their documents, they would have scoffed if you’d told them that one day it would be a multi-billion dollar market.

Well, that’s where we are now, with Research and Markets forecasting that the cloud storage market is expected to grow from $23.76 billion in 2016 to $74.94 billion in 2021. That’s quite the leap but, when you think about it, it makes sense. I’d be willing to bet that you use the cloud at home or work, or both. So do countless other people.

This new prediction comes along with Research and Market’s addition of the “Cloud Storage Market – Global Forecast to 2021” report to their offering. This growth from $23.76 billion to $74.94 billion in just five years would be a CAGR of 25.8 percent. The cloud storage gateway solution is expected to grow at the highest CAGR during the growth period, while primary storage is projected to have the largest market size in 2016 in the cloud storage market.

North America is expected to have the largest market share in 2016, while the Asia-Pacific (APAC) region is expected to grow at the highest CAGR from 2016 to 2021. The increasing adoption of hybrid cloud storage and a growing need for enterprise mobility has led to this increased demand for cloud storage solutions and services. Globally, there is a rising need for big data storage, which is also driving the demand for cloud storage solutions.

As time has gone on and we’ve progressed from the earlier, skeptical days of the cloud, people have become more trusting in its privacy and security. Once you’re positive that the cloud is secure, there’s really no reason not to use it—the benefits are way too convenient. Cloud storage solutions offer enterprises the flexibility to scale up or scale down the storage capacity, depending on business requirements. These solutions are also incredibly reliable, accessible and have proven to be efficient when it comes to disaster recovery. Not to mention the ease that comes with having centralized access and reduced IT administrative tasks.

So, while we may still marvel at the technological innovation that is the cloud, we have certainly become more trusting of it. The numbers go to show the ever-growing success and adoption of the cloud. As always, though, we’ll have to wait and see if these predictions turn out to be accurate.

Edited by Maurice Nagle

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