The Cloud Storage Market has generated the revenue of approx. $18.87 billion in 2015, andis expected to reach up to $67 billion by 2022, growing with an impressive double-digit CAGR of 28.5% from 2016-2022. Increasing number of internet users, snowballing need for big data storage for various industries; and,rapid adoption rate of cloud storage gateways, around the world is expected to fuel the growth of the globalcloud storagemarket.
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Mushrooming Growth Of Internet Has Become The Key Driver For The Global Market
The increasing usage and demand of internet day by day is anticipated to increase the cloud storagemarket, globally. In 2015, the number of people using the internet were more than 3.185 billion that is 43.4% of the total populationof the world;and, the number of internet users are estimated to increase by more than 2.7% every year. This increasing high internet usage traffic year after year has become the major driver for the cloud storage market. Asia Pacific holds the highest traffic of internet users with approx. 48.4% of the total internet usage due to the presence of more than half of the world’s total population in the region. It is followed by America, having the second largest internet usage traffic of approx. 21.8%; Europe holds approx.19% and others holds 10.7% of total internet usage traffic.
Increasing globalization of business and workforcedecentralizationto help increase the globalmarket
Increasing globalization of businesses and increasing decentralization of workforce are especially helping to drive the market. Cloud storage services are highly adopted by companies in both large and small scale enterprises as a tool to achieve cost reduction goals. In the medium to long-term, the companies are under the pressure of budget cuts which helps to make continually adoption of cloud storage, which is an alternative of business travel. Moreover, adoption of this technology has also aided in the emergence of new applications such as e-courts; e-health; and, online education.An instancefor e-healthincludes managing non-siloed patient data and sharing data among different parties such as medical professionals; or, patients checking their own status and treatment follow-ups, and reducing operational costs such as data storage.
Increasing Globalization Of Business And Work Forced Ecentralization To Help Increase The Global Market
Bandwidth is the measure that determines how much data can pass through your network in a given interval of time. It shows the time taken to upload or download information on or from the cloud. If a network has aspeed of2mbps, it will take more than a couple of hours to download a one GB file from cloud, and the same for upload also. To reduce the time, it will require more than 50mbps speed to download or upload the same file in 3 minutes. When doing business on the cloud,a lower bandwidthnetwork will suffer bottlenecks, and spend more time waiting. For many industries, low bandwidth translates into lost sales, slower innovation, and missed opportunity. To increase the bandwidth, the company has to spring out huge amount of money as an investment that can reap fruitful ROI, with higher conversion rates and better quality of services.
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