Mounting growth in the use of digitization and virtual media has its own pros and cons. Customers across the world thriving on virtual data suffer from a common problem, known by lack of storage space for their documents, files and information in different media sharing formats. Information technology sector is trying to deal with this problem with innovative technologies and solutions to store, use and protect this virtual data in the most practical way. In the same effort, cloud computing is working as a blessing for the organizations across the world. Types of cloud computing like personal storage systems and cloud storage solutions are helping these companies to store and share their data in the most secured and effective manner. This trend is also reflecting on the rise in demand and reciprocating evolution in technology in the cloud storage industry. These are also the strongest reasons for private cloud storage market.
Driving Factors for Private Cloud Storage Industry
The kind of agility, efficiency, scalability and affordability they bring, private cloud storage systems are ideal for small and medium businesses or SMBs. These systems can easily match in the aforementioned fields when it comes to public cloud. Additionally, they can be hosted in smaller datacenters or with help of a third party provider as well. This flexibility and convenience is increasing applications and adoption of cloud storage services across different industrial verticals. Growing applications are influencing the technological advancements in private cloud storage market as well. The three strongest drivers for the market include:
- Innovation in technology
- Fierce competition leading to affordable services
- Increasing adoption through varied applications
Segments and Forecasting
Segmentation in private cloud storage market is based on the types of storage services, products, size of organizations, deployment, industrial verticals and geography. Basic types of cloud storage products are divided into three segments, namely, software, hardware and professional services. Based on geography, the industry is segmented into North America, Asia Pacific, Japan, Latin America, Eastern Europe and Western Europe. Private cloud storage services are deployed across different industrial verticals ranging from BFSI, life sciences, retail, research to education, telecommunication, media and energy. Along with small and medium businesses these solutions are suitable for large enterprises as well.
According to market research reports that analyze the market trends, segments, challenges and opportunities, private cloud storage market is estimated to grow at a CAGR of over 40% from 2013 to 2018. During the forecasting period, the industry is expected to cross $46.80 billion by 2018, which was worth $5.65 billion in 2012.