The upsurge in global requirement for virtual storage space is being served well with numerous technological advancements taking place in recent years. Personal storage systems are gaining immense popularity from businesses and home users alike. Private or personal cloud storage is a great solution for businesses looking to find an efficient alternative to their existing storage devices. It provides perfect storage opportunities to the large business data. Recent technological advancements in the private cloud storage market are also driving the industry towards a bright future.
What is Driving Private Cloud Storage Industry?
Private cloud services are preferable for the small and medium businesses that provide the agility, scalability and efficiency of public cloud, which is limited only to the internal usage of businesses. Organizations can host these services in their internal data center, a partner data center or third party service provider. Along with the convenience, personal cloud storage market is also witnessing greatest technological advancements. These advancements are associated with intricate technologies such as inline compression and data de-duplication, WAN optimization, storage gateways and cloud based security solutions. Hence, one can easily claim that technological advancements and convenience are the biggest drivers for the industry.
Segmentation and Market Trends Assure Bright Future
The market is segmented on the basis of the types of personal cloud storage, types of products, types of organizations where it is used, types of deployments and the types of industrial verticals that deploy it. Geographical segmentation for the market also helps researchers draw conclusions about regional trends and developments in the industry. Based on geography, the industry is divided into seven segments, which include North America, Latin America, Asia Pacific, Japan, Eastern Europe and Western Europe.
Various industrial verticals that make use of private cloud storage include banking, financial services and insurance (BFSI), telecommunication, media and entertainment, healthcare, life sciences, consumer goods, retails services, government, research, education, media, entertainment, manufacturing, energy, business and consulting services, etc. Deployment of private cloud service is spread across public, private, hybrid and community cloud. The technology is ideal to be used for small and large businesses, enterprises and large organizations.
Based on the types the industry is segmented into the following types:
1. Hardware, which include network equipment, storage devices and servers
2. Professional services that include system and network integration, consulting service, training, educating, deployment and support
3. Software, which includes backup and recovery, data replication, hierarchical storage management and archiving, storage resource management and security software
According to the recently published marketing research reports, from 2013 to 2018 the global private cloud storage market is expected to grow at a remarkable CAGR of 40.2%. At this estimated rate, the market is expected to rise from $5.65 billion in 2012 to $46.80 billion by 2018. The cloud storage gateways segment is anticipated to lead the market at a whopping 70.6%. North America, Western Europe and Eastern Europe are expected to dominate the market in terms of business opportunities and increased investments.