Private Cloud Storage Market Projected to $47 Billion by 2018 – MarketsandMarkets

According to a new market research report Public/Private cloud Storage Market (Incl. cloud Storage Gateways, Backup and Recovery, Data Movement and Access, Data Replication, HSM and Archiving, Security And SRM Solutions) – Worldwide Forecasts and Analysis (2012 – 2018) (211 pages) published by MarketsandMarkets, the total cloud storage market is expected to reach $46.8 billion by 2018 with a CAGR of 40.2%.

Global private cloud market expected to grow from $5.6 billion in 2012 to $46.8 billion by 2013, at an estimated CAGR of 40.2% from 2013 to 2018. North America commanded the largest share; i.e. 60% of the overall cloud storage market in 2012 at $3.4 billion; and is expected to reach $21.8 billion by 2018, at a CAGR of 33.8% from 2013 to 2018.

The emergence of the digital trend has accelerated the volume, speed and variety of unstructured data generated, commonly known as big data. But, with the amount of data expanding, organizations face the challenge of storing the data securely and at a low infrastructure cost. This will force enterprises to migrate limitless amount of data and solutions to the virtual environment or cloud storage and without being required to spend too much on infrastructure. The cloud storage market will continue expanding in the coming years and largely due to the growth of big data, and the adoption is not forecast to slow down any time sooner and is expected to experience a steady growth rate.

Most of the SMBs are rapidly adopting gateway tools to integrate cloud storage into their existing architecture. The ease of integration of cloud storage into the existing IT infrastructure and security functionality provided by the gateways is what drives the SMBs as well as large enterprises to adopt cloud storage.

In the growing private cloud storage market many start-up companies are building credible businesses. Companies are thriving through partnerships and collaborations. However, the raw number of partnerships is not what helps a company to excel in this market. Strategically valuable partnership or deep partnership with most important ecosystem members will act as a winning imperative for companies in the long run.