When we talk of the rapid adoption of Cloud Computing solutions and services, Cloud Storage is emerging as the sub-segment with the strongest growth rate. Organizations are increasingly finding the value proposition contained within cloud storage solutions, and thus going for aggressive adoption.
This was further confirmed by a recent study, published by research company Fortune Business Insights. According to a recent report titled, “Cloud Storage Market Forecast, 2022-2029”, the company expects the value of the global cloud storage market to reach a whopping US $376 BN by the year 2029.
This translates into a Compound Annual Growth Rate (CAGR) of 24%, which is way too good, even by Cloud Computing growth standards. This extraordinary growth projection clearly means that organizations are increasingly prioritizing cloud storage solutions, when it comes to their migration journey to the Cloud.
For a true perspective on how strong this growth projection is, the size of the global cloud storage solutions market was a modest US $70 Billion in 2021. During the year 2022, it is expected that the Cloud Storage market will be able to attain a respectable US $83 Billion mark.
According to the forecast, the Cloud Storage market is expected to witness a strong wave of adoption that is likely to kick-off somewhere around the fourth quarter of year 2022. One of the primary reasons being cited for this accelerated adoption is strategic alliances between leading Cloud Storage Providers, and services sector organizations.
One of those sectors, which is being regarded as a major contributor to this strong growth, is the Banking, Financial Services and Insurance (BFSI) sector. Organizations that are operating within the fiercely competitive, and somewhat saturated, BFSI sector are increasingly turning their attention towards elevating Customer Experiences (CX).
Cloud based storage solutions are a key part of this puzzle, as they offer service oriented organizations in general, and BFSI entities in particular, the operational agility they need to serve a large customer base, without relegating the customer / user experience.
Some of the additional reasons highlighted by the Fortune Business Insights report include a much more robust and compliant cyber security posture of cloud based storage solutions. Individual organizations are finding it increasingly challenging to maintain the privacy and sanctity of sensitive customer as well as organizational data.
Lastly, Cloud based storage solutions are acting as a secure, efficient and cost effective way of consolidating enterprise data. Post consolidation, useful insights can be drawn by tenant organizations by leveraging emerging technologies like Artificial Intelligence (AI) and Machine Learning (ML) to the utmost advantage.
The use of these emerging technologies, made possible largely by cloud storage solutions, will help enterprises carve a competitive edge in their respective industry or niche.