Another bullish forecast for cloud adoption
Continued growth predicted on the cloud storage market is based on continuous rise in data and specific application delivery and development. New specialised service providers are increasingly taking a slice of the market.
New research confirms that the cloud storage market is estimated to grow from USD $909.2 Million in 2015 to USD $3579.2 Million by 2020, at a Compound Annual Growth Rate (CAGR) of 31.5% from 2015 to 2020. Major growth drivers of the cloud storage gateway market includes continuous rise in data, need to integrate cloud storage with legacy/local object storage, and rising need for data encryption. Enterprises will increase annual spending on cloud computing in 2016, with nearly half identifying increased business efficiencies as the primary benefit of switching from on-premises to cloud computing. Meanwhile, application delivery and development are among the emerging cloud use cases.
Understanding research results from Synergy Research Group and Clutch the largest cloud providers together held 54 percent of the global cloud infrastructure services market at the end of July 2015.
“The cloud infrastructure services market is quite clearly bifurcating with a widening gap between the big four cloud providers and at the same time giving room to the rest of the service provider community,” John Dinsdale, chief analyst and research director at Synergy Research Group
These estimates include infrastructure- and platform-as-a-services along with private and hybrid cloud services and stressing that the market is wide open for specialised local independent cloud providers offering customised cloud services across industries and regions. Using high end solutions and understanding clients directly on their needs the market remains wide open for new players and providers.