Global Cloud Data Storage Market Overview
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The global market for cloud storage, estimated at $ 53 Bn in 2020, is projected to reach a revised size of $ 172.88 Bn billion by 2026, growing at a CAGR of 18.4 % from 2021 to 2027. Enterprises are experiencing many data management and storage difficulties as the volume and variety of data grows exponentially, as well as the growing number of data sprawl and data silos. As a result, enterprises are increasingly turning to the cloud for their storage needs because it allows for storing enormous data collections of any form.
North America was dominating the market with a 27% share in 2020. It holds the major market share attributed to the significant implementation of eCommerce, electronic signatures, and other digital services that generate loads of data each day. Asia Pacific is expected to grow at a CAGR of 6.4 % during the forecast period.
Top 6 Emerging Trends in Data Storage in 2022
Today, the global scenario of file storage has changed. From cloud computing, the world is moving towards decentralized cloud storage that provides multiple user access while also ensuring data security. Decentralized cloud storage has become increasingly popular over years. People were not giving so much importance to cloud computing and its storage system 2 years ago. But the situation escalated when organizations were forced to work from remote locations. This made the companies think otherwise. Decentralized cloud storage allows for cheaper, more secure, robust, private, and reliable features than those that centralized architectures can provide. It represents a promising opportunity for a different cloud market, meeting the supply-demand for IT resources of an extensive community of users. The dynamic and independent nature of the cloud infrastructure defines its data security build-up which could support the economic benefits.
Top 6 Emerging Trends in Data Storage in 2022
Decentralized storage is a better place to store sensitive data that attracts ransomware attacks or other attempts to comprise or censor data. A highly distributed network of storage nodes reduces attack surface and risk on critical data like client-side encryption, industry-leading access management controls, etc. The beauty of decentralized cloud storage is that data is spread across many nodes and it provides extensive data security.
