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Cloud storage market to grow by 2019

Enterprise resource planning software is becoming an integral part of business models across many industries. The ability to increase output and improve logistical ability are just two of the many advantages ERP provides companies that have already installed these systems. Business intelligence tools are available in varying modules based on technological influence, and the recent advent of cloud technology has taken off within the market.

According to a recent report, both private and public cloud storage is projected to grow even more in the next five years. Markets and Markets’s “Public/Private Cloud Storage Market by Solution (Cloud Storage Gateways, Backup & Recovery, Data Movement & Access), by Software (Data Replication, HSM & Archiving, Security & Storage Resource Management) – Worldwide Forecasts & Analysis (2014 – 2019),” found that the public and private cloud storage market will be worth more than $56 billion by 2019 due to continual increases in enterprises focusing on cutting costs while improving business output.

Currently estimated at more than $13 billion, the market is expected to mature at a compound annual growth rate of 33 percent over the next five years.

The study also noted the growing need to manage an exponential rise in digital content across the globe. As businesses continue to expand to meet market demands, the ability to work in a secure manner at remote locations is vital for rapid growth and real-time delivery.

Data is a driver for growth

The cloud storage market’s growth also reflects how fiercely competitive the industry is becoming. More vendors are vying for a similar share in the field, and costs are being driven down as a result, Midsize Insider suggests. Geographically speaking, North America is forecasted to lead the cloud storage technology field over the next five years, while regions such as the Middle East, Asia-Pacific, Latin America and Africa are all expected to see increases in usage as well due to improved broadband availability, a press release said.

Growing big data and the ability to leverage mass quantities of information for business success are primary reasons for the market’s forecasted growth. Enterprises are beginning to understand the value of gathering and evaluating data in an effort to integrate it with short- and long-term goals. The consumerization of IT was also listed as a primary driver in market growth as a younger, more tech-savvy generation becomes a larger portion of the adult workforce.

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