Cloud storage allows users to store data on a server which is remotely located. A service provider hosts the cloud service on a server which is safe from catastrophic failures such as fire, earthquake, and tsunamis. With daily additions in transactional information, it has become a challenge for companies to store such humongous amount of data.
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Cloud storage provides the solution via remote access through the internet. This market has grown exponentially in the last decade and is expected to take over traditional storage systems in the near future.
Various deployment methods of cloud storage are public cloud, private cloud, hybrid cloud, and community cloud. Public cloud storage systems are available commercially over the internet whereas private clouds use a virtual private network (VPN) restricting the access to specific organizations or entities and are more secure than public clouds.
Data securities, ease of access, low cost, emerging back-up mechanisms, and safety from catastrophic failures are the drivers for this market. However, in cloud storage the data is kept under the security of a third party server which hampers the safety of the data due to its exposure to the cloud service provider and this is the restraint for the market.
Countries such as India and China are emerging IT hubs and are working heavily on cloud based systems and therefore, more varieties of cloud based applications are expected to appear in the near future. Various companies are investing heavily in cloud storage projects and this market is expected to grow at an approximate CAGR of 35 to 40% in the next decade.
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Some of the major companies in this industry segment are Google.com (U.S.), Dropbox, Apple iCloud (U.S.), Microsoft SkyDrive, Box.com, AT&T, and Salesforce.com (U.S.), and many new entrants are following the lead.