Cloud storage providers are continuing to see rapid growth in business. In 2010, the cloud computing industry was worth roughly $40 billion. By 2020, the industry is expected to grow to more than $240 billion, according to a recent study by Forrester Research.
Cloud storage and backup services are expected to be among the most popular. Industry insiders believe that more cloud services will be offered on subscription models. More organizations are turning to cloud-based disaster recovery as an efficient way to offload disaster recovery plans without purchasing physical offsite servers.
Traditional website hosting providers, such as GoDaddy.com, are capitalizing on the growth opportunity by offering cloud storage plans to its army of customers. The Sunnyvale, Calif.-based company, which boasts more than 12 million customers, has traditionally enticed new business by providing promotions such as free domains. It has recently distributed online discounts through various sites offering GoDaddy coupons.
In May 2013, Google unveiled its Cloud Platform and Compute Engine Services at its I/O developer conference in San Francisco. “Google’s increasing presence in cloud solutions is expected to place cost pressures on similar providers,” according to tech blogger Marv Dumon. “Computing performance and reliability are expected to be key competitive areas at a time when clients could become more demanding with their data needs.”
Just prior to its announcement, Google tripled its free cloud storage from 5GB to 15GB. The extra digital space can be allocated between Gmail, Google+ Photos, and Google Drive.
One of the advantages of cloud computing has been the ability to easily share files. When data is available online, employees can collaborate on their projects from multiple locations while being ensured that various files and documents are synced and up to date.
Data being backed up on the cloud also prevents expensive hardware and software from being installed and maintained at various physical offsite locations. Organizations around the world are on track to buy 138 exabytes of storage system capacity in 2017, according to a June 2013 study published by International Data Corporation (IDC).
Despite technologies that create more efficiency in data storage, researchers predict that annual sales of storage capacity will grow by more than 30 percent every year between 2013 and 2017.