Cloud storage has been growing with substantial growth owing to its numerous advantages over traditional storage. What are its future growth and market size?
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Cloud computing is now used by almost every person owing to various cloud drives and storage apps. Cloud storage is basically a replacement for large physical servers, which were difficult to manage as they were static with a high cost attached.
The cloud storage now provides the space on cloud/internet to all its users without worrying them about the management of any servers or storage devices. Users only need internet service to access their data from around the world.
There are various deployment models for cloud computing which includes public deployment, private deployment and hybrid deployment. In public deployment, the cloud services are available for every kind of users and there are no restrictions on users.
Private cloud is usually deployed by companies for their specific use and does not share with unauthorised users. Hybrid cloud, as the name suggests, is a combination of private and public cloud which use the on-premises private cloud and public cloud from the third party for deployment.
The largest market is of the public cloud market, which according to an estimate was around US$ 180 billion in 2018 is expected to reach around US$ 320 billion by 2025.
There are also various service models which are provided by various clouds companies which include Platform as a Service (PaaS), Cloud Business Process Services (BPaaS), Software as a Service (SaaS) and Infrastructure as a Service (IaaS).
SaaS accounted for the largest market share in 2018 which was around 44%, followed by BPaaS which was 25%. The market share split is expected to remain nearly the same over the next five years.
Some of the top cloud storage service providers include Amazon, Carbonite, Dropbox, Google, Microsoft OneDrive, SpiderOak, Synplicity and Zoolz.