How Tech Startups will Fuel Cloud Storage Market Growth to $93 Billion by 2022

October 2, 2018 0 comments

Nowadays, in the internet age, it is hard to recall a time when any type of information − be it files, administrative data or images − had to be stored in a physical format. It used to be that companies had to hire an administrative clerk to organize their files into massive archives.

Even though the rise of computing technologies meant the death of the administrative clerk role, it gave rise to a brand-new array of exciting job opportunities. Today the cloud storage market has risen to become a whopping $25.2 billion industry. But we are not here to discuss the present state of the cloud storage market, but rather to look ahead into the future. A recent report forecasts a triple fold market growth by 2022, estimating the global value of the market to a record $92.5 billion. This massive estimated leap represents an incredible opportunity for entrepreneurs and programmers all around the world, and it’s already began.

A perfect example of this trend would be Music Gateway, an entertainment industry-focused well-rounded data solution that was tailored to the needs of creatives within the music, television, film and advertisement sectors. Due to the target market, this cloud storage system is built in a way that makes it easy to reproduce, share and store sound and video files. Their niche system occupies a unique space and caters to a specific market need, which is shown by legendary musician Dave Stewart sharing his opinion on the Music Gateway service.

Think about all the different industries and all the different needs that these industries have when it comes to sharing information. This article should demonstrate how this industry is a potential goldmine for new entrepreneurs and technical specialists. Despite technology growing at, what can sometimes seem an overwhelming rate, it is also bringing a brand new and exciting array of opportunities for those who are willing to explore and innovate in this industry.

Cloud storage systems have proven vital in the rapid growth of economies and in the development of new technologies. By creating a virtual database, where information can be stored and accessed from anywhere around the world, companies have been able to improve their efficiency when it comes to sharing and managing key information. Thanks to cloud storage systems, workers from different offices of a multinational corporation can access the same data within a matter of seconds. Not only that, but customers’ information can be stored and easily accessed at the click of a button. Even though the cloud storage system might seem like the perfect solution for a high-pace ever-more-demanding digital age work environment, it does not come without its handicaps. Chiefly, the privacy and security risk that comes with having all your information online, where faceless hackers could easily intrude into your system. Nonetheless, the great convenience that it provides will assure that the market keeps growing at a swift pace.

In fact, the great convenience that this type of service provides has given rise to companies such as Dropbox (which is now valued by some estimates at around $8 billion) and services such as the Amazon Simple Storage Service (or S3 for short). These two services have managed to gain an astounding amount of members due mostly to their versatility. Anyone and everyone has Dropbox because it is convenient and easy to use for any purpose. It is just as useful for storing personal images as it is for sharing important documents for your business and it can even be used to send your CV to potential employers.

However, as the industry develops and new markets start to see the benefits of cloud storage systems, a huge opportunity is emerging in this industry. Like with any product, once it has reached its maturity stage, storage systems will have to diversify or reduce the cost and continue to provide the same service. This is where startups will take the leading role in furthering the industry. The future of the cloud storage system industry is diversification, that is, cloud storage system providers will have to develop systems that meet the individual needs of different markets.

 

About the Author

Jon Skinner, CEO and founder of Music Gateway, a bespoke cloud storage and career management system for the creative industries, explains why startups will lead the way in providing niche solutions in the exponential growth of the cloud storage market.

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