Double Digit Growth Expected for Cloud Storage Services

One of the more promising cloud applications available today is data storage. It represents a real revenue opportunity and will see explosive growth over the next five years. By the end of 2012, there will be over 500 million cloud storage customers across the globe. That's spurring "companies of all sizes and descriptions to enter the market," according to an IHS iSuppli report.

IHS iSuppli forecasts that cloud storage service subscriptions will grow from less than 300 million in 2011 to reach 500 million this year and jump again in 2013 to 625 million. Double-digit growth will continue uninterrupted until at least 2017, when the market research firm forecasts cloud service storage subscriptions will hit 1.3 billion.

Explosive growth is leading a wide variety of companies to enter and ramp up their cloud service storage efforts. The growing list spans enterprise managed service providers (including telcos), giant e-commerce businesses such as Amazon, and leading platform and digital network ecosystem providers such as Apple, Google and Microsoft on through to "independent and pure-play cloud storage providers like Dropbox, Barracuda, Carbonite, SugarSync, Synplicity, Funanbol and Mozy," IHS iSuppli notes.

"Amazon's Cloud Drive, for instance, lets users buy commercial content like music, movies and ebooks, which can then be stored and played on multiple devices that they own. Similarly, Google has introduced its own cloud music service for consumers to upload personal music, to which they can listen anywhere. Apple likewise allows users to purchase, store and access content via its iCloud offering," IHS iSuppli analysts state in a press release.

Providing customers with tools to easily organize and access the fast-expanding variety and fast-growing quantity of digital content they're storing is now a critical feature for cloud storage service providers. So is assuring customers that the content they store is safe and secure.

Service providers, including wireless and wireline carriers stand to benefit from this growing trend, as they are "…uniquely positioned to provide such a digital vault-or trusted hub-for digital media assets."  Benefits for service providers include adding new revenue streams, as well as increasing the "stickiness" of their offering, increasing loyalty and reducing customer churn.

It's also critical that service providers brand their cloud storage services. Not doing so would "be to promote and build someone else's business, passing up the chance to retain customer loyalty," IHS says.

CHR Solutions stands ready to assist our clients in evaluating this cloud business opportunity, as well as providing the infrastructure necessary to capitalize on its explosive growth.

Click the button below to learn how CHR helped Kalona Cooperative Telephone Company successfully add new revenue streams in less than 30 days. 

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Written by Kevin Kutcher at 10:00
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