The global market size of cloud services is expected to grow almost three times from USD 30.7 bln in 2017 up to USD 88.9 bln in 2022. Businesses of various sizes are significant consumers in this market, as they value the mobility, efficiency, relatively low costs and high reliability of cloud data storage and related services. Individual users are becoming increasingly interested in using the cloud as their main data storage too, as it offers higher security, is user-friendly and reliable.
Consumption of Cloud Data Storage
American clients remain the largest consumers of cloud data storage services, as enterprises there are rapidly implementing highly developed digital business strategies.
The Asia-Pacific region is currently lagging behind but promises to be the fastest growing market for cloud data storage providers in the coming years. As the Asia-Pacific region grows economically and technically, China and India, in particular, will experience large-scale computerization of their industries.
Amending Data Sovereignty Laws in China and Russia
Additionally, recently amended data sovereignty laws in Russia and China, which require companies to store the users’ personal data within the geographical borders of the country, create additional opportunities for cloud service providers. While large-scale companies can afford to move their servers to these countries, smaller businesses will continue to use cloud storage services.
Existing cloud storage options have a lot of advantages, but they remain quite expensive: the most popular option, Apple Cloud, charges private users up to USD 10 per month for content storage.
Opportunities in Blokchain Technology
Blockchain technologies provide vast opportunities in this industry, as they significantly reduce costs for data storage on top of providing an additional level of data security due to its decentralized nature.
Also, blockchain makes it possible to circumvent data localization laws in certain countries and makes international businesses more flexible and mobile.Thats why KRYPTOX decentralized cloud storage and file sharing network will create the future of the industry, by implanting Blockchain with a modern user interface, to guide the user into the new generation of technology.