The cloud computing market offers flexible and remote data storage facility to enterprises and also eliminates the need for a physical storage infrastructure. Cloud computing allows multiple end-users to store and access data through a common network space simultaneously.
According to the opinion of more than 60% CIOs of high performing enterprises, cloud computing is expected to improve customer engagement along with improving operational efficiency. In today's business world, it is estimated that more than 2 Zetabytes of data is generated annually and cloud offers an ideal platform for storage of this magnitude of data cost-effectively. It is estimated that 35% of the data storage budget of organizations can be saved with the implementation of cloud computing.
Moreover, sectors such as BFSI and retail can give access to their online applications through cloud interface and enhance customer service. Since these sectors are customer-centric, they can simplify data reservoir management and analytical applications to get in-depth understanding of customer behavior patterns. Moreover, allowing customers access to online business applications on cloud system would increase scalability and prop-up efficiency. The global data storage market revenue stood at $9.2 billion in 2012. With more enterprises opting for cloud based services, the cloud computing market is expected to surpass the conventional storage infrastructure in terms of revenue over the next decade.
