Everyone uses “the cloud” these days. Even if you’re a little shaky on how exactly it works or even what it really is, chances are that if you have a smartphone, you’re storing your photos and videos in some sort of cloud technology. But the cloud can do so much more than ensure your favorite pictures are safe when you drop your iPhone in the pool. Wire19 compiled 7 new reports that use research done by Markets and Markets to show us trends in cloud computing development and what they could mean for the future:
- The cloud storage market size is expected to grow to USD 88.91 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period (2017–2022). Storage is one of the first things that comes to mind when you think about cloud technologies, and the market for cloud storage will grow as Internet of Things systems become more popular and more people begin to adopt hybrid cloud storage.
- The cloud orchestration market size is expected to grow to USD 14,172.5 Million by 2021, at a CAGR of 23.4% during the forecast period. Orchestration is an important element in cloud technologies, as it involves optimization, automation and coordination of multiple processes to make the cloud services faster, more efficient, and more flexible.
- The cloud managed services market size is projected to grow to USD 53.78 Billion by 2022, at an expected Compound Annual Growth Rate (CAGR) of 14.6%. As businesses realize their need for more cost-effective and efficient systems, they will turn to cloud managed services that lower operational and infrastructural costs. The healthcare system is expected to embrace cloud services in the near future.
- Cloud and IoT storage technologies global market is expected to reach $27.3 billion by 2022 and grow by a compound annual growth rate (CAGR) of 16.7% through 2022. Cloud and software-defined storage offers more flexibility for companies looking to increase storage without losing their operational efficiency. The increase in adoption of IoT technologies is going to increase the need for centralized, high-capacity storage.
- The hybrid cloud market is estimated to grow to USD 91.74 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 22.5% during the forecast period (2017- 2021). Hybrid clouds will become more prominent with the rising need for flexible cloud services that also provide high-level security.
- The Cloud infrastructure market is expected to be worth USD 209.66 Billion by 2022, at a CAGR of 12.9% between 2016 and 2022. Cloud infrastructure is expected to grow with business’s needs for flexible and cost-effective computing, specifically in healthcare departments.
- The multi-cloud management market is expected to grow to USD 4,492.7 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 30.9% during the forecast period. (2017- 2022). Multi-cloud management will become more prominent as the need for agile and automated systems in increasingly paired with the need for higher admin control and compliance with established policies.