Consumer Cloud Storage Services Market Trends

Growth Drivers

• Increasing Number of Mobile Devices- The rising prevalence of mobile devices has resulted in a considerable increase in demand for consumer cloud storage services. Consumers produce a large amount of data, including digital material, as tablets and cell phones become more popular. This has led to the demand for efficient yet safe methods of storing and accessing this data.
• Rising Penetration of Internet Across the Globe- The volume of digital data created keeps on rising as more individuals gain usage of the Internet. This has resulted in a demand for easy and secure methods of storing and accessing data, as cloud storage services can offer.

Furthermore, the rise of online shopping, social networking, and online payment gateway has increased the popularity of cloud storage services. Oracle Corporation released new Cloud Lift Services in March 2021 to aid customers with a quick transition. The brand-new system eradicates considerable barriers and offers single points of entry, rapid responses, and other benefits. This advancement is assisting in growing consumer growth thanks to the support of Google Cloud.

• Expanding Consumer Cloud Storage Service Requirement for Virtual File Storage- As people adopt digital lives, they require greater storage capacity to keep their images, movies, and other digital content. Furthermore, the increasing prevalence of mobile phones, networking websites, as well as digital shopping has resulted in an increase in market demand for cloud storage services.

Challenges

• Data Privacy Concerns Associated with Cloud Storage: As a result of the increased emphasis on the confidentiality and safety of information, certain companies are hesitant to utilize cloud storage because they are concerned about the protection of their essential data.
• High Dependence on Network
•  Multi-Cloud Environments