The Main Cloud Storage Market Challenges — That Sparked Innovation
The cloud storage market has been blooming in recent years, due to the undebatable adoption of cloud solutions across verticals such as healthcare, media, tech companies, BFSI and more, is driving the demand growth for cloud storage solutions.
Additional factors fueling the growth of the market are increasing adoption of cloud storage gateways, more awareness and deployment of cloud-based solutions and the appearance of decentralized cloud storage networks.
Cloud storage service providers are responsible for operating and managing the servers, as well as guaranteeing the security and availability of their client’s data. This is where the biggest challenges for cloud storage vendors has emerged.
Security, cost and confusion. These are the three primary issues that vendors in the cloud or cloud-like storage spaces have been working hard to remedy. The largest and most important one typically being security.
Most of the businesses that have held back from adopting the cloud have done so in the fear of having their data leaked, stolen or lost.
Due to rapid growth in malicious hacking technologies, including, malware, man-in-the-middle attacks and application flaws, data security is at risk and can lead to heavy losses for the company if critical data is hacked.
Once an intruder hacks into these storage facilities using a so called “Data Lake” architecture which is based on implementation of a NoSQL central database (such as MongoDB, HBase or Cassandra, he can “swim” in the database system, explore the files and gain access to all the valuable data stored, leading organizations exposed to an unlimited number of security, privacy, and financial risks.
Breaches like these have happened on more than one occasion and this is one of the major concerns that has been holding the market back.
IAGON has moved to create a revolutionary solution to this problem and we call it the Secure Lake. It is based on the Blockchain unbreakable encryption technology, on file slicing and storage of small, anonymous and strongly encrypted slices of the original files. This solution ensures the complete protection of the clients information and databases and ensures the rapid retrieval and update of any stored files. Except from the user who securely uploads a file and has the password (key) to retrieve and encrypt it, no one can read the contents of the small file slices, encrypt, delete, change ,retrieve them, identify their source or even associate them with other file slices that are generated from the original , uploaded file .
IAGON ’s technology ensures that even when information systems are breached in anyway, the data and files that they use can not be accessed, deleted or modified in anyway.
SPEED AND COST
Another restraining factor in the cloud storage market would be the lack of high network bandwidth for data transfer.
In the fast-paced world we live in, nobody has the time to wait on technology. Just like in almost all industries, speed of service is of extreme importance when cloud storage is in question.
The prominent players in the cloud storage market are: AWS,Google Cloud, Microsoft and IBM, as has been the case for the last several years. These high rollers have made it extremely difficult for smaller companies to enter the game and penetrate the market. Due to their oligopolistic dominance, the four providers of cloud services set high prices and have been using pricing to restrict speed advancement for clients.
RELYING ON CENTRALIZED SOLUTIONS
All the big players on the market utilize central storage and computation facilities, trapping the market and making it to reliant on centralized solutions without room for growth and innovation, however, the feeling is that the tides are changing.
Despite all the roadblocks the global cloud storage market is expected to grow, as Big Data and Artificial Intelligence arise as two major trends in the business and computing worlds, pushing it forward. It is expected to hit approx. USD 104 Billion by 2023, at 25% of CAGR between 2017 and 2023.
The exponential growth in the demand for low-cost and reliable storage has been pinpointed by startups and the race for invitation is on. Small companies have started to adopt an alternative approach to cloud storage in efforts to answer to the markets needs.
As adoption of the premise that the Blockchain is the future continues to grow, the opportunities for start up companies to give it a go and try to challenge the big players grows along with it. Moreover, using a decentralized grid for cloud storage brings a lot in terms of security, speed and price.
This is exactly what has been done at Iagon.
By joining the unused storage capacity of servers and personal smart devices and their processing power, Iagon will create a super data center that can generate massive volumes of storage and processing power capable of competing with any of the current cloud computing companies.
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