June 2018 update:Things are looking up for the cloud storage industry with demand for cloud storage services growing exponentially. The market grew by 45 percent worldwide over the course of 2017, according to a report by Canalys. Another study from ReportLinker predicts that the market will grow up to $88.9 billion from $30.7 billion by 2022, with a compound annual increase rate of 23.7 percent.
This isn’t necessarily a bad thing for physical storage sellers, as the demand for hybrid storage solutions has also risen, keeping the sales of servers and other external storage devices stable. However, with companies needing increased storage solutions, the major cloud infrastructure providers are in the midst of a pricing war to keep clients happy not only with low tiered pricing, but several new features being introduced.
Google recently announced its rebranded cloud storage product, now called Google One. With plans starting at $1.99 for 100 GB per month, and $9.99 for 2 TB per month, it’s among one of the cheapest cloud storage options available. Other companies such as IBM focus on helping its customers make the most of their cloud storage, with its newly released IBM Storage Insights tool. This data tool allows you to analyze your cloud infrastructure to help you make financial decisions. It can help you improve data usage by deduping data, identifying inefficient use of data and utilizing AI-powered storage configuration. This free tool can help you reduce your data costs.
Check out our best cloud storage and online backup picks below.
Data loss happens every day, whether in the form of power shortages, disk errors, hackers, physical destruction or accidental deletion. Without a solid data backup plan, your entire business could be in danger. Insurance may cover your computers and servers after a disaster like flooding, fires or earthquakes, but your data is irreplaceable. At least 90 percent of businesses that suffer major data loss and don't have a backup system shut down within two years, according to Cloudwards.
Many businesses opt to keep their backups close at hand in private servers either onsite or offsite. However, cloud backup services have gained popularity as internet speeds and storage capacities have increased over the years. The biggest benefits to outsourcing your backup is that you don't have to dedicate your IT department to maintaining the backup storage, freeing it up for other tasks. You'll also know that your data is safe during a disaster, since it's backed up off-site.
You can also use a hybrid system, which gives you the best of both worlds and is most protective option for your data. Redundancy is highly recommended with any storage or backup feature. If something happens to one backup, having more than one means you're not limited to one recovery avenue. For example, if ransomware attacks both your working servers as well as your on-premise backup, you can turn to your cloud backup which was retained before the malware struck, making it a clean copy of you system.