Market Overview

Staggering Stats: The Sky's The Limit For The Cloud

Staggering Stats: The Sky's The Limit For The Cloud

There is no doubt cloud computing is the future of data storage.

Big name tech companies like, Inc. (NASDAQ: AMZN),, Inc. (NYSE: CRM), International Business Machines Corp. (NYSE: IBM), Microsoft Corporation (NASDAQ: MSFT) and Oracle Corp (NYSE: ORCL) are investing billions of dollars setting up cloud infrastructure.

Why? Because the cloud will be big, and everyone knows it.

How Big?

Web hosting provider QuoteColo recently took cloud projections from Gartner, Cisco Systems, Inc. (NASDAQ: CSCO), Microsoft and other sources and compiled the estimates with its own data to come up with projections for exactly how much the cloud computing space will grow in upcoming years.

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The statistics are staggering.

According to QuoteColo’s infographic, there will be nearly 2 billion global consumer cloud storage users by 2018, including 252 million in North America, 267 million in Europe and more than 1.17 billion users in Asia.

If You Build It, They Will Come

One look at QuoteColo’s cloud spending estimates, and it’s easy to see why so many companies are scrambling for market share in the space. Global cloud spending is projected to reach nearly $400 billion by 2016, including spending of $250 billion in North America alone.

Big Bytes

The amount of global cloud traffic is forecast to reach 6,500 exabytes by 2018.

Historically, one byte was equivalent to one single character of text data. Written out long-hand, 6,500 exabytes is 6,500,000,000,000,000,000,000 bytes of cloud traffic.

Why Businesses Need The Cloud

According to QuoteColo founder Bob Spiegel, small and medium-sized businesses (SMBs) will continue to embrace the cloud for one reason: their bottom lines.

“The ability to have more cash on hand caused directly by SMBs switching to cloud based technologies is something that all business owners should be happy about,” Spiegel writes.

According to a study by Rackspace Hosting, Inc. (NYSE: RAX) of more than 1,300 companies already using cloud services, 58 percent indicated that they have seen cost savings directly tied to use of cloud technology. 

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