Research firm MarketsAndMarkets has declared there are 47 billion reasons to keep an eye on the cloud, announcing that the cloud storage market will grow to $47 Billion by 2018 at a 40% CAGR.

The report, called “Cloud Storage Market (Incl. Cloud Storage Gateways, Backup & Recovery, Data Movement & Access, Data Replication, Hsm & Archiving, Security And Storage Resource Management Solutions) – Worldwide Forecasts & Analysis (2012 – 2018),” will cost you a cool $4,650 if you want the whole thing but the always watchful eyes at Storage Newsletter distilled some of the key findings…

  • Global cloud market expected to grow from $5.6 billion in 2012 to $8.6 billion by 2013, at an estimated CAGR of 40.2% from 2013 to 2018.
  • North America commanded the largest share; i.e. 60% of the overall cloud storage market in 2012 at $3.4 billion; $5.09 billion in 2013; and is expected to reach $21.8 billion by 2018, at a CAGR of 33.8% from 2013 to 2018.
  • Middle East & Africa, Eastern Europe, Latin America, APAC (Ex-Japan) are fastest growing market and are expected to contribute $0.71 billion, $1.36 billion, $1.54 billion, and $3.46 billion respectively in 2018.
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