IBISWorld research reveals data storage services growth

Data storage services are expected to undergo revenue growth of over 14% during the year ahead.

Research carried out by IBISWorld indicates that the data storage services industry has experienced strong growth over the past five years, and revenue is predicted to reach $2.1 billion during 2016–17.

Several data centre infrastructure expansions over the past two years have contributed to the growth.

“A dramatic rise in internet traffic and corresponding increases in demand for cloud storage solutions have driven growth,” said IBISWorld Senior Industry Analyst Nathan Cloutman.

“Cloud computing has enabled businesses to reduce their capital expenditure and make use of economies of scale by outsourcing IT requirements to data storage service operators.”

Image credit: ©Sheelamohanachandran/Dollar Photo Club

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