Global Cloud Storage Market Expected to Reach $234 Billion By 2028 as Tech Stocks Chase Big Opportunities in Big Data

By Globe Newswire Published on October 23, 2024, 18:25 IST

PALM BEACH, Fla., Oct. 23, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The cloud storage market is witnessing significant growth due to the expanding realms of IoT and big data. Cloud storage services offer an agile, flexible, and scalable model for data storage on the Internet, managed and operated by service providers. This model provides enterprises with advantages such as rapid deployment, scalability, reduced CAPEX, and uninterrupted business continuity. A report from MarketsAndMarkets projected that the global Cloud Storage Market size is expected to grow to USD $234.9 Billion by 2028 at a Compound Annual Growth Rate (CAGR) of 18.8% during the forecast period. The report said: “The rising investments by governments and investors in tailored Cloud Storage solutions offerings along with the increasing need for flexible, scalable, efficient storage and disaster recovery, backup solutions and services, are expected to drive the market growth. The demand across enterprises worldwide for Cloud Storage solutions in a shift to cloud-based technologies from on premises is expected to drive the market growth. Surge in demand to provide remote work force with omnipresent access to data and files has been a key driving factor to foster market adoption largely.” Active tech companies in the markets this week include: Scope Carbon Corp. (OTCQB: SCPCF) (CSE: SCPE), Oracle Corporation (NYSE: ORCL), Snowflake (NYSE: SNOW), NVIDIA Corporation (NASDAQ: NVDA), Advanced Micro Devices, Inc. (NASDAQ: AMD).

MarketsAndMarkets continued: “Based on use cases, Backup & Recovery will hold the highest market share in the Cloud Storage market during the forecast period. Backup & Recovery is crucial in safeguarding data and ensuring business continuity. These applications are purpose-built to address the unique challenges of modern, dynamic, and often distributed IT environments. By seamlessly integrating with cloud technologies and containerized workloads, they provide a layer of resilience that protects data against loss, corruption, or disasters. These solutions enable organizations to efficiently create backups, perform granular recoveries, and maintain data integrity, thereby supporting cloud applications and services reliable and uninterrupted operation. In an era where data is a paramount asset, Backup & Recovery applications in cloud storage are indispensable for mitigating risks and ensuring the availability and integrity of critical information.”

Scope Carbon Corp. (CSE: SCPE) (OTCQB: SCPCF) Launches Subscription Model for Round-Trip Encrypted, Quantum-Resilient Cloud Storage for Individuals and Small Businesses – Scope Carbon Corp. (“Scope” or the “Company”) is pleased to announce the official launch of its subscription model, now offering individuals and small businesses full access to its industry-leading round-trip encrypted and quantum-resilient decentralized cloud storage solutions.

This launch builds on Scope Technologies’ commitment to providing top-tier, next-generation data security. With the QSE (Quantum Security Entropy) platform, individuals and small businesses can now leverage the same advanced encryption and decentralized storage infrastructure that Scope delivers to mid-sized and enterprise clients, ensuring their data remains safe from current and future cyber threats. The platform is designed for seamless scalability, allowing users to expand their storage and security needs as they grow, without compromising performance or protection. Additionally, QSE’s efficiency-driven model ensures competitive pricing, reflecting our ability to deliver premium security solutions with exceptional value. Readers are encouraged to visit Scope Technologies’ QSE platform at: https://www.qse.group/#services

A New Era of Data Security for Individuals and Small Businesses

Following the successful completion of platform updates and closed-group testing, individuals and small business users now have access to QSE’s cloud storage services, featuring:

Quantum-Proof Encryption: Utilizing quantum entropy to generate encryption keys that remain unbreakable, even by future quantum computing power.
Immutable, Decentralized Storage: A decentralized infrastructure ensures data is protected from ransomware, over-encryption, or tampering, offering a significant advantage over traditional cloud backups.
Seamless Integration: Easy-to-use APIs allow for quick setup and smooth integration with existing data systems, providing flexibility and scalability.
Accessible Pricing Plans: Tiered subscription options make enterprise-grade security affordable and accessible for both individuals and small businesses.

“Data protection should not be a luxury,” said Sean Prescott, Founder and CTO of Scope Technologies Corp. “With this launch, we’re making the same round-trip, quantum-resistant encryption and decentralized storage vaults available to individuals and small businesses that we already provide to mid-sized and enterprise corporations. Now everyone can protect their data from today’s risks and the future challenges posed by quantum computing.” CONTINUED… Read this full release and more for Scope Technology at: https://www.financialnewsmedia.com/news-scpe/

In other tech industry news of interest:

Oracle Corporation (NASDAQ: ORCL) – To ease patient settlement and payment reconciliation, Oracle recently announced Oracle Health Payments. With the end-to-end payment solution, including gateway routing, processing, and acquiring under a single agreement, healthcare facilities can help reduce costly, unexpected service fees. It also makes it easier for patients to cover a copay, elective surgery, or an existing bill using a variety of payment options including, traditional chip and pin pay methods, or simply tapping to pay with the latest digital options including Apple Pay, Google Pay, and Samsung Pay.

Payment processing costs can vary widely between payment providers, card brands, or payment types. Compliance and service fees can also make it difficult for healthcare facilities to estimate and factor these costs into their financial planning. Built on Oracle Cloud Infrastructure (OCI), Oracle Health Payments offers a payment card industry (PCI)-compliant, fixed-rate pricing model with no additional service or convenience fees. Integrated with Oracle’s point-of-sale hardware and Oracle Health Patient Accounting, Oracle Health Payments uses end-to-end encryption and tokenization, empowering health systems to securely capture payments and automate revenue posting, which helps reduce fraud and collection costs.

Snowflake (NYSE: SNOW), the AI Data Cloud company, recently announced the launch of the AI Data Cloud for Travel and Hospitality, uniting Snowflake’s data platform, AI capabilities, and industry-specific solutions to deliver best-in-class data insights for the travel and hospitality industry. Snowflake empowers airlines, hotels, cruise lines, and travel technology providers to harness data and artificial intelligence to improve operations and power five-star customer experiences across the sector.

As the travel and hospitality industry transitions from recovery to stable growth, businesses face new challenges and opportunities. Snowflake is uniquely positioned to support this growth, offering a unified platform that streamlines AI and ML development, providing top-tier security and governance capabilities, and democratizing data access. With robust data collaboration capabilities and effortless scalability, Snowflake enables organizations to harness their data’s full potential.

NVIDIA Corporation (NASDAQ: NVDA) recently announced that it has contributed foundational elements of its NVIDIA Blackwell accelerated computing platform design to the Open Compute Project (OCP) and broadened NVIDIA Spectrum-X™ support for OCP standards.

At this year’s OCP Global Summit, NVIDIA will be sharing key portions of the NVIDIA GB200 NVL72 system electro-mechanical design with the OCP community — including the rack architecture, compute and switch tray mechanicals, liquid-cooling and thermal environment specifications, and NVIDIA NVLink™ cable cartridge volumetrics — to support higher compute density and networking bandwidth.

NVIDIA has already made several official contributions to OCP across multiple hardware generations, including its NVIDIA HGX™ H100 baseboard design specification, to help provide the ecosystem with a wider choice of offerings from the world’s computer makers and expand the adoption of AI.

Advanced Micro Devices, Inc. (NASDAQ: AMD) and Intel Corp. (INTC) recently announced the creation of an x86 ecosystem advisory group bringing together technology leaders to shape the future of the world’s most widely used computing architecture. x86 is uniquely positioned to meet customers’ emerging needs by delivering superior performance and seamless interoperability across hardware and software platforms. The group will focus on identifying new ways to expand the x86 ecosystem by enabling compatibility across platforms, simplifying software development, and providing developers with a platform to identify architectural needs and features to create innovative and scalable solutions for the future.

For over four decades, x86 has served as the bedrock of modern computing, establishing itself as the preferred architecture in data centers and PCs worldwide. In today’s evolving landscape—characterized by dynamic AI workloads, custom chiplets, and advancements in 3D packaging and system architectures—the importance of a robust and expanding x86 ecosystem is more crucial than ever.

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