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Storage Wars Move to Cloud Computing

Companies are increasingly looking to cloud computing environments to accelerate value

An overall shift towards cloud computing has ramped up the demand for offsite data storage centers. The growing demand for data storage has predictably brought lots of competition as well. Larger storage companies have simply found acquisitions to be a more viable way to deal with the uptick in competition.

According to the Bedford Report, earnings season was not kind to key players in the Data Storage industry following a string of disappointing quarterly reports. Seagate said last month that its net income fell to $150 million, or 31 cents per share, in its fiscal second quarter. The results missed analyst estimates looking for earnings of 33 cents a share and were down sharply from $533 million, or $1.03 per share, in the same period a year earlier. As a result, companies are increasingly looking to cloud computing environments in order to accelerate value in business financials and reduce costs. Driven by the growth of cloud computing, cloud storage is quickly growing from a relatively small percentage of the overall IT market to a sustainable and significant opportunity.

The Bedford Report releases regular market updates on the Data Storage Devices Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns.

More Stories By Pat Romanski

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