Data storage is big business, and luckily, tech companies are rising to the need and the challenge. Because the fast-growing demand on cloud storage and remote backup servers, data storage growth projections are becoming a necessary trend to monitor.
Trends throughout 2017 showed the increasing demand for data storage and the increasing adoption of new technologies. Security is in the foreground, now, after a number of a data breaches making front page news and headlines.
— IoT Central (@IoTCtrl) January 25, 2018
Here are a few data storage growth projections and predictions that will impact business in 2018.
The Increasing Volumes of Health Data
Research firm IDC reports show that the volume of health data being stored increases 48 percent every year. The volume of data in 2013 was 153 Exabytes. Data storage growth projections show that the predicted volume for 2020 will be 2,314 Exabytes. An Exabyte is one quintillion bytes; a quintillion has 18 zeros. That’s a staggering amount of data.
Most importantly, data storage companies are developing new technologies. As a result, the maintenance and accessibility of legacy electronic healthcare records (EHR) is also at the top of the list for healthcare data managers.
Information Age posits data storage growth projections will drive innovation toward the “utilization” of data. This is the next stage after the past decade of creating more storage. In addition, the onus will be on business to find the most “critical” data necessary for operations.
They also predict that business will overtake the consumer market for data storage needs. Consequently, they predict that business will generate 60 percent of the world’s stored data by 2025. This will force CIOs to prioritize what data is absolutely necessary to save costs.
Notable Data Storage Growth Projections
Under discussion by CIOs and healthcare records managers alike are the current projections for changes in the data storage industry:
- By 2025, nearly 20 percent of stored data will be necessary for day-to-day life for both businesses and consumers.
- Ten percent of that critical data will be “hypercritical” by 2025
- Humans will interact with data-connected devices and objects approximately 4,800 times a day by 2025.
- By 2025, nearly a quarter of stored data will be accessed in real time, with connected devices and objects (the Internet of Things), making up 95 percent of that data usage.
- Solid state flash storage usage will rise through to 2020. Tape for affordability and flash storage for fast online storage will continue to lead the market. Disc usage is dropping in all areas.
- Cloud storage use will also continue to rise, with flash storage support for uploading and downloading by both businesses and consumers. Local regulations may determine that data must be kept regional, which will affect cloud storage.
Seagate is one of the oldest and largest data storage specialists on the market. Especially relevant to healthcare organizations, Seagate CEO Steve Luczo says,
“The opportunity for today’s enterprises and tomorrow’s entrepreneurs to capture the value of data is tremendous. And our global business leaders will be exploring these opportunities for decades to come.”
Data Storage Growth Projections for Healthcare
As recently as 2015, only about 75 percent of hospitals were using digital medical records.
Integration between providers is still an obstacle to tackle in the future. The HITECH Act of 2009 required digitized medical records, but didn’t require systems to work interactively. The CommonWell Health Alliance Partnership is a nonprofit organization that works to set standards for data interoperability between providers and HER systems.
— Healthcare IT News (@HealthITNews) January 25, 2018
Practice managers will have to weigh cost of offsite cloud storage versus onsite digital storage. Managers will have to prioritize what data is critical over cost of maintenance and security, since data storage growth projections show exponential annual increases. Furthermore, the cost of preserving legacy EHR systems will also be on the minds of healthcare CIOs in the near future. They’ll need to preserve systems while ensuring interoperability of any new systems.
Featured Image: CC0 Creative Commons by heladodementa via Pixabay