Storage giant EMC said this week it expects revenue to soar to about $28 billion over the next three years, powered in large part by demand for new systems to support cloud computing.
That would represent a compound annual growth rate of 13% and would mark an impressive increase on the $17 billion in revenue recorded in 2010.
The company held its annual Strategic Forum for Institutional Investors in Boston this week and chief executive Joe Tucci said the company expects to be a primary beneficiary of an insatiable demand for more efficient ways to store mushrooming amounts of data. The forum was also Webcast for general viewing.
“We did not invent the cloud, but we definitely recognized the opportunity early,” Tucci said. “We absolutely believe this is going to be the next game changing trend.
“It’s a wave of disruption,” he added. “I totally believe there is no segment of our industry – be it hardware, software, or services – that will be immune to this disruption. [And] I totally believe it’s going to be tremendously beneficial to our customers.”
In addition to cloud computing, Tucci said EMC has identified several mega trends shaping the IT industry. They include the explosion of mobile devices and the massive popularity of social networking, the shift toward virtualization and mounting troves of data.
This, in turn, he says is driving demand for more efficient ways to store and access data, and EMC, he said, is best positioned to capitalize on that demand.
Tucci said the amount of data being stored could explode by 44 times in 10 years to more than 40 zettabytes. That compares to the roughly 1.23 zettabytes of data in existence today.
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