Most smartphone users are familiar with cloud-based storage providers like Dropbox, Google Drive or on other platforms, iCloud. These are joined by several other options as companies try to get in on the action, resulting in services like Verizon’s cloud storage solutions for their subscribers. Since they are not yet a big name outside of China and other Asian markets, Xaiomi’s cloud storage service is not yet well-known. However, Xiaomi is expecting growth in revenues from the services it provides to grow by 4 to 5 times for 2015 compared to the prior year.
To meet the demand for cloud storage, Xiaomi invested $1 billion USD to develop cloud storage services in cooperation with partner Kingsoft. Xiaomi says they now have 97 million users on the platform who have stored 40.5 billion photos and 504 million videos. The demand for space is expected to grow by 600% just this year.
Xiaomi chairman Lei Jun shared this data regarding the growth of cloud storage at the Global Big Data Era Guiyang Summit 2015. Lei indicated one of the big challenges the entire industry faces is how to mine all the data that is being stored and then developing commercial models based on that.
source: DigiTimes
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