A Guide to Choosing the Right Data Storage Solution in 2024

Storage of data is vital in 2024. Security and accessibility are just two opposing challenges that need to be met in this growingly complex arena. 

Organisations now find themselves having to manage, protect, and access the necessary information. 

• Performance
• Cost
• Scalability
• And Security 

Hence, selecting an appropriate data storage solution is a lot of work and would certainly help if you started with a to-do list as there’s plenty to be looking into what they cover, such as:

• Type of data
• Volume
• Growth Rate
• Resources / Budget
• Business Goals 
• Future Trends and Technologies…

In addition, the data storage landscape changes all the time, and new solutions and innovations appear day by day.

In this article, we look to give you enough quality information on data storage solutions to select in 2024.

Article Topics

• Data Storage Types: Various storage solution types such as cloud, on-premises, hybrid, or edge all have advantages and disadvantages.
• Data Storage Technologies: Various technologies and architectures are used in storage systems, such as block, file, object, or unified storage, features provided by them, and their usage.
• Data Storage Trends: Innovations are aplenty in the data storage market; various platforms and guises such as  – artificial intelligence, big data, 5G networks and quantum computing all fall into evolving trends, but what next?
• Data Storage Best Practices: Some applicable advice and recommendations on how to select, deploy, and optimise a storage solution that will work best for you.

Data Storage Types

The immediate aspect to think about when selecting a storage solution is the kind of solution and where and how you wish to store your data. 

There are four main types of data storage solutions: 

• Cloud storage: Cloud storage is a method of storing and accessing data on remote servers that are managed by a third-party provider. Scalability, flexibility, cost-effectiveness and reliability are what define cloud storage. 
• On-premises storage: Local storage is a concept that entails saving, storing, and accessing data from your servers and devices located within your premises or physical location. Control, performance, security and customizability are the characteristics of excellent on-premises storage. 
• Hybrid storage: Hybrid storage is unique; it’s the meeting point where cloud and on-premises storage meet, both with unique features. Hybrid storage is balanced, optimal and effective as well as flexible and optimised. 
• Edge storage: Edge storage, on the other hand, is such type of storage that employs devices that are located at the periphery of the network. Edge storage is quick, low bandwidth-consuming, self-sustaining and smart.

Each one has unique characteristics, but it’s down to preference most of the time. 

Cloud Storage vs.On-Premise Storage

Another critical decision to make is whether to store it in the cloud or go with an on-premise solution. 

Just so we are clear…

Cloud storage is a service offered by the provider that allows an individual or business to store data on servers managed by a third party. 

On-premise storage is a platform where data is stored in the locally owned and managed hardware and software solutions within the organisation.

The main advantages of cloud storage are: 

• Scalability: Cloud storage is flexible and can quickly adapt to the organisation’s evolving requirements without incurring costs such as that of additional hardware or regular maintenance.
• Accessibility: Cloud storage is portable as it can be accessed from any location and using any device provided an internet connection is available.
• Security: Cloud storage providers provide different types of encryption, backup and disaster recovery mechanisms to ensure that data are protected from unauthorised access.

Now let’s have a quick look at some of the downsides to using cloud storage for your business:

• Dependency: Cloud storage is pegged to the performance of the internet connection as well as that of the service provider which may at times be inconsistent or unreliable.
• Cost: First, cloud storage costs might be recurring and based on the size of data stored, transferred or processed; over time, these costs could even surpass those that would have been incurred if a firm used the local storage option.
• Compliance: Some organisational, legal, or regulatory requirements cannot be met by the use of cloud storage, particularly for firms that handle sensitive or confidential information.

The main advantages of on-premise storage are: 

• Control: On the other hand, on-premise storage allows the organisation to have complete control over its data i.e.the organisation determines where and how the data should be stored, accessed and secured.
• Performance: It allows faster and smarter data accessibility and processing, which is not reliant on an internet connection or a third-party provider.
• Compliance: On-premise storage is able to meet particular organisational regulations or standards since it customises storage policies and procedures.

The main disadvantages of on-premise storage are:

• Cost: The costs associated with on-premise storage are significant even before the initial implementations like software, hardware, maintenance, upgrades and others.
• Scalability: Indeed, on-premise storage solutions might be confined in terms of capacity and flexibility due to the fact that it is expensive or problematic to find more space.
• Security: Physical storage always comes with a degree of risk, especially theft, damage, and natural disasters, so it’s not ideal if you don’t have deep pockets. 

On-premise storage may be vulnerable to physical damage, theft, or natural disasters unless the organisation has adequate backup and recovery plans; there could be trouble ahead.

Hybrid Storage

A hybrid solution combines both on-premise and cloud storage, trying to use the best from each type of storage at the same time.

A combination approach can be implemented whereby cloud storage is employed for not-so-sensitive or rarely accessed data while on-premises storage takes care of more sensitive or frequently required information. 

Cloud storage can be a backup or a disaster recovery alternative for on-premise storage using a hybrid storage solution or vice versa.

The main advantages of hybrid storage are: 

• Flexibility: In hybrid storage, it is possible to adjust the capacities for different options easily and in line with the preferences of the organisation, as it can select optimal data types of storage.
• Efficiency: Hybrid storage is the storage of choice. It can optimise both the performance and cost of storage by striking a balance between on-premise storage and cloud-based solutions.
• Reliability: Hybrid storage can further increase the level of security and availability of data to be stored. Hybrid storages use more than one type of storage media, which, in turn, helps prevent data loss or downtime.

The main disadvantages of hybrid storage are:

• Complexity: Hybrid storage may involve more technical oversight and management, that is, the process of coordination and integration of different storage systems as well as providers.
• Compatibility: One of the main difficulties with hybrid storage is to make data fully compatible and consistent across various storage platforms, and that can be a serious challenge.
• Security: Hybrid storage systems may also become a greater cause of security issues since they require data to be transferred and stored on different networks or locations.

SUMMARY

It is a complex task to select the appropriate data storage solution in 2024 as it depends on several factors, including the type, volume, and usage of data alongside an organisation’s budget, objectives and preferences. We hope that by also pointing out the negative, it will give a clearer, objectional view of what your needs really are. Good luck!