The total amount of data created, captured, copied, and consumed globally is forecast to increase rapidly, reaching 64.2 zettabytes in 2020. Over the next five years up to 2025, global data creation is projected to grow to more than 180 zettabytes. In large enterprises, the amount of data generated, stored and processed has also increased rapidly, with the rise in usage of data mining, data lakes, CRM, machine data, and other logs. Businesses have found usefulness in insights obtained from such data for better decision making.
The rapid growth of data has put pressures on businesses to scale up their data storage infrastructures, and in turn consuming larger portions of their CAPEX spending on storage. Fortunately, advancements in technology of HDDs (Hard Disk Drives) has given us higher density storage, and faster transfer speeds. This translates to rapidly falling cost per gigabyte of storage over the years. This chart from Blackblaze shows the rapidly falling cost per gigabyte from 2009 to 2017 :
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 Statista – Volume of data/information created, captured, copied, and consumed worldwide from 2010 to 2025 https://www.statista.com/statistics/871513/worldwide-data-created/
 Backblaze – Hard Drive Cost Per Gigabyte https://www.backblaze.com/blog/hard-drive-cost-per-gigabyte/
 Wikipedia – Storage virtualization https://en.wikipedia.org/wiki/Storage_virtualization
 Wikipedia – CEPH https://en.wikipedia.org/wiki/Ceph_(software)
 CEPH – https://docs.ceph.com/en/pacific/