Apple Inc. (AAPL) Might Be Eyeing Cloud Storage Business

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The cloud storage company Box has filed for the IPO earlier this year, and declared revenues of $124 million for the last fiscal year. Meanwhile, Apple Inc. (NASDAQ:AAPL) might be soon entering the cloud storage segment with its own product. Cory Johnson on Bloomberg stated that Apple Inc. (NASDAQ:AAPL)’s new Content Delivery Network (CDN) might help the company to achieve success in this new area.

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In addition, Apple Inc. (NASDAQ:AAPL)’s new product, might create competition for other players in the cloud storage business, such as Dropbox. “There is some opportunity for some new competition in that Box category now,” Johnson said. He added that there are many products in this category owned by some of the best companies from the Technology sector, such as Microsoft Corporation (NASDAQ:MSFT), Google Inc (NASDAQ:GOOGL) or EMC Corporation (NYSE:EMC).

“Lots of competitors out there. It’s a hot arena, and it certainly looks like the future of computing to be out there, in the cloud, providing file storage, file management and file updates all everywhere,” Johnson also said.

Jon Erlichman stated the CEO of Box spent a lot of time in Hollywood, where he managed to get a lot of connections. Apple Inc. (NASDAQ:AAPL) also has many connections, therefore if it manages to get into this segment to compete with Box, it is going to be “interesting to watch.”

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