Final answer:
The statement regarding data storage requirements doubling every 12 to 18 months is plausible, as evidenced by the massive data generation in fields like astronomy and agriculture, which necessitate advanced data management and processing tools.
Step-by-step explanation:
The notion that the amount of data requiring storage is growing exponentially is certainly credible, especially in light of the significant increases in data collection and generation in various fields. For example, astronomy has experienced an influx of data with projects like the Sloan Survey producing 15 terabytes of data, a volume equivalent to the Library of Congress. This introduces Big Data challenges that necessitate the use of supercomputers and specialized algorithms to manage and process the information efficiently. Similarly, the agricultural sector has moved from relying on the Farmer's Almanac to utilizing data streams from modern technologies such as GPS and weather monitoring services to make farming decisions. As data becomes more integral to operations across different industries, one could infer that the amount of data needing storage is indeed doubling at a fast pace, possibly every 12 to 18 months, to accommodate the increasing reliance on data-driven decision-making.