Choose - Shared vs Dedicated Hosting?

Before choosing a hosting plan or hosting type you need to understand what your business is and what features of hosting are required for it.
Shared vs Dedicated Hosting

Features
Shared
Dedicated
Space
Less Disk space required
More Disk space required
Stored
Shared Storing with other
Whole server is your
Security
Lesser secured as a common server between many user
Secure
Customization
Not available
Available
Technical Knowledge
Not Needed
Needed
Price
Cost effective
Costly

Why choose Shared web hosting?
This is the best option for beginner who are looking for cost effective options and have light to moderate web traffic on site. As the server resources are shared among all the users of the server- the operating cost is divided. Your hosting provider manages maintenance, administration and security of the website. The disadvantage of security is negligible if the web traffic do not increase to a high level, in such case one should update his/her hosting plan. You can customize it to some extent like accessing serve file content  & directories but full root access or control over resources is hardly possible.

You should choose shared hosting if you need affordable, beginner friendly solution  with easy setup and minimum to no hardware maintenance.
Why choose Dedicated web hosting?

This is best for business which are growing at fast rate or who have high web traffic hitting their site or website which deal with monetary transaction and need high security & customization. 

As the name says dedicated means you get your own server, hence no sharing of resources giving more robust performance for your website. With advantage of getting full control over the server you get disadvantage as now your organization need IT & webmaster skills to set up, install, administer and manage the server’s overall health on your own, you don't get hosting providers assistance. But don't get scared there are other option like fully managed dedicated hosting where you don't need an IT team. Fully managed dedicated hosting plans are more expensive than co-located dedicated servers. Both the dedicated plans provide paramount security with good website up-time.