The global cloud storage market accounted for a value USD 42.1 billion in 2019. Cloud storage market is projected to register growth at a CAGR of 18.7 % during forecast period.
COVID-19 has impacted all the businesses over the globe. All the organizations weather small or large enterprises are adopting cloud environments to combat with this pandemic situation. The sharing of data and daily data access becomes easier with all geographically dispersed teams. The adoption of cloud storage solutions is increasing across all enterprises due to spread of corona virus globally. The cloud storage market is estimated to record significant growth due to COVID-19.
For more details, visit: Global Cloud Storage Market By Component (Services, Storage), By Deployment (Public ,Private, others), By End User (Consumer Goods and Retail, Healthcare and Life Sciences, others), By Region–Forecast & Opportunities to 2026
Various enterprises face data management and storage issues within their organizations due to increase in variety and volume of data. According to data released by a survey in 2018, 49% of survey organization witnessed increase in data by 1TB-99TB in their storage. This storage issue can be resolved using cloud storage. Thus organizations across the world are adopting cloud storage. This drives growth in cloud storage market during forecast period.
On the basis of component, the cloud storage market is segmented into storage and services. The storage segment is estimated to hold largest market share during forecast period. The storage segment is sub divided into file storage, object storage and block storage. The storage segment is a fundamental requirement of all kinds of enterprises in the world. This drives growth in storage segment during forecast period.
On the basis of deployment, the cloud storage market is segmented into public cloud, private cloud and hybrid cloud. The public cloud segment is estimated to hold largest market share during forecast period. The public cloud is most adopted cloud storage across the world. the large scale adoption and benefits of this segment is estimated to drive growth in public cloud storage market during forecast period.
On the basis of end-use, the cloud storage market is segmented into IT & ITes, telecommunications, BFSI, Healthcare and life sciences, media & entertainment, consumer goods and retail, manufacturing, government and public sector, energy and utilities and others. The BFSI segment is estimated to hold largest market share during forecast period. BFSI companies required to cloud storage to secure, manage and recover large amount of data. BFSI companies are adopting cloud storage for better scalability, data security and low latency. The need for efficient data analysis and management in the cloud is likely to drive growth in BFSI segment during forecast period.
North America segment is estimated to hold largest market share during forecast period. This cloud storage market is mature in this region and major enterprises are adopting cloud storage at large scale. This region is home for many well-established end-user industries which are adopting new technologies for better and improved business productivity and efficiency. Cloud storage solutions are adopted by major companies in US for various benefits such as high scalability, flexibility and lower maintenance cost. This drives growth in North America region in cloud storage market during forecast period.
The key market players in cloud storage market are Google, IBM, Huawei, AWS, Microsoft, Alibaba Cloud, Oracle, HPE, Dell technologies, Fujitsu, VMware, Rackspace Technology, Hitachi Vantra, Scality, NetApp and Citrix.
- What are the expected industry trends over the next three to five years?
- Which of the cloud storage deployment is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?