Global Cloud Storage Market was valued US$ 35.1 Bn in 2017, and is expected to reach US$ 197.4 Bn by 2026, at a CAGR of 25.99% during forecast period.
Cloud storage is allowing enterprises to store information on remote servers which can be accessed using internet. These remote servers are operated, maintained and managed by cloud storage facility providers. It is commonly a virtual mode of data storage. Data stored on cloud can be accessed and shared across strategy with internet.
Growing demand for low cost data storage, backup, and data protection enhances the growth of cloud storage market between numerous user groups including small, medium, and large enterprises. Additionally, numerous industry verticals like BFSI, retail, healthcare, and public sector with a large customer base to store critical business information of investors in cloud storage, because of data privacy and client information, which in turn expand the global cloud storage market growth.
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Based on deployment model, Public cloud deployment model is expected to hold the largest share of cloud storage market. Industries implementing cloud storage solutions are increasingly inclined towards cloud based deployment models so driving the public cloud deployment model. High price of private cloud and hazard of open threats in public cloud storage among end-users including banking, healthcare, and government sectors is generating the need of hybrid storage where elasticity is provided to switch among private and public storage space as per the requirement.
Increasing need for enterprise mobility for improved productivity, requirement for lower Capital Expenditure (CAPEX) and Operational Expenditure (OPEX), and major growth in Internet of Things are the major driving factors behind growth of Cloud Storage Market. Also, increasing adoption of hybrid cloud storage is further fuelling the Global Cloud Storage Market growth. On the other hand, strict government rules and regulations, fear of vendor lock-ins, and difficulty in adopting cloud storage is limiting factor for the growth of cloud storage market.
North America is expected to hold the largest market share by 2024. However, APAC is estimated to hold highest CAGR during the forecast period. Shifting workload to the cloud environment and growing need for effective computing framework are projected to drive cloud storage market globally.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Cloud Storage Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in Global Cloud Storage Market.
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Global Cloud Storage Market by Type:
Global Cloud Storage Market by Deployment Model:
• Public Cloud
• Hybrid Cloud
Global Cloud Storage Market by Organization Size:
• Large Enterprises
Global Cloud Storage Market by Vertical:
• Government and Public Sector
• Telecommunications and Ites
• Healthcare and Life Sciences
• Consumer Goods and Retail
• Media and Entertainment
Global Cloud Storage Market by Geography:
• Asia Pacific
• Middle East & Africa
• Latin America
Key Players Operated in Global Cloud Storage Market:
• Dell EMC
• Amazon Web Services, Inc.
• Hewlett Packard Enterprise Development LP
• Red Hat, Inc.
• At&T, Inc.
• Box, Inc.
• Fujitsu Ltd, Inc.
• Alphabet, Inc.
• EMC Corporation
• HP Enterprise Company.
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