Cloud Storage Market is expected to reach $97,415 million by 2022, growing at a CAGR of 24.8% from 2016 to 2022. Cloud storage is a complete solution package offered by cloud storage providers such as Amazon Web Service, Inc., IBM Corporation, VMware, Inc., and many others to maintain, manage, and store all kind of data in a private or public data center, which is accessible through the Internet from multiple locations. Cloud provides easy access to data and security to all user types including large and small and medium enterprises.
The global cloud storage market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Major cloud computing providers offer cloud storage solutions across all developed and developing regions including North America, Europe, and Asia-Pacific. However, several underdeveloped regions such as Latin America, Middle East, and Africa with low ICT investment gradually adopt cloud storage solutions.
The global cloud storage market is segmented into private, public, and hybrid models based upon deployment mode. Hybrid model is a combination of both private and public deployment modes, which enables the users to control cloud space as per privacy requirement. In addition, the market includes several industry verticals such as Banking, Financial Services and Insurance (BFSI), government and education, healthcare, telecommunication & IT, retail, manufacturing, media & entertainment, and others. The scope for others segment in industry vertical includes business and professional services, logistics & transportation, and construction.
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The global market for cloud storage industry was valued at $21,175 million in 2015, and is estimated to grow at a CAGR of 24.8% to reach $97,415 million by 2022. Growth in demand for low cost data storage, backup, and data protection augments the growth of the cloud storage market among several user groups including small, medium, and large enterprises. In addition, several industry verticals such as BFSI, retail, healthcare, and public sector with a large customer base tend to store critical business information of stakeholders in cloud storage, owing to data privacy and client information, which in turn augment the global cloud storage market growth.
Based on component type, the global cloud storage market is segmented into two types, namely, software, and service. The major factors that influence the cloud storage solutions market is high level of cost savings on total cost of ownership and increase in need for data backup and protection by several user types including small, medium, and large enterprises. In the recent years, cloud storage providers are promoting cloud solutions across various geographical regions including North America, Europe, Asia-Pacific, and others to augment cloud adoption. Managed services are estimated to experience the highest growth rate during the forecast period as these services help reduce the time and cost linked with optimizing the system in the initial phase of deployment.
Key players profiled in the report are Amazon Web Services, Inc., Microsoft Corporation, IBM Corporation, Hewlett Packard Enterprise Development LP, Google, Inc., VMware, Inc., Oracle Corporation, EMC Corporation, Rackspace Hosting, Inc., and Red Hat, Inc. The report discusses the key strategies adopted by the companies in addition to the current trends, upcoming opportunities, and restraints in the market growth, with detailed information about their impacts.