Cloud Storage Market Highlights:
The cloud storage market size is predicted to balloon to USD 104 billion by 2023, as per the latest report by Market Research Future (MRFR). The growing data management needs of enterprises and the increasing volume of data storage are likely to drive the market over the forecast period (2018-2023). Cloud storage involves computing methods to access data from remote locations. They are managed by storage providers using a combination of virtualization techniques.
Emerging technologies such as internet of things (IoT), artificial intelligence, and machine learning and its continuous evolution is likely to elicit massive demand for cloud storage market share solutions among large and small organizations. Furthermore, adoption of hybrid cloud storage is predicted to augur well for the cloud storage market till 2023. This is exemplified by the acquisition of Avere Systems by Microsoft in early 2018. The market is expected to enjoy a 25% CAGR over the forecast period.
Issues related to data privacy and security can pose a challenge to the market. But emergence of private clouds which provide heightened security to users and organizations can bolster market demand over the forecast period. Investments in cloud solutions to reduce workloads and increased use of public cloud services are predicted to be the latest trends in the market.
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Cloud Storage Market Major Key Players:
Some prime vendors present in the global cloud storage market include HP Enterprise Company, Amazon Web Services, Rackspace Hosting, Inc., IBM Corporation, Dropbox, Inc., EMC Corporation, VMware, Inc., Microsoft Corporation, Google, Inc., and Oracle Corporation.
Cloud Storage Market Segmentation:
- By component, the market is divided into solution and service. Within solutions, the cloud storage gateway segment is expected to gain the largest share of the market. This can be credited to its easy integration into the company network architecture.
- On the other hand, training and consulting services are likely to garner high demand for the cloud storage market by the end of the forecast period. Emergence of various training centers to enlighten and polish the skill of personnel can generate high returns.
- Deployment models include public, private, and hybrid. The public model held the highest market share in the market owing to adoption of novel methods by enterprises to streamline their operations and reduce costs. But the hybrid model is expected to grow at a rapid velocity owing to advanced encryption and safety features.
- Verticals which require cloud storage include education, healthcare, government, BFSI, retail & ecommerce, travel & hospitality, IT & telecommunication, and others. The BFSI vertical is likely to contribute maximum revenue to the market owing to generation of large volumes of data. It can safeguard the sensitive data of customers using a combination of methods. The IT & telecommunication vertical is likely to adopt cloud storage solutions owing to its need to reduce on-premise costs.
Cloud Storage Market Detailed Regional Analysis:
Region-wise, the North America region is expected to dominate the cloud storage market over the forecast period. This can be credited to early adoption of cloud by companies for data storage requirements and investments in cloud-based solutions. The U.S. and Canada can propel the growth of the market in the region owing to presence of various cloud vendors. Furthermore, penetration of Internet coupled with adoption of virtual storage by small and medium enterprises are likely to facilitate market growth till 2023.
The Asia Pacific region can be lucrative for the cloud storage market owing to massive demand for backup and recovery options and setup of various conglomerates.
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