Cloud Storage Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1773
Cloud Storage Market size is anticipated to grow at an astounding rate due to the increasing use of hybrid cloud storage. It is a storage technology, which uses a mix of on-premise and public cloud services. Factors, such as high operational efficiency, acceptance of standard interface, improved data protection, and security, are the major hybrid cloud storage market drivers. This technology has been increasingly adopted by major organizations in the U.S. and the UK.
The increasing demand for big data storage also boosts the cloud storage market growth. Companies need to store huge data and cloud-based services provide a reliable platform for the storage of data. The penetration of mobile and wireless networks further drives the need for enterprise mobility. Employees are adopting flexible work environment by working from home and working while traveling, accelerating the cloud storage market as it connects the out-of-office workers to the enterprise environment.
Due to the ease of deployment of cloud storage solutions, various small and medium enterprises are adopting the cloud storage medium. It saves machine installation costs, reduces energy consumption, stores and manages a huge amount of data, allows easy accessibility, and is readily accepted in the industry, accelerating the cloud storage market demand. The increasing cloud storage adoption system has resulted in a higher demand for gateways. Gateways are joined on the customer premise, linking the remote cloud to local applications. This results in a lesser storage space, reduces operational costs, and results in the rapid growth of the cloud storage market.
The cloud storage market has gained a huge popularity owing to various profits, such as information security, during natural disasters such as floods and earthquakes. They have a sound backup facility, which provides immediate access to a wide range of applications, driving the cloud storage market.
Data security is a major threat faced by the cloud storage market. Hackers and malicious attackers have seen a rapid growth and hence service providers need to adapt with the changing technology to augment their data security solutions. Furthermore, bandwidth throttling is another phenomenon restraining the cloud storage market growth. It intentionally slows down the internet service by service providers, causing network congestion and server clashes. Growing competition in the cloud storage market also hampers the industry growth.
Due to the growing population, the need for data storage also increases, which in turn requires technologically advanced storage solutions. This is a major opportunity for the cloud storage market. Technological advancements in data transfer and data security offer huge growth opportunities to the cloud storage market.
The cloud storage market is segmented on the basis of solution, services, deployment model and vertical. The deployment model consists of private, public, and hybrid. Private cloud technology is used for personal usage as well as for private companies as it provides higher data security and manages huge amounts of administrative data. Public type allows authorized users to access information through the internet.
On the basis of solutions, the cloud storage market is segmented into primary storage, disaster recovery and backup storage, cloud storage gateway, and data archiving. Primary cloud solution system provides basic document storage option. It provides backup for the data stored, which is easily available to the authorized people.
The service segment is segmented on the basis of training and consulting, managed services, cloud integration and migration services, and support and maintenance. Managed services are anticipated to grow rapidly over the forecast time span, allowing organizations to concentrate on their core business and improved end-user experience with high-quality services. Managed service providers offer remote examining of IT infrastructure and reduce operational costs.
Cloud storage market on the basis of industry vertical is segmented into BFSI, consumer goods, retail, healthcare, education, government, manufacturing, telecommunication, and entertainment. Banking institutions are using cloud technology to respond to the changing industry demand, providing faster server development, transparent usage billing method, and on-demand disaster recovery services.
North America holds the highest share in the cloud storage market owing to technological investments and huge investments in R&D for cloud-based solutions, early adoption of new technologies, and advanced IT infrastructure. Moreover, cheap and easy storage options result in the rapid industrial development. Asia Pacific is the fastest growing region due to the high adoption rate of hybrid cloud storage, increasing usage of cloud-based application, and increasing need for enterprise storage of data.
The main players operating in the cloud storage market include Microsoft Corporation, HP Enterprise Company, Amazon Web Services, IBM Corporation, EMC Corporation, Google, Oracle Corporation, Rackspace Hosting, SkyDrive, Dropbox, and AT&T. Key industry players come up with various strategies and are investing heavily in the R&D to improve their performance. Major strategies adopted by the companies involve mergers, acquisitions, and partnerships to maintain their market share. For instance, in September 2016, Google teamed up with cloud company box to sell more Google applications for the work.
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