Cloud Storage Market

Cloud Storage Market Statistics: 2027

The cloud storage market size was valued at $46.12 billion in 2019, and is projected to reach $222.25 billion by 2027, growing at a CAGR of 21.9% from 2020 to 2027. Cloud storageis a next-generation system that interacts in human language and helps experts to make better decisions by understanding the complexity of unstructured data. The global market encompasses technologies such as natural language processing, machine learning, automated reasoning, and information retrieval, which are used in translating unstructured data to sense, infer, and predict best solutions.

Significant shift to hybrid cloud as primary deployment model, rise indemand for low cost data storage, faster data accessibility, increase in cloud adoption across several industry verticals, security concerns over cloud storage, and growth incloud adoption among small & medium enterprises are the significant factors that impact the growth ofthe global cloud storage market. .

High price of private cloud and risk of open threats in public cloud storage among end-users including banking, healthcare, and government sectors havegenerated the need of hybrid storage where flexibility is provided to switch between private and public storage space. Moreover, cloud storage enables faster data access irrespective of data center location. In addition, cloud storage incurs low investment cost, as it does not require on-premise data center and additional service and maintenance costs. This, inturn, augments the growth of the market.

Furthermore, several industry verticals such as BFSI, retail, healthcare, manufacturing, telecommunication & IT, and media & entertainment are adopting cloud services at a rapid pace, due to low cost of data storage and maintenance. The BFSI sector is witnessing technology implementation in the cloud storage market due to expanding customer baseand internet users. Reduced investment cost for new hardware and software in banking, insurance and capital markets is expected to drive the market for cloud storage in the coming years.

Growth indemand for low cost data storage, backup, and data protection has augmented the growth of the 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.

North America is a dominant market for cloud storage and has major players offering advanced solutions. Microsoft Corporation, a major player in the cloud storage market in North America, is investing heavily in solutions in the region. Moreover, factors including improved customer support, enhanced business continuity, and replacement of conventional IT infrastructure are expected to create adequate space for market growth among SMEs in the global regions including Asia-Pacific, Latin America, the Middle East, and Africa.

The report focuses on the growth prospects, restraints, and market analysis. The study provides Porter’s five forces analysis of the cloud storage industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the market.

Segment review

The global cloud storage market is segmented into component, deployment mode, user type, and industry vertical. Depending on component, it is bifurcated into solution and services. On the basis of deployment mode, it is classified into private, public, and hybrid. The user type segment includes large enterprises and small & medium size enterprises. By industry vertical, it is categorized into BFSI, government & public sector, healthcare, IT & telecom, retail, manufacturing, media & entertainment, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The market players operating in the cloud storage market analysis include Amazon Web Services, Inc., Dell Technologies Inc., Google, Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, Rackspace Hosting, Inc., Alibaba Cloud, and VMware, Inc.

Top impacting factors

The global cloud storage market is influenced by several factors such as rise indemand for low cost data storage and faster data accessibility, increase in cloud adoption across several industry verticals, and surge inconcerns of data recovery and protection impact positively on the growth of the market at a significant rate. However, security concerns over cloud storage is one of the major factors that is expected to hamper the market growth to a certain extent. On the contrary, significant cloud adoption among small and medium sized enterprises is expected to provide lucrative opportunity for the market in the upcoming years.

Risein cloud adoption across several industry verticals

Rise in adoption of cloud computing, coupled with significant adoption rate of cloud technologies among various industries across the globe propels the global cloud storage market growth. Moreover, high performance computing through cloud can provide users access to multi-core computers for multi-threaded deployment types. This, in turn, is anticipated to boost high revenue growth of the market in the coming years. Furthermore, influx of data continues to grow globally, which increases the need of federal agencies to use their data tactically. In addition, the need for high-speed computing and processing power further boosts the growth of the market.

Key Benefits For Stakeholders

• This study includes the cloud storage market trends, opportunity, analysis, and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities of the cloud storage industry.
• The cloud storage market shareis quantitatively analyzed from 2018 to 2026 to highlight the financial competency of the industry.
• Porter’s five forces analysis illustrates the potency of the buyers & suppliers in the cloud storage market.

 Cloud Storage Market Report Highlights