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2020

Cloud Storage Market

Cloud Storage Market Size, Share, Competitive Landscape and Trend Analysis Report by Component, Deployment Type, User Type and Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2020-2027

IC : Software and Services

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Author's: Sneha Korad Rachita Rake | Onkar Sumant
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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 storage is 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 in demand for low cost data storage, faster data accessibility, increase in cloud adoption across several industry verticals, security concerns over cloud storage, and growth in cloud adoption among small & medium enterprises are the significant factors that impact the growth of the global cloud storage market.

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High price of private cloud and risk of open threats in public cloud storage among end-users including banking, healthcare, and government sectors have generated 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, in turn, 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 base and 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 in demand 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.

Cloud Storage Market
By Component
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Solution is projected as one of the most lucrative segments.

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.

Cloud Storage Market
By Deployment Mode
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Hybrid is projected as one of the most significant segments.

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.

Cloud Storage Market
By User Type
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Large Enterprises is projected as one of the most significant segments.

Top Impacting Factors

The global cloud storage market is influenced by several factors such as rise in demand for low cost data storage and faster data accessibility, increase in cloud adoption across several industry verticals, and surge in concerns 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 cloud storage 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.

Cloud Storage Market
By Industry Vertical
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IT & Telecom is projected as one of the most significant segments.

Rise in 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.

Cloud Storage Market
By Region
2027
North America 
Europe
Asia-Pacific
LAMEA

Asia-Pacific would exhibit the highest CAGR of 25.6% during 2020-2027.

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 share is 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

Aspects Details
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By Component
  • Solution
  • Services
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By Deployment Type
  • Private
  • Public
  • Hybrid
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By User Type
  • Large Enterprises
  • Small and Medium Enterprises
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By Industry Vertical
  • BFSI
  • Government & Public Sector
  • Healthcare
  • IT & Telecom
  • Retail
  • Manufacturing
  • Media & Entertainment
  • Others
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By Region
  • North America  (U.S., Canada)
  • Europe   (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific   (China, Japan, India, Australia, South-Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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By Key Market Players
  • 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
  • VMware, Inc.

Analyst Review

Presently, the adoption of hybrid deployment is on the rise due to enhanced elastic characteristicsof private and public model, which serve in saving cost and workload portabilityof organizations at a significant rate. In addition, risein enterprise cloud mobility and customized pay-per-usage cloud model havecreated a potential space for cloud storage solutions from recent years.This has compelled key market players to adopt efficient techniques to develop innovative cloud solutions that cater to various needs such as data archiving, protection, backup, storage, and recovery.

Moreover, increase in emergence of cloud technologies,especially among developing regions has created significant demand for the cloud storage market. In addition, growth in awareness regarding cloud computing technologybenefits such as scalability, flexibility, security, and recovery is expected todrive the adoption of cloud storageservices among various industry verticals. This has propelled the demand for cloud storage among growing cloud migration activitiesamong industries across the globe. 

Furthermore, rise in globalization and digitalization has anticipated high demand for cloud-based services among industries with diversified consumer base. Thispropels leading players operating in the cloud storage market to advance and invest in development of their cloud infrastructure. For instance, in March 2020, Google, LLC., announcedto expand its cloud region bythe next year in Jakarta, Las Vegas, Salt Lake City, Seoul, and Warsaw. Moreover, it wouldlaunch additional cloud regions in Delhi (India), Doha (Qatar), Melbourne (Australia), and Toronto (Canada).

The key players operating in the global cloud storagemarket 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.Major players have adopted various revenue and business growth strategies to enhance and develop their product portfolio and strengthen their cloud storagemarket share to help them increase their market penetration.
 

Author Name(s) : Sneha Korad Rachita Rake | Onkar Sumant

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Cloud Storage Market

Global Opportunity Analysis and Industry Forecast, 2020-2027