Rise in demand for low cost data storage and faster data accessibility and increase in cloud adoption across several industry verticals majorly drive the growth of the market. Moreover, factors such as significant shift to hybrid cloud as primary deployment model and rise in concerns of data recovery and protection drive market growth. However, lack of IT infrastructure in underdeveloped nations and security concerns over cloud storage hinder market growth. On the contrary, surge in cloud adoption among SMEs and cloud services as well as increasing awareness of cloud computing benefits are anticipated to offer lucrative opportunities for the market.
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, the market 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 report analyzes the profiles of key players operating in the market, which include Alibaba Group Holding Limited, Amazon Web Services, Inc., Cisco Systems, Inc., DELL EMC, Google LLC, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, and Rackspace Hosting, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and others, which drive the growth of the global cloud storage market.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the current & future trends of the market to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the global cloud storage market share is provided.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the global cloud storage industry.
- The quantitative analysis of the market from 2019 to 2027 is provided to determine the global cloud storage market potential.
KEY MARKET SEGMENTS
By Component
- Solution
- Services
By Deployment Type
- Private
- Public
- Hybrid
By User Type
- Large Enterprises
- Small and Medium Enterprises
By Industry Vertical
- BFSI
- Government & Public Sector
- Healthcare
- IT & Telecom
- Retail
- Manufacturing
- Media & Entertainment
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
KEY MARKET PLAYERS
- Amazon Web Services, Inc.
- Alibaba Cloud
- Dell Technologies Inc.
- Google, Inc.
- Hewlett Packard Enterprise Development LP
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Rackspace Hosting, Inc.
- VMware, Inc.
Table of Contents
Executive Summary
According to the report titled, 'Cloud Storage Market by Component, Deployment Type, User Type, andIndustry Vertical: Opportunity Analysis and Industry Forecast, 2020-2027', 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 202 to 2027.Cloud storage is a logical pool of data storage widely used in cloud computing. Cloud storage offers real-time data-based applications such as big data analytics, information backup, data archive, Internet of Things (IoT), and data warehouse. The cloud storage concept has evolved through many phases including utility & grid computing, virtualization concept by IBM Corporation in 1970, application service provision, and Software-as-a-Service (SaaS). The first generalized cloud concept came into picture in 1999, introduced by Salesforce.com, Inc. through a website delivering enterprise applications. Cloud storage is a proven and cost-effective storage option compared to traditional on-premise storage centers.
Cloud storage enhances business operations by leveraging mobile workforce with easy accumulation, archive, access, and data recovery facilities. In addition, cloud enables storage scalability with minimal cost as compared to on-premise data centers, which, in turn,boosts its adoption among small and medium enterprises(SME’s) across the globe. Further, cloud storage has accumulated a high demand among data-specific enterprises due to its flexible, authentic, and secure mode of data storage and availability, which is further expected to drive growth of the cloud storage market in the coming years.
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, the Middle East, and Africa with low ICT investments are gradually adopting cloud storage solutions.
Government & education, BFSI, and healthcare industries are expected to exhibit significant growth rates duringthe forecast period, owing to the need for cost-effective big data storage for stakeholders. Moreover, growing demand forreal time data accessibility by customers of all these industries is expected to drive the cloud storage market during the forecast period.Inrecent years, cloud storage adoption has rapidly increased among several industry verticals including banking, government & education, healthcare, manufacturing, telecommunication & IT, and defense,owing to increase in need for standardized and cost-effectivedata storage facilities.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.
Key Findings of The Study
By component, the solution segment dominated the cloud storage market share. However, the services segment is expected to exhibit significant growth during the forecast period in the cloud storage industry.
By deployment type, the hybrid segment dominated the cloud storage market share in 2019. However, the public segment is expected to exhibit significant growth during the forecast period.
By user type, the large enterprises segment dominated the cloud storage market revenue in 2019. However, thesmall and medium enterprises segment is expected to exhibit significant growth during the forecast period
Depending on industry vertical, the telecom & IT industry generated the highest revenue in 2019, owing to the adoption of cloud technology in this industry. However, the BFSI sector is expected to witness a considerable growth in the future.
Region wise, North America dominated the cloud storage market in 2019. Whereas, Asia-Pacificis expected to witness significant growth,in terms of CAGR,in the coming years.
Some of the key market players profiled in the 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 operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. With increase in artificial intelligence R&D initiatives across the globe, major players have collaborated their product portfolio to provide differentiated and innovative products. This study includes marketanalysis, trends, and future estimations to determine the imminent investment pockets.
Companies Mentioned
- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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