The cloud storage market in Asia-Pacific is estimated to grow the market by 24.2% CAGR during the forecast period (2022 - 2027).
The growing application of cloud computing and advancements in the hybrid cloud deployment model is expected to enhance the market growth. Some of the other factors, such as increasing internet penetration, growth of IoT, increasing adoption of hybrid cloud storage, and growing need to reduce capital and operating expenses, are expected to improve the market storage in Asia. Pacific Cloud during the forecast period 2022 - 2027.
The increasing volume of data uploaded to corporate servers has resulted in the need for high-level security, SSL, well-defined sharing, as well as cost-effective options within the organization. For example, on average of around 60 Instagram users upload millions of photos every day worldwide, and this is increasing rapidly due to the new company policy associated with multiple uploads.
Recent Developments
Market Growth and Trends
Archive storage to maintain the highest market share among solutions over the forecast period
The growth of the file storage segment is primarily attributed to the growing desire of organizations to improve collaboration and productivity while managing and storing their daily data for any time, anywhere access. File storage solutions are best suited for users' home directories, application development, and media storage, making them an efficient solution for primary storage and archiving.
BFSI Vertical to maintain the largest market size during the forecast period
The BFSI vertical is expected to maintain the largest market size in the cloud storage market. As BFSI companies must manage, recover and protect large volumes of data, they continually adapt various cloud strategies. This continuous migration to multi-cloud environments for better scalability, low latency, and data security drives the need for cloud storage solutions for efficient cloud data management and analysis.
Market Drivers and Limitations:
The major shift to hybrid cloud as primary deployment model, increased demand for low-cost data storage, faster data accessibility, increased adoption of cloud across multiple industry verticals, cloud storage-related security issues, and the growing adoption of the cloud among small and medium-sized businesses are the important factors. That is impacting the growth of the global cloud storage market.
The high price of private cloud and the risk of open threats in public cloud storage among end-users, including banking, healthcare, and government, has created the need for hybrid storage where flexibility is provided to switch between the public and private storage space. Additionally, cloud storage enables faster access to data regardless of data center location. Additionally, cloud storage has a low investment cost, as it does not require a local data center and additional service and maintenance costs. This, in turn, increases market growth.
Market Segmentation Analysis
This report on apac cloud storage market is segmented and sub-segmented into the following categories:
The type of solution includes primary storage, disaster recovery and backup, cloud storage gateway, and data archiving. The type of services includes professional and managed services.
Depending on the size of the organization, the cloud storage market segments market into small and medium-sized businesses and large enterprises.
Regional Analysis:
The Asia Pacific is holding with the highest hares of the market owing to the rapid adoption of the latest technologies. India and China are the major contributors to market growth. Increasing population and prominence to develop innovative technologies are greatly influencing the demand of the market. With the growing investments in the R&D activities in the IT sector, the demand for the cloud storage market in the Asia Pacific is growing at a higher rate. Japan is next in leading the dominant shares of the market in the Asia Pacific. The launch of innovative products and creating awareness through digital platforms are escalating the growth rate of the cloud storage market.
Key market players:
The major players covered in the Asia Pacific Cloud Storage Market Report are Amazon Web Services, Inc., Apple Inc, IBM Corporation, Microsoft Corporation, Oracle, Salesforce.com, inc., VMware, Inc, RACKSPACE US, INC., HP Development Company, LP, Google, FUJITSU, Dell, Inc., Cisco Systems, among other national and global players. Market share data is available separately for Global, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America. DBMR analysts understand competitive forces and provide competitive analysis for each competitor separately.
With global lockdowns, business continuity challenges, and growing trends in working from home, COVID-19 has forced organizations to move to cloud environments to deal with the crisis and facilitate daily data access, sharing, and working collaboration with their geographically dispersed teams. The proliferation of the cloud transition has further boosted the adoption of cloud storage solutions in enterprises to ensure business continuity, run their workloads, and store their data. Additionally, the demand for services including consulting, training, support and maintenance, integration, and deployment is also increasing as more companies move their workloads to the cloud due to its benefits of scalability, flexibility, and ubiquitous availability.
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