Cloud Storage Market

Cloud Storage Market Size & Growth (2022 - 2027):

The global cloud storage market is expected to grow from USD 48.26 billion in 2020 to USD 154.21 billion by 2026, with an average CAGR of 25.18% over the forecast period.

The growing demand for cost-effective data storage, and data protection is driving the growth of the cloud storage market in multiple user groups, including small, medium, and large enterprises. The use of cloud storage is likely to increase due to faster deployment, scalability, and flexibility. But when it comes to introducing cloud storage, companies face a series of barriers, since not all business services are compatible with the cloud, and are due to strict government regulations and fear of supplier coverage. It is estimated that by 2022, more than 72% of global organizations will migrate from local data centers to the cloud, which will increase the increase in cloud storage.

The growing demand for cost-effective data protection, storage, and security in all companies and the need to work with the data generated by the increased use of mobile technologies favors acceptance of cloud storage. Besides, hybrid cloud storage is expected to contribute significantly to the cloud storage market over the next five years due to its greater flexibility in public and private cloud storage. Asia Pacific is expected to be the fastest-growing regional segment with the most substantial CAGR in the near future.

Cloud storage allows companies to store data on remote servers that can be accessed over the Internet. These remote servers are maintained, operated, and managed by cloud storage service providers. The data stored in the cloud can be accessed through the Internet through devices. Cloud storage allows companies to store data on remote servers that can be located over the Internet. These remote servers are maintained, operated, and managed by cloud storage service providers. Cloud storage is a virtual data storage mode. The data stored in the cloud can be accessed through the Internet through devices.

Market drivers and restrictions:

The key drivers for the growth of the cloud storage market are the high demand for hybrid cloud storage and the growing need for business mobility. The need for a simple implementation of cloud storage systems is another factor that drives the growth of the cloud storage market. The segment of the solution is further divided into primary storage, cloud storage gateway, data file, disaster recovery, and backup storage. These cloud storage gateways have gained maximum popularity due to their ease of integration with the existing infrastructure of the company.

Data security is a major limitation in cloud storage. With the rapid growth of protection technologies against malicious attacks, data security is compromised and can cause major losses for the company when critical data is pirated. Other limiting factors in the cloud storage market would be regulatory compliance and the lack of a large bandwidth for data transmission. These problems can hamper the growth of the cloud storage market.

CLOUD STORAGE MARKET REPORT COVERAGE:

Cloud Storage Market Market Segmentation:

This global market research report is segmented and sub-segmented as follows:

Cloud Storage Market - By Type:

• Solutions
• services

Cloud Storage Market - By Organization Size:

• Large enterprises
• Small and Medium-sized Enterprises (SMEs)

Cloud Storage Market - By Deployment Model:

• Public cloud
• Private cloud
• Hybrid cloud

Cloud Storage Market - By Vertical:

• Banking, Financial Services, and Insurance (BFSI)
• Healthcare and life sciences
• Telecommunications and Information Technology-enabled Services (ITES)
• Government and public sector
• Manufacturing
• Consumer goods and retail
• Media and entertainment

Cloud Storage Market - By Region:

• North America
• APAC
• Europe
• Latin America
• Middle East and Africa

The Asia-Pacific region is expected to grow faster due to developments in India and China. The public cloud services market in India has experienced phenomenal growth in the last two years.

Key Market Players

The leading providers of cloud storage include AWS (USA), IBM (USA), Microsoft (USA), Google (USA), Oracle (USA), HPE (US), Dell EMC (US), VMware (US), Rackspace (USA) and Dropbox (US).

Recent developments:

• On December 2017, Microsoft announced the general availability of Archive Blob Storage at $ 0.002 per gigabyte per month. Last year, the company introduced Cool Blob Storage to help customers reduce storage costs by bringing their data, which was rarely accessed, to the Cool level.
• On November 2017, Amazon cloud storage announced the launch of a new service called Amazon Web Services Secret Region, a cloud storage service designed to process classified information for US spy agencies.