Cloud Storage Market is Estimated to Rise with an Impressive Revenue Rate by 2022

Cloud Storage Market is expected to reach $97,415 million by 2022, growing at a CAGR of 24.8% from 2016 to 2022.

Cloud storage is a complete solution package manage, and store all kind of data in a private or public data center, which is accessible through the Internet from multiple locations. Cloud provides easy access to data and security to all user types including large and small and medium enterprises.

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The hybrid deployment mode was the highest contributor in 2015, accounting for around 64.8% of the global market. This segment possesses high growth potential with extended use of both private and public cloud. Moreover, cloud storage adoption is expected to witness high growth rate, owing to primary consideration of data storage, document management, storage security, public portal management, and many other application needs by the growing number of SMEs in the regions including Asia-Pacific and Latin America.

North America was the largest market in cloud storage industry for 2015 owing to increase in demand for low cost data storage and faster data accessibility. In addition, there has been a growth in adoption of cloud storage solutions in the European region due to rise in concerns of data recovery and protection and upsurge of cloud adoption in several industry verticals including retail, healthcare, government, education, banking, insurance, and many others. The trend of strong cloud adoption in these developed regions has accelerated the growth of the cloud storage market.

Based on the geography, the cloud storage market is segmented into four major regions, namely, North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2015, accounting for around 35.6% share of the overall cloud storage market size. The Asia-Pacific market is projected to grow at the highest CAGR of 27.2% during the forecast period, driven by cloud adoption among SMEs from various sectors including insurance, retail, healthcare, business service providers, and many others.

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Key Findings of the Study

Hybrid deployment mode accounted for the highest share of the cloud storage market in 2015, growing at a CAGR of 26.6%.

North America generated the highest revenue in 2015, valued at $7,529 million.

Asia-Pacific dominated the market in terms of growth during the forecast period.

The U.S. was leading in terms of cloud storage market in 2015. In addition, Canada, China, Australia, South Korea, and other emerging markets are projected to provide significant opportunities for major players.

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