Cloud Storage Market to Perceive Exponential Growth at CAGR 22.49% Driven by Alphabet, Amazon Web Services, Dropbox, EMC Corporation, HP Enterprise Company, IBM Corporation, Microsoft Corporation Etc. Players

Cloud Storage Market

The global cloud storage market was worth USD 30.08 billion in 2017 and is projected to reach USD 101.59 billion by 2023 at a CAGR of 22.49% over the period of 2018–2023. The report discusses the various types of solutions and services provided by the companies. While the regions considered in the scope of the report include North America, Europe, and various others. The study also emphasizes on how the growing demand for low-cost storage and faster data accessibility is changing the market scenario.

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It is projected that by 2022, more than 72% of the global organizations will migrate to cloud from on-premise data centers, cementing the rise of cloud storage. Increasing demand for low-cost data backup, storage, and protection across all enterprises, coupled with the necessity to handle data generated by augmented usage of mobile technologies, favors cloud storage adoption. Moreover, hybrid cloud storage is expected to occupy a significant share of the total cloud storage market in the next five years, due to its greater flexibility in comparison to both public and private cloud storage. However, privacy and security threats, along with the lack of high network bandwidth, can hinder the growth of the market.

Increase In Cloud Adoption Across Organizations

Cloud platforms have enabled new, complex business models and orchestrating more global-based integration networks in recent years. Moreover, cloud services adoption is increasing in the mid-tier and small & medium businesses (SMB), driving the cloud storage market. In addition, cloud acts as is a catalyst for IT transformation, providing the flexibility to combine the preferred clouds and existing on-premises infrastructure in the ratio best suited for the workload. Furthermore, the rising focus on cost optimization and business agility have led to the expansion of cloud data centers. Also, cloud services adapt easily to the changing landscape to meet new requirements. This allows the client organization to focus on their core competency, which, in turn, results in their overall growth.

Key Developments in the Cloud Storage Market

December 2017: Microsoft announced the general availability of Archive Blob Storage starting at a price of USD 0.002 per gigabyte per month. Last year, the company launched Cool Blob Storage to help customers reduce storage costs by tiering their infrequently accessed data to the Cool tier.

November 2017: Amazon’s cloud storage announced that it is releasing a new service called the Amazon Web Services Secret Region, a cloud storage service designed to handle classified information for the spy agencies of the United States.

Cloud Storage Market Major Players :

Alphabet, Inc., Amazon Web Services, Inc., Dropbox, Inc., EMC Corporation, Hewlett Packard Enterprise Company, HP Enterprise Company, IBM Corporation, Microsoft Corporation, Oracle Corporation, Rackspace Hosting, Inc., VMware, Inc.

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Growing Demand For Managed Services

Managed services involve outsourcing of the organization’s day-to-day management functions and services, such as those related to infrastructure, security, printing, mobility, and other functions, while the ownership rights stay with the end user. With the unstructured data expanding by more than 50% annually, managed service providers are looking at cloud storage as an upfront revenue opportunity. This was further augmented by the greater need for storage control with GDPR requirements. The foray of advanced technologies prompt companies to emphasize on updating their storage system, to match with the competition. Hybrid cloud is one such trend that provides a significant boost to the market growth. However, security and the lack of network bandwidth for data transfer can challenge the growth of the market.

Asia-Pacific witness the Fastest Growth in Cloud Storage Market

The region is poised to witness the fastest growth rate owing to developments in India and China. Over the last two years, the public cloud services market in India has seen phenomenal growth, reaching USD 1.8 billion in 2017, and this figure is expected to reach USD 4.1 billion by 2020. Today, India is second only to China as the largest and fastest-growing cloud services market in the Asia-Pacific. With a robust GDP of 7.2% in Q3 FY18 and rapidly rising internet penetration, India is poised for booming expansion in this sector. Moreover, global majors such as Google, Alibaba, Amazon, and Microsoft have all opened data centers in the country. Although the country is still overcoming inconsistencies in high-speed internet connectivity, power supply, bandwidth, and optical fiber connections, interest in the cloud is being driven by the increasing need for business innovation and agility, the ability to scale fast in a competitive market, and the government’s thrust towards Digital India.

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