Cloud Storage Market 2022 In-Depth Analysis of Industry Share, Size, Growth, and Key Players like Amazon Web Services, Inc., Microsoft Corporation, IBM Corporation, Hewlett Packard Enterprise Development LP, Google, Inc., VMware, Inc.
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.
The global market size was valued at $21,175 million in 2015, and is projected to reach $97,415 million by 2022, growing at a CAGR of 24.8% from 2016 to 2022.
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Hybrid deployment mode is expected to grow at the highest CAGR during the forecast period, owing to elasticity between private and public cloud, thus saving cloud cost and efficient data management. Furthermore, private cloud deployment mode also gains traction among SMEs due to lucrative business functions with lower cost and more effective operational solutions.
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.
The report features a competitive scenario of the cloud storage industry and provides comprehensive analysis of key growth strategies adopted by major players. Key players profiled in the study are Amazon Web Services, Inc., Microsoft Corporation, IBM Corporation, Hewlett Packard Enterprise Development LP, Google, Inc., VMware, Inc., Rackspace Hosting, Inc., Oracle Corporation, EMC Corporation, and Red Hat, Inc. All these players are involved in competitive strategies including software innovation, business expansion, and partnership to augment the growth of the global cloud storage market.
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Increase in Cloud Adoption Across Several Industry Verticals
Several industry verticals such as BFSI, retail, healthcare, manufacturing, telecommunication & IT, media & entertainment, and many others adopt cloud services at a rapid pace, due to low cost of data storage and maintenance.
Security Concerns Over Cloud Storage
Security concern over safeguarding stakeholders information and private data majorly restrains the cloud storage deployment by several industrial sectors such as BFSI, government, healthcare, retail, and others.
Growing Cloud Adoption Among SMEs
Improved customer support, enhanced business continuity, and replacement of conventional IT infrastructure are expected to create adequate space for cloud storage market growth among SMEs in the global regions, which include Asia-Pacific, Latin America, Middle East, and Africa.
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Significant Shift to Hybrid Cloud As Primary Deployment Model
High price of private cloud and risk of open threats in public cloud storage among end-users including banking, healthcare, and government sectors has generated the need of hybrid storage where flexibility is provided to switch between private and public storage space as per the need.
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