Cloud Storage Market predicted to gain $88.9 billion by 2022

According to a new market research report "Cloud Storage Market by Type (Solutions and Services), Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), Organization Size (Large Enterprises and Small and Medium-Sized Enterprises), Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets(TM), the Cloud Storage Market size expected to grow from USD 30.7 billion in 2017 to USD 88.9 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period (2017-2022).

Increasing adoption of hybrid cloud storage, growing need for enterprise mobility for improved efficiency, significant growth in Internet of Things (IoT), and need for lower Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) are some of the factors accelerating the growth of Cloud Storage Market, globally. The high adoption rate of cloud computing among enterprises is further boosting the Cloud Storage Market.

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Primary storage is the largest sub-segment in the overall cloud storage solutions market. Primary storage is the main memory from where the data can be frequently used and accessed by the organization. The application may be a SharePoint, exchange, or a manufacturing application, which directly manages the data. The increasing adoption of primary storage solution by the end-users for quick access of information is expected to drive the growth of the Cloud Storage Market.

Small and Medium-Sized Enterprises (SMEs) to have a higher CAGR during the forecast period

To overcome challenges such as resource crunch and limited budget, SMEs are adopting cloud storage solutions and services. They are implementing the pay-as-you-go model that offers the flexibility to manage the IT infrastructure as per the business requirements. Flexibility, disaster recovery, automatic updates, low infrastructure cost, document control, and security are some of the major factors that are expected to boost SMEs to adopt cloud storage solutions and services at a rapid pace during the forecast period.

North American region to hold the highest market share during the forecast period

North America is expected to hold the largest market size during the forecast period. The region has a matured market in terms of cloud adoption, due to various factors, such as advanced Information Technology (IT) infrastructure, presence of a large number of enterprises, and the availability of proficient technical expertise. The region is expected to grow steadily, as enterprises are adopting cloud-based solutions and services at various levels as a part of their strategy to sustain in the market and enhance their business functions.

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Some of the major providers of cloud storage solutions and services are AWS (US), IBM (US), Microsoft (US), Google (US), Oracle (US), HPE (US), VMware (US), Rackspace (US), and Dell EMC (US).

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