Cloud storage market is projected to reach $222.25 billion by 2027 | Key Industry Players - Amazon Web Services, Inc., Dell Technologies Inc., Google, Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporat
Hybrid deployment mode was the highest contributor in 2019, accounting for around 23% 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 applications by the growing number of SME’s in regions including Asia-Pacific and Latin America.
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Growing demand for low-cost data storage and faster data accessibility, rise in cloud adoption across several industry verticals, and growing concerns of data recovery and protection drive the growth of the global cloud storage market.
Based on region, North America held the largest share in 2019, garnering more than two-fifths of the global cloud storage market, as the region has major market players offering advanced solutions. On the other hand, the Asia-Pacific region is projected to manifest the fastest CAGR of 25.6% by 2027. The rise in adoption of cloud storage solutions in applications and investments in R&D processes have augmented the growth of the market in this region.
Based on deployment mode, the hybrid segment accounted for nearly three-fifths of the global cloud storage market share in 2019, and is anticipated to rule the roost during the study period. In addition, the segment is anticipated to manifest the fastest CAGR of 23.0% from 2020 to 2027. Organizations are shifting toward the hybrid cloud to achieve security of data and application and large storage spaces to reduce their capital expenditure by deploying a combination of the private and public cloud model, which augments the growth of the segment.
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Based on component, the solution segment contributed to nearly two-thirds of the global cloud storage market revenue in 2019, and is expected to retain its dominance by the end of 2027. Growing need for multiple applications such as caching, security, duplication, and data locking in primary cloud storage drives the growth of the market. The service segment, on the other hand, would register the fastest CAGR of 23.2% throughout the forecast period Implementation services ensure comprehensive planning, installing, and configuration of the solution. In addition, managed services offer post-production support which empowers organizations to smoothly transition the process from implementation to daily operations, which drives growth of the market.
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Some of the key market players profiled in the cloud storagemarket include Amazon Web Services, Inc., Dell Technologies Inc., Google, Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, Rackspace Hosting, Inc., Alibaba Cloud, and VMware, Inc. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. With increase in artificial intelligence R&D initiatives across the globe, major players have collaborated their product portfolio to provide differentiated and innovative products. This study includes marketanalysis, trends, and future estimations to determine the imminent investment pockets.
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