Cloud Storage Market

The global cloud storage market is expected to grow with a CAGR of approximately 26% during the forecast period 2021-2030. The market is majorly driven by the increasing use of social media for business purposes and high growth in e-commerce activities across the globe. The e-commerce trend has enhanced the data flow over the internet and thus cloud storage offers various enterprise solutions that support in managing this data. Cloud storage gateways are hybrid appliances that work together for data protection functionality and local storage to form a mutual and cost-effective package. Storage gateways are essential to make sure that the data stored in the cloud storage infrastructure is enhanced according to recognized standards. They also assist competent management of storage space and traffic across a network.

Healthcare has the Highest CAGR, Promising Growth Due to Novel Technologies

Healthcare is expected to be the fastest-growing segment for cloud storage solutions owing to high burden to lower the cost of healthcare services and thus, the major companies in the region are working to provide cost-effective and efficient cloud storage solution which will be helpful for end-users to decline cost and resources. Developments in healthcare include cloud-based medical imaging & information management solution that enable healthcare professionals to derive a mutual interpretation of patient images such as X-rays, CT scans, and MRI scans. This significantly reduces long-term technology costs and speeds up patient care management. Access to efficient broadband network is one of the most basic needs for development of cloud computing. Significant improvement in the broadband services across geographies has generated a scope for the growth of cloud computing services. On the contrary, Internet admittance in the United States is mainly distributed by the private sector and is accessible in a variation of procedures, by utilizing a wide variety of technologies, at an extensive range of speeds and costs.

Private Cloud Storage Platforms to Hold Significant Potential During Forecast Period

The global cloud storage market is segmented on the basis of deployment, organization size, vertical and solution. The cloud deployment models vary on the basis of the cloud architecture provided by a company to individual clients. The public cloud is a multi-tenant architecture, which provides cloud services to a large group of users over shared resources. However, in private cloud, the services and resources are accessible to only one organization. On the other hand, hybrid cloud is a combination of both public and private cloud and is a customized solution based on the requirements of the client. Based on deployment the market of cloud storage is further segmented into public cloud deployment and private cloud deployment. The global public cloud storage market is anticipated to grow at a CAGR of 21% during the forecast period. Similarly based on private cloud the market of cloud storage is anticipated to grow at a CAGR of 23.2% during the forecast period. The cloud deployment models vary on the basis of the cloud architecture provided by a company to individual clients. The public cloud is a multi-tenant architecture, which provides cloud services to a large group of users over shared resources. However, in private cloud, the services and resources are accessible to only one organization. On the other hand, hybrid cloud is a combination of both public and private cloud and is a customized solution based on the requirements of the client.

North America takes The Lion’s Share

Globally, North America is the global leader in cloud storage market. The North American cloud storage market is estimated to growing at a CAGR of 20.3% during the forecast period of 2021-2030. High presence of major companies such as Google Inc., IBM, and Microsoft etc. in the region is influencing the market demand in the region. Moreover, growing adoption of software solutions among business activities in U.S is also acting as a major driving force for the market in the region. Movement of U.S. government towards cloud storage solutions has shown positive influence of cloud storage solutions over government. The Asia Pacific cloud storage market is estimated to grow at a CAGR 23.4% during 2021-2030 and therefore, remains to be the fastest growing market. Another reason for the cloud storage growth in Asia Pacific is the growing internet user and use of software solutions in business activities. UK is driven by increasing adoption of cloud computing, increasing number of internet users, and increasing demand for data storage amongst industries. UK’s IT industry today comprise of SME software and service companies.

Vast Number of Players Existing Globally Though the Top Companies Control Significant Market Share

Major market players of cloud storage are present with a great diversity of providers and higher adoption rates. The excellent start-up culture and encouragement by the local governments to take an investment risk drives the innovations. Global cloud storage market is exceedingly consolidated, though there are huge number of companies globally, largest market share is held by 5 to 6 companies. Globally, around more than 200+ small and big players are operating in these markets. Furthermore, these companies are competitive in nature. They all are actively trying to cater new clients, with their rapid changing needs.  Some major companies involved in cloud storage are; IBM, Oracle, Microsoft, Columbus Business Solution, NTT Communication, SunGard Availability Service, Amazon and many others. All these companies contribute to a significant share of the total market revenue. Majority of such companies are focusing toward product launches in cloud storage. Moreover, all such companies are also focusing on acquiring startups and entering partnership agreement to sustain in the competitive market.

Historical & Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2020 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2030.

Report Methodology

Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region.

By Deployment

Public & Private Cloud

By Organization Size

Small & Medium Business

Large Enterprises

By Vertical

Banking, Financial Services

Insurance

Consumer Goods & Retail

Telecommunications & IT

Healthcare & Life Sciences

Media & Entertainment

Government

By Solution

Primary Storage & Backup Storage Solution

Cloud Storage Gateway Solution

Cloud Storage Data Movement & Access Solution

By Region

North America

Europe

Asia Pacific

Rest of the World

Key questions answered in this report

• What are the key market segments in current scenario and in the future by product categories?
• What are the key market segments in current scenario and in the future by regions?
• What is the key impact of Covid-19 over market revenues and market determinants in the global cloud storage market?
• What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
• What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
• How to overcome the current market challenges and leverage the opportunities in each of the market segment?
• Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
• What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc. that companies are deploying to enhance market revenues and growth?