Cloud storage market was estimated to be USD 52.3 Billion in 2020 and is expected to witness a high CAGR of 26.3% during the forecast period (2020-2028). The paradigm shift towards hybrid cloud as a prime model, smooth data accessibility, low-cost data storage, rise in cloud adoption across several industry verticals, cloud storage security concerns are significant factors exceeding the cloud storage market size.
Introduction of the Cloud Storage Market
Cloud storage is a kind of cloud computing model by which data is stored on the internet with the help of a cloud computing provider that conducts and governs the data storage as a service. Cloud storage is a way to store data by customers and can be excess data via client service and network connectivity. In addition, cloud storage helps customers access the data from any location, irrespective of access to their organization network.
Key Players of the Market
Cloud Storage Market Dynamics
The various industry verticals giants like healthcare, BFSI, and multiple other industries majorly incorporate the cloud in the priority list and the high demand for a cost-efficient solution; are significant factors driving the global cloud storage market. Furthermore, the rising penetration of cloud storage due to its scalability and control, high security, and constant technological innovations for cloud storage development further augmenting the implementation of cloud storage over the forecast period. Additionally, flexible accessibility of data, workload stability, increased protection during a disaster, and essential information management is some exceptional advantages of cloud storage.
Furthermore, the employment of IoT at a rapid pace and high acceptance of cloud storage by small & medium enterprises to lower the Capex and Opex further propel the cloud market size in the next few years. In addition, the outbreak of the COVID-19 pandemic will help the market in the long term. Finally, the growing culture of remote working and the increasing trend for work from home encouraged the market demand, especially in 2020. However, as per the cloud storage market research report, the unavailability of network bandwidth and data security concerns hamper market growth during the forecast period.
Cloud Storage Market Segmentation Dynamics
Offering Segmentation Market Drivers
The Services segment is witnessing to grow at a faster CAGR during the forecast period. It is due to the rise in the adoption of cloud data services among companies. Furthermore, the training & consulting services are in demand due to their benefits like the ability to make correct and informed decisions to get the necessary outcomes, further fueling the market growth of this segment.
Vertical Segmentation Market Drivers
The BFSI segment speculates increasing at a higher CAGR during the forecast period. It is because of the increasing cloud implementation as it handles the large data volumes. Furthermore, growing customers insight, increasing demand for revenue generation enhancement, and multiple benefits of cloud storage like guaranteeing secure transactions, smooth customer experience coupled with improved productivity and feasibility are further steering the growth of this segment.
North America is estimated to rise at a faster CAGR during the forecast period. It is due to the enhanced IT infrastructure and presence of several businesses implementing cloud storage. Moreover, the availability of the crucial cloud storage vendors, enterprise mobility increases for efficiency enhancement, and rising budget for R&D activities for cloud-based solutions are further burgeoning the market growth in North America.
Global Cloud Storage Market Segmentation
Segmentation by Type
Segmentation by Component/Offering
Segmentation by Organization Size
Segmentation by Vertical
Segmentation by Region
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