Cloud Storage Market Worth 88.91 Billion USD by 2022
PUNE, India, February 7, 2018 /PRNewswire/ --
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, Small and Medium-Sized Enterprises), Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets(TM), the global market size is expected to grow from USD 30.70 billion in 2017 to USD 88.91 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period (2017-2022).
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The demand for cloud storage is driven by many factors, such as 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). With an increase in the adoption rate of cloud computing among enterprises, the Cloud Storage Market is expected to gain major traction during the forecast period.
Primary storage solution type is expected to hold the largest market size during the forecast period
Primary storage solutions store the data generated directly through various business processes and applications. End-user organizations are adopting cloud storage solutions as the primary storage options. The type of storage that the applications directly interact with is called the primary storage. The application may be a SharePoint, exchange, or a manufacturing application, which is directly transacting with the data. These types of solutions are primarily responsible for dealing with data that are frequently used or accessed by the organization.
Training and consulting service type is estimated to hold the largest market size in 2017
Training and consulting services assist in educating enterprises about strategic transformations, business assessments, solution assessments, Return on Investments (RoIs), and knowledge workshops. Consulting services help enterprises make the right and informed decisions to gain their desired outcomes. On the other hand, training services aim at providing education programs to mitigate the knowledge gaps. Several companies actively provide online training to their end-users with the help of user manuals, blogs, video instructions, and help forums.
BFSI vertical is estimated to hold the largest market size in 2017
The Banking, Financial Services, and Insurance (BFSI) vertical offers significant opportunities for the growth of the Cloud Storage Market, due to the generation of large data volumes, which creates the need for highly secured data storage. The BFSI vertical is concerned about data security and privacy issues. This vertical can access better security features through the security tools that accompany the cloud storage solutions and services.
North America region is estimated to hold the largest market size in 2017
North America is estimated to hold the largest market size in Cloud Storage Market in 2017, while Asia Pacific (APAC) is projected to be the fastest-growing region during the forecast period. North America is a matured market in terms of cloud adoption, due to various factors, such as standards, regulations, advanced Information Technology (IT) infrastructure, presence of a large number of enterprises, and the availability of proficient technical expertise.
The major providers of cloud storage solutions and services are AWS (US), IBM (US), Microsoft (US), Google (US), HPE (US), VMware (US), Rackspace (US), and Dell EMC (US).
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