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Cloud Storage Market to Grow at a CAGR of 21.9% from 2020 to 2027 to Reach $222 Billion by 2027
DUBLIN, July 20, 2020 /PRNewswire/ -- The "Cloud Storage Market by Component, Deployment Type, User Type and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
 According to the report, the cloud storage market size was valued at $46.12 billion in 2019, and is projected to reach $222.25 billion by 2027, growing at a CAGR of 21.9% from 2020 to 2027.
Cloud storage enhances business operations by leveraging mobile workforce with easy accumulation, archive, access, and data recovery facilities. In addition, cloud enables storage scalability with minimal cost as compared to on-premise data centers, which, in turn, boosts its adoption among small and medium enterprises (SMEs) across the globe. Further, cloud storage has accumulated a high demand among data-specific enterprises due to its flexible, authentic, and secure mode of data storage and availability, which is further expected to drive growth of the cloud storage market in the coming years.
Major cloud computing providers offer cloud storage solutions across all developed and developing regions including North America, Europe, and Asia-Pacific. However, several underdeveloped regions such as Latin America, the Middle East, and Africa with low ICT investments are gradually adopting cloud storage solutions.
Government & education, BFSI, and healthcare industries are expected to exhibit significant growth rates during the forecast period, owing to the need for cost-effective big data storage for stakeholders. Moreover, growing demand forreal time data accessibility by customers of all these industries is expected to drive the cloud storage market during the forecast period.Inrecent years, cloud storage adoption has rapidly increased among several industry verticals including banking, government & education, healthcare, manufacturing, telecommunication & IT, and defense, owing to increase in need for standardized and cost-effective data storage facilities. In addition, several industry verticals such as BFSI, retail, healthcare, and public sector, with a large customer base, tend to store critical business information of stakeholders in cloud storage, owing to data privacy and client information.
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 n 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.
Key Findings
- By component, the solution segment dominated the cloud storage market share. However, the services segment is expected to exhibit significant growth during the forecast period in the cloud storage industry.
- By deployment type, the hybrid segment dominated the cloud storage market share in 2019. However, the public segment is expected to exhibit significant growth during the forecast period.
- By user type, the large enterprises segment dominated the cloud storage market revenue in 2019. However, thesmall and medium enterprises segment is expected to exhibit significant growth during the forecast period
- Depending on industry vertical, the telecom & IT industry generated the highest revenue in 2019, owing to the adoption of cloud technology in this industry. However, the BFSI sector is expected to witness a considerable growth in the future.
- Region-wise, North America dominated the cloud storage market in 2019. Whereas, Asia-Pacificis expected to witness significant growth,in terms of CAGR,in the coming years
Key Topics Covered
Chapter 1: Introduction
1.1. Report Description
1.2. Key Benefits for Stakeholders
1.3. Key Market Segments
1.4. Key Market Players
1.5. Research Methodology
Chapter 2: Executive Summary
2.1. Key Findings
2.1.1. Top Impacting Factors
2.1.2. Top Investment Pockets
2.2. CXO Perspective
Chapter 3: Market Overview
3.1. Market Definition and Scope
3.2. Key Forces Shaping the Global Cloud Storage Market
3.3. Market Dynamics
3.3.1. Drivers
3.3.1.1. Growing Demand for Low Cost Data Storage and Faster Data Accessibility
3.3.1.2. Increase in Cloud Adoption Across Several Industry Verticals
3.3.1.3. Growing Concerns of Data Recovery and Protection
3.3.2. Restraints
3.3.2.1. Security Concerns Over Cloud Storage
3.3.3. Opportunities
3.3.3.1. Significant Cloud Adoption Among Smes
3.4. Industry Roadmap of Cloud Storage
3.5. Patent Analysis
3.5.1. By Region (2010-2019)
3.5.2. By Applicant
3.6. Case Studies
3.6.1. Carrier Opt for AWS as Its Preferred Cloud Provider to Drive Digital Transformation
3.6.2. Broad Institute Replaced Its In-House Genome Sequence Analysis Computers and Storage with Google Cloud Platform
3.7. Impact of Government Regulations on the Global Cloud Storage Market
3.7.1. Regulations in Canada
3.7.2. Regulations in U.S.
3.7.3. Regulations in Europe
3.7.4. Regulations in Asia-Pacific
Chapter 4: Cloud Storage Market, by Component
4.1. Overview
4.2. Solution
4.3. Services
Chapter 5: Cloud Storage Market, by Deployment Type
5.1. Overview
5.2. Private
5.3. Public
5.4. Hybrid
Chapter 6: Cloud Storage Market, by User Type
6.1. Overview
6.2. Large Enterprises
6.3. Small & Medium Enterprises
Chapter 7: Cloud Storage Market, by Industry Vertical
7.1. Overview
7.2. BFSI
7.3. Government & Public Sector
7.4. Healthcare
7.5. IT & Telecom
7.6. Retail
7.7. Manufacturing
7.8. Media & Entertainment
7.9. Others
Chapter 8: Cloud Storage Market, by Region
8.1. Overview
8.2. North America
8.3. Europe
8.4. Asia-Pacific
8.5. LAMEA
Chapter 9: Competitive Landscape
9.1. Key Players Positioning Analysis, 2019
9.2. Top Winning Strategies
9.3. Competitive Dashboard
9.4. Key Developments
9.4.1. Product Launches
9.4.2. Collaboration
9.4.3. Partnership
9.4.4. Product Development
9.4.5. Business Expansion
9.4.6. Acquisition
Chapter 10: Company Profiles
10.1. Alibaba Group Holding Limited
10.1.1. Company Overview
10.1.2. Key Executives
10.1.3. Company Snapshot
10.1.4. Operating Business Segments
10.1.5. Product Portfolio
10.1.6. Business Performance
10.1.7. Key Strategic Moves & Developments
10.2. Amazon Web Services, Inc.
10.4. Dell EMC
10.5. Google LLC
10.6. Hewlett Packard Enterprise Development L.P.
10.7. International Business Machines Corporation
10.8. Microsoft Corporation
10.9. Oracle Corporation
10.10. Rackspace Hosting, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/m6zqhw
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