Cloud Storage Market Report, published by Allied Market Research, forecasts that the global market size was valued at $21,175 million in 2015, and is projected to reach $97,415 million by 2022, growing at a CAGR of 24.8% from 2016 to 2022.
The services segment including professional and managed services are on high demand in cloud storage market, due to increase in need to manage data throughout the lifespan, from conception and storage to archiving at the appropriate space and time. Moreover, cost savings on total cost of ownership has also augmented the cloud storage market growth.
North America was the largest market in the cloud storage industry for 2015 owing to increase in demand for low cost data storage and faster data accessibility. In addition, there has been a growth in adoption of cloud storage solutions in the European region due to rise in concerns of data recovery and protection and upsurge of cloud adoption in several industry verticals including retail, healthcare, government, education, banking, insurance, and many others.
The trend of strong cloud adoption in these developed regions has accelerated the growth of the cloud storage market.
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Hybrid deployment mode is expected to grow at the highest CAGR during the forecast period, owing to elasticity between private and public cloud, thus saving cloud cost and efficient data management. Furthermore, private cloud deployment mode also gains traction among SMEs due to lucrative business functions with lower cost and more effective operational solutions.
Based on the geography, the cloud storage market is segmented into four major regions, namely, North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2015, accounting for around 35.6% share of the overall cloud storage market size.
The Asia-Pacific market is projected to grow at the highest CAGR of 27.2% during the forecast period, driven by cloud adoption among SMEs from various sectors including insurance, retail, healthcare, business service providers, and many others.
The hybrid deployment mode was the highest contributor in 2015, accounting for around 64.8% 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 application needs by the growing number of SMEs in the regions including Asia-Pacific and Latin America.
The report features a competitive scenario of the cloud storage industry and provides comprehensive analysis of key growth strategies adopted by major players. Key players profiled in the study are Amazon Web Services, Inc., Microsoft Corporation, IBM Corporation, Hewlett Packard Enterprise Development LP, Google, Inc., VMware, Inc., Rackspace Hosting, Inc., Oracle Corporation, EMC Corporation, and Red Hat, Inc.
All these players are involved in competitive strategies including software innovation, business expansion, and partnership to augment the growth of the global cloud storage market.
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