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(MoneyNewsWire.Net, March 09, 2018 ) The cloud storage market 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. 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 the availability of cloud storage solutions and services, the need to maintain an on-premises storage infrastructure, such as disk storage and tape devices, has been eliminated.
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The cloud storage market has been segmented on the basis of types (solutions and services), deployment models, organization sizes, verticals, and regions. The managed services segment is expected to grow at the highest CAGR during the forecast period, and the training and consulting service type is estimated to have the largest market size in 2017 in the cloud storage market. The adoption of cloud services among Small and Medium-sized Enterprises (SMEs) has become a central part of the business process, owing to the ease of use and the flexibility they offer, and is expected to grow in the coming years.
The public cloud deployment model is estimated to hold the largest market share in 2017. By using cloud storage solutions and services, enterprises are developing newer and better ways of enhancing operational benefits while reducing the costs. Faster deployment, scalability, and agility; cloud compliance requirements; need for lower CAPEX and OPEX; mobility enforcement; and uninterrupted business continuity are expected to drive the demand for cloud storage. The enterprises, which are adopting cloud storage solutions and services, are increasingly inclined toward deploying cloud-based solutions to run their critical business functions.
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North America is estimated to hold the largest market size in 2017, whereas the Asia Pacific (APAC) region is projected to grow at the highest CAGR during the forecast period in the cloud storage market. An increasing need for efficient computing framework and shifting workload to the cloud environment are said to be driving the demand for cloud storage, globally.
The adoption of cloud storage is expected to increase, owing to faster deployment, scalability, and agility; cloud compliance requirements; reduced CAPEX and OPEX; mobility enforcement; and uninterrupted business continuity. However, enterprises face some obstacles while adopting cloud storage, as not all enterprise services are supported in the cloud, and due to strict government rules and regulations, and fear of vendor lock-ins.
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Major vendors providing cloud storage are AWS (US), IBM (US), Microsoft (US), Google (US), Oracle (US), HPE (US), Dell EMC (US), VMware (US), Rackspace (US), and Dropbox (US). These players have adopted various strategies, such as new product developments; mergers and acquisitions; and collaborations and partnerships, to expand their presence in the global cloud storage market.
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