Growing need for enterprise mobility augments the Global Cloud Storage Market
Cloud storage is the growing trend in the world market, which provides access to any individual from remote locations. The increasing penetration of the internet and the expanding need for cost-effective solutions in enterprises have led to the steady growth of cloud storage in recent years. The global cloud storage market is estimated to rise from USD 23.48 billion in 2016 to USD 88.91 billion by 2022, with a CAGR of 23.7% throughout the forecast period.
Market drivers and restraints:
Key factors driving the growth of cloud storage market are high demand for hybrid cloud storage and rising need for enterprise mobility. The increasing demand from large, small, and medium enterprises, along with straightforward installation, is boosting the growth of this market. Data security is a critical restraining factor in cloud storage. Owing to fast growth in malicious hacking technologies, data security is at risk and can result in substantial losses for the companies if that data is hacked.
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Report segmented as:
By organization type:
• Large enterprises
• Small and medium-sized enterprises
By deployment model:
• Public cloud
• Private cloud
• Hybrid cloud
• Banking, financial services, and insurance
• Healthcare and life sciences
• Telecommunications and information technology-enabled services
• Government and public sector
• Consumer goods and retail
• Media and entertainment
Asia-Pacific is estimated to be the quickest growing region in the future, registering a significant CAGR. The mounting investments in data security and storage, coupled with easy access, is strengthening the market in this region. Nevertheless, the LAMEA region slowly adopts cloud storage solutions across industry verticals such as government, retail, and healthcare.
Important market players:
The key players operating in cloud storage market are Amazon Web Services (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), VMware, Inc. (U.S.), HP Enterprise Company (U.S.), Google, Inc. (U.S.), Oracle Corporation (U.S.), Rackspace Hosting, Inc. (U.S.), EMC Corporation (U.S.), Dropbox, Inc. (U.S.) among others.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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