Press release
Cloud Storage Market Reach USD 222.25 Billion by 2027 at a CAGR of 21.9%, Top Factors Leading The Industry Worldwide
Rise in cloud adoption across several industry verticals, growing demand for low-cost data storage and faster data accessibility, and growing concerns of data recovery and protection drive the growth of the global cloud storage market. Significant cloud adoption among SMEs are expected to create lucrative opportunities in the near future.
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The cloud storage market size was valued at USD 46.12 billion in 2019, and is projected to reach USD 222.25 billion by 2027, growing at a CAGR of 21.9% from 2020 to 2027.
The global cloud storage market is segmented into component, deployment mode, user type, and industry vertical. Depending on component, it is bifurcated into solution and services. On the basis of deployment mode, it is classified into private, public, and hybrid. The user type segment includes large enterprises and small & medium size enterprises. By industry vertical, it is categorized into BFSI, government & public sector, healthcare, IT & telecom, retail, manufacturing, media & entertainment, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Key Findings of The Study
● 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, the small 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-Pacific is expected to witness significant growth, in terms of CAGR in the coming years.
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Based on deployment mode, the hybrid segment accounted for nearly three-fifths of the global cloud storage market share in 2019, and is anticipated to rule the roost during the study period. In addition, the segment is anticipated to manifest the fastest CAGR of 23.0% from 2020 to 2027. Organizations are shifting toward the hybrid cloud to achieve security of data and application and large storage spaces to reduce their capital expenditure by deploying a combination of the private and public cloud model, which augments the growth of the segment.
Based on component, the solution segment contributed to nearly two-thirds of the global cloud storage market revenue in 2019, and is expected to retain its dominance by the end of 2027. Growing need for multiple applications such as caching, security, duplication, and data locking in primary cloud storage drives the growth of the market.
The service segment, on the other hand, would register the fastest CAGR of 23.2% throughout the forecast period Implementation services ensure comprehensive planning, installing, and configuration of the solution. In addition, managed services offer post-production support which empowers organizations to smoothly transition the process from implementation to daily operations, which drives growth of the market.
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Based on region, North America held the largest share in 2019, garnering more than two-fifths of the global cloud storage market, as the region has major market players offering advanced solutions. On the other hand, the Asia-Pacific region is projected to manifest the fastest CAGR of 25.6% by 2027. The rise in adoption of cloud storage solutions in applications and investments in R&D processes have augmented the growth of the market in this region.
The market players operating in the cloud storage market analysis 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.
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