The global cloud storage market is estimated to grow with approx. 20.31% CAGR during the year 2019-2027. Cloud storage is a primary component in cloud computing, catering to the needs of data holding of various applications such as big data analytics, information backup, data archive, Internet of Things (IoT), data warehouse, and many others. The cloud storage concept has evolved through many phases including utility & grid computing, virtualization concept by IBM Corporation in 1970, application service provision, and Software-as-a-Service (SaaS). The first generalized cloud concept came into the picture by Salesforce.com, Inc. in 1999 through a website delivering enterprise applications. Cloud storage is a proven and cost-effective storage option as compared to traditional on-premise storage centers. In the recent years, cloud storage adoption has rapidly increased among several industry verticals including banking, government & education, healthcare, manufacturing, telecommunication & IT, defense, and many others owing to the increase in the need for the standardized and low cost of data storage facilities. Cloud storage enhances business operations by leveraging mobile workforce with easy accumulation, archive, access, and data recovery facilities. Also, cloud enables storage scalability with minimal cost as compared to on-premise data centers. Cloud storage has accumulated a concrete consideration among enterprises due to its flexible, authentic, and secure mode of data storage and availability.

The global cloud storage market is primarily driven by the following factors:

• Increasing applications of cloud computing
• Risk of data loss augmenting the demand for cloud storage
• Emergence of cloud storage gateways
• Decentralized workforce drives the need of cloud storage
• Increased internet penetration

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The important driver increasing growth in the global Cloud storage market is increasing the use of cloud computing. Cloud computing has found its way into nearly all industries such as sports, social networking, document hosting services, backup and storage services, governance etc. German company SAP AG signed an agreement with the German Football Association to turn big data into smart decisions to improve player performance at the World Cup in Brazil. Companies are constantly looking for ways to explore new areas of development. Hence, the market for cloud storage in convenience products is projected to rise over a stipulated period.

The cloud storage market is segmented by end user industries to which they are applied into BFSI, Telecommunication, consumer goods & retail, media & entertainment, healthcare, government, and others. This segment is dominated by BFSI, while government institutions are expected to witness the highest CAGR over the forecast period. The promise of low cost, easily scalable solutions and improvement in operational efficiency has encouraged the industry leaders to adopt cloud services. Financial services firms were more cautious about adopting cloud storage, due to regulatory concerns. Although the banking sector is now moving towards cloud adoption, they are not going with a single service model. Banks are using a private cloud for confidentiality of their data while keeping the less sensitive data in the public cloud. Banks are adopting the hybrid approach of cloud computing.

Need for higher bandwidth for cloud storage, and security privacy concerns are the major factors hindering the Cloud storage market. Businesses are always concerned about the security and privacy of their data in a cloud environment. Especially in cases where the vendor is a public cloud provider, and data is stored and managed at the server, the possibility of a security breach is high. This has slowed down the momentum of growth of public clouds. Most cloud providers come with assurances but promise limited security.

The global Cloud storage market segments include organization size, deployment, end users, solution, component and application.

Organization type are segmented into:

• Large Enterprise
• Small Medium Business

Deployment is segmented into:

• Public Cloud
• Private Cloud
• Hybrid Cloud

End User is segmented into:

• BFSI
• Telecommunication
• Consumer goods & retail
• Media & Entertainment
• Healthcare
• Government
• Others

The solution is segmented into:

• Primary Storage
• Back up Storage
• Gateway Solution
• Data Movement & Access Solution

The component is segmented into:

• Software
• Hardware

Geographically, the global Cloud storage market has been segmented by four major region, which includes:

• Cloud Storage North America Market – U.S., Canada
• Cloud Storage Asia Pacific Market – China, India, Japan, Australia, South Korea and RoAPAC
• Cloud Storage Europe Market – UK, Spain, Germany, France, Italy, Russia and RoE
• Rest of World- Latin America & MEA

The North America region was the highest contributor to the global market. The countries considered in the North America region are the U.S. and Canada.

North America is the global leader in the cloud storage market. The high presence of major companies such as Google Inc., IBM, and Microsoft etc. in the region is influencing the market demand in the region. Moreover, growing adoption of software solutions among business activities in the U.S is also acting as a major driving force for the market in the region. Movement of U.S. government on cloud storage solutions has shown the positive influence of cloud storage solutions over the government.

The major market players of the global Cloud storage market are:

• AWS
• IBM
• Microsoft
• Salesforce
• Google
• Others

Company Profiles covers analysis of important players

These companies are using organic and inorganic strategies for growth. For instance, In May 2017, Microsoft acquired security firm Hexadite. The acquisition was made to strengthening the security details on Microsoft’s Azure.

Key Findings of the global Cloud storage market.

• Hybrid cloud deployment is projected to grow at a higher CAGR
• Large enterprises dominate the cloud storage market
• Government Institutions’ Use Of Cloud Storage To Grow At A Higher CAGR
• Primary Storage Is The Most Preferred Solution In Cloud Storage Market
• Services Component Of Cloud Storage To Grow At A Significant Rate