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The global cloud storage market is predicted to grow at a CAGR of 20.31% over the forecast period of 2019-2027. The major factors responsible for this growth include the increased applications of cloud computing, the data loss augmenting the demand for cloud storage solutions, the emergence of cloud storage gateways, decentralized workforce and an increased internet penetration in the global market.
The global cloud storage market has been classified into four major segments. The first segment is end-users which consist of banking, financial services & insurance (BFSI), telecommunication, consumer goods & retail, etc. The second segment is on the basis of solution which includes primary storage, backup storage, etc. The third segment consists of organization type which includes large enterprises and medium businesses, and the fourth segment is on the basis of the deployment mode that includes public cloud deployment and private cloud deployment.
Currently, North America is the world leader in this market due to the presence of various big players such as Microsoft, Google, IBM, etc., with the United States being a major contributor for the region. Likewise, the Asia-Pacific region also has an advantage in terms of the presence of prominent market companies, startups and many such conducive factors providing it the potential to be the fastest growing region for the global market over the forecast period.
Some of the major players in the market are: Acronis, Inc., Amazon Web Services Inc., Apple, Inc., AT&T Inc., Backblaze, Inc., Box Inc., Cisco Systems, Inc., Ctera Networks, Dell EMC Corporation, Dropbox, Inc., Fujitsu Ltd, Google, Inc., Hp, Inc., Idrive, International Business Machines Corporation (IBM), Microsoft Corporation, Nasuni Corporation, Oracle Corporation, Rackspace Hosting, Inc., Salesforce.Com, Inc., SAP SE, SugarSync and Vmware Inc.