The need for achieving scalability and flexibility while significantly reducing data storage infrastructure costs to drive the growth ofcloud storagemarket
The global cloud storagemarket size is projected to grow fromUSD 50.1 billion in 2020 to USD 137.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period. The cloud storagemarket is expected to grow at a fast pace, owing to the growing data volumes across enterprises, rising need for providing the remote workforce with ubiquitous access to data and files, and cost-saving and low Total Cost of Ownership (TCO) benefits of cloud storage solutions.
Solutions segmentto hold a larger market sizein 2020
The solutions segment is projected to contribute majorly to the market, while the services segment is projected to witness a higher growth rate during the forecast period. This growth these segmentsare supported by therising transition of enterprises from hardware based storage to cloud environments for 24X7 access, cost efficiency, and scalability along with the rising demand for data backup and disaster recovery solutions.
By vertical, Banking, Financial Services, and Insurance (BFSI)industry to registerthelargest market size during the forecast period
The BFSI vertical is expected to hold the largest market size in thecloud storagemarket. With rising volumes of data across the BFSI vertical, the need to improve the operational efficiency, productivity, and security while efficiently storing and mananging the data has increased drastically. As a result, organizations are keen to implement scalable and flexiblestorage solutions.
Middle East and Africa (MEA) to register the highest growth rate during the forecast period
Springing businesses, increasing demand for low cost and flexible data storage options, and growing technology assimilationcombined with growing focus of government agencies on digital transformation have allured many cloud storage providers to expand in MEA, with which the demand of cloud storage solutions is expected to rise in the region.The major countries to witness high growth rates in this region includeKingdom of Saudi Arabia (KSA), South Africa, and United Arab Emirates (UAE) among others.
- By Company Type: Tier 1 – 32%, Tier 2 – 49%, and Tier 3 – 19%
- By Designation: C-level executives– 33%, Director Level – 22%, and Others – 45%
- By Region: North America – 40%,Europe– 20%, APAC– 35%,Rest of World (RoW) – 5%
Major vendors offeringcloud storagesolutions areAWS (US),Google (US),Microsoft (US),IBM (US),Huawei (China), Alibaba Cloud (China), Oracle (US), Rackspace Technology (US), HPE (US), Dell Technologies (US), Dropbox (US), Box (US), Tencent Cloud (China), Fujitsu (Japan), VMware (US), NetApp (US), Hitachi Vantara (US),Scality (US),and Citrix (US).
The market study covers the cloud storagemarketsize across segments. It aims at estimating the market size and the growth potential of the market across segments bycomponent, application, organization size, deployment type, vertical, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall cloud storagemarket and its subsegments.
- The report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
- The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.