The Cloud Storage market size was valued at $ 46.12 billion in 2019, and is projected to reach $222.25 billion by 2027, growing at a CAGR of 21.9% from 2020 to 2027.
Cloud storage is a complete solution package offered by cloud storage providers such as Amazon Web Service, Inc., IBM Corporation, VMware, Inc., and many others to maintain, manage, and store all kind of data in a private or public data center, which is accessible through the Internet from multiple locations. Cloud provides easy access to data and security to all user types including large and small and medium enterprises.
The global cloud storage market is segmented into private, public, and hybrid models based upon deployment mode. The hybrid model is a combination of both private and public deployment modes, which enables the users to control cloud space as per privacy requirements. In addition, the market includes several industry verticals such as Banking, Financial Services and Insurance (BFSI), government and education, healthcare, telecommunication & IT, retail, manufacturing, media & entertainment, and others. The scope for other segments in industry vertical includes business and professional services, logistics & transportation, and construction.
The global cloud storage market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Major cloud computing providers offer cloud storage solutions across all developed and developing regions including North America, Europe, and Asia-Pacific. However, several underdeveloped regions such as Latin America, the Middle East, and Africa with low ICT investment gradually adopt cloud storage solutions.
Asia-Pacific is expected to be the fastest-growing regional segment in the near future, with the highest CAGR. Industry participants have realized the importance of strengthening the overall cloud storage market to ensure data recovery and back up and easy accessibility of documents from any device and location. However, the LAMEA region slowly adopts cloud storage solutions across industry verticals such as government, retail, and healthcare. Growth in demand for hybrid cloud storage majorly drives the cloud storage industry in the region.
Growth in demand for low-cost data storage, backup, and data protection augments the growth of the cloud storage market among several user groups including small, medium, and large enterprises. In addition, several industry verticals such as BFSI, retail, healthcare, and public sector with a large customer base tend to store critical business information of stakeholders in cloud storage, owing to data privacy and client information, which in turn augment the global cloud storage market growth.
Based on component type, the global cloud storage market is segmented into two types, namely, software, and service. The major factors that influence the cloud storage solutions market is high level of cost savings on the total cost of ownership and increase in need for data backup and protection by several user types including small, medium, and large enterprises. In recent years, cloud storage providers are promoting cloud solutions across various geographical regions including North America, Europe, Asia-Pacific, and others to augment cloud adoption. Managed services are estimated to experience the highest growth rate during the forecast period as these services help reduce the time and cost linked with optimizing the system in the initial phase of deployment.
Key players profiled in the report are Amazon Web Services, Inc., Microsoft Corporation, IBM Corporation, Hewlett Packard Enterprise Development LP, Google, Inc., VMware, Inc., Oracle Corporation, EMC Corporation, Rackspace Hosting, Inc., and Red Hat, Inc. The report discusses the key strategies adopted by the companies in addition to the current trends, upcoming opportunities, and restraints in the cloud storage market growth, with detailed information about their impacts.
Several industry verticals such as BFSI, retail, healthcare, manufacturing, telecommunication & IT, media & entertainment, and many others adopt cloud services at a rapid pace, due to the low cost of data storage and maintenance.
Security Concerns Over Cloud Storage
Security concern over safeguarding stakeholders' information and private data majorly restrains the cloud storage deployment by several industrial sectors such as BFSI, government, healthcare, retail, and others.
Improved customer support, enhanced business continuity, and replacement of conventional IT infrastructure are expected to create adequate space for cloud storage market growth among SMEs in the global regions, which include Asia-Pacific, Latin America, Middle East, and Africa.
The high price of private cloud and risk of open threats in public cloud storage among end-users including banking, healthcare, and government sectors has generated the need of hybrid storage where flexibility is provided to switch between private and public storage space as per the need.
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Report Metric |
Details |
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Report Name |
Cloud Storage Market |
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Market size value in 2019 |
USD 46.12 Million |
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Revenue forecast in 2027 |
USD 222.25 Million |
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Growth Rate |
21.9% |
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Base year considered |
2019 |
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Forecast Period |
2020-2027 |
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By Type |
Software and Services |
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By Deployment Mode |
Private, Public, Hybrid |
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Report Coverage |
Revenue & volume forecast, company share, competitive landscape, growth factors, and trends |
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Segments Covered |
By Type, Deployment Mode, and Region |
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Geographic Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Ans. Due to the COVID-19 pandemic, The Cloud Storage market size was valued at $ 46.12 billion in 2019 and is projected to reach $222.25 billion by 2027, growing at a CAGR of 21.9% from 2020 to 2027.
Ans. Some of the Major companies are Amazon Web Services, Inc., Microsoft Corporation, IBM Corporation, Hewlett Packard Enterprise Development LP, Google Inc., VMware, Inc. , Oracle Corporation, EMC Corporation, Rackspace Hosting, Inc., Red Hat, Inc., Nasuni Corporation, Qumulo, Inc., Rubrik, Zadara Storage
Ans. Yes, the report includes a COVID-19 impact analysis. Also, it is further extended into every individual segment of the report.
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