According to the Latest Market Research Report “Cloud Storage Market Based on Component (Solution and Services), Deployment Type (Private, Public, and Hybrid), User Type (Large Enterprises and Small and Medium Enterprises), and Industry Vertical (BFSI, Government & Public Sector, Healthcare, IT & Telecom, Retail, Manufacturing, Media & Entertainment, and Others) and Based on Region – Global Forecast to 2027”, published on Valuates Reports.
The global 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.
Major factors driving the growth of Cloud Storage Market size are a substantial change to hybrid cloud as the primary deployment model, increased compensation for low-cost data storage, faster accessibility of data, increased cloud adoption across several industry verticals, security concerns over cloud storage, and growth in cloud adoption among small and medium enterprises.
Trends influencing the cloud storage market
The growing demand for hybrid storage, where flexibility is given to move between private and public storage space, is expected to drive the cloud storage market size during the forecast period. Furthermore, the high private cloud prices and the risk of open threats in public cloud storage among end-users, including banking, healthcare, and government sectors. This increase in the adoption of a hybrid cloud.
Regardless of the location of the data center, cloud storage provides quicker data access. Also, cloud storage entails low investment costs because on-site data centers and additional service and maintenance costs are not needed. This, in turn, is expected to fuel the cloud storage market size.
COVID-19 has pushed companies to migrate to cloud environments to deal with the lockdown crisis and promote their geographically scattered teams with regular data access, sharing, and collaboration.
Based on the industry, the BFSI segment is expected to hold the largest cloud storage market share. Since BFSI companies are expected to process, recover, and preserve large volumes of data, different cloud strategies are continuously adopted. For improved scalability, low latency, and data protection, this continuous migration to multi-cloud environments drives the need for cloud storage solutions.
Based on the region, North America is expected to hold the largest cloud storage market share. This dominance of North America is attributed to the presence of large companies providing innovative solutions. On the other hand, Asia-Pacific is expected to witness the highest growth in the cloud storage market share.
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