HOME › Press Releases › Cloud Storage Market worth 74.94 Billion USD by 2021
Cloud Storage Market worth 74.94 Billion USD by 2021
The report "Cloud Storage Market by Solution (Primary Storage, Disaster Recovery & Backup Storage, Cloud Storage Gateway & Data Archiving), Service, Deployment Model (Public, Private & Hybrid), Organization Size, Vertical & Region - Global Forecast to 2021", The cloud storage market size is estimated to grow from USD 23.76 Billion in 2016 to USD 74.94 Billion by 2021, at a CAGR of 25.8% from 2016 to 2021.
Browse 76 market data Tables and 54 Figures spread through 152 Pages and in-depth TOC on "Cloud Storage Market by Solution (Primary Storage, Disaster Recovery & Backup Storage, Cloud Storage Gateway & Data Archiving), Service, Deployment Model (Public, Private & Hybrid), Organization Size, Vertical & Region - Global Forecast to 2021"
Early buyers will receive 10% customization on reports.
The key forces driving the cloud storage market include the increasing adoption of hybrid cloud storage, growing need for enterprise mobility, and need for easy deployment of cloud storage solutions. Cloud storage solutions also provide scalability and flexibility to scale up or scale down the storage capacity. With the increase in the adoption rate of cloud storage among Small and Medium Enterprises (SMEs), the cloud storage market is expected to gain major traction during the forecast period.
Cloud storage gateway solution is expected to grow at the highest CAGR during the forecast period
The cloud storage gateway solution has gained importance over the years owing to its easy integration into the existing infrastructure of the enterprises. This solution provides additional features such as encryption, compression, and de-duplication to make effective use of the available network bandwidth and transfer data rapidly on cloud.
Managed services segment is expected to grow at the highest rate during the forecast period
Among services, the managed services segment is expected to grow at the highest rate in the cloud storage market during the forecast period. Managed services allow enterprises to focus on their core businesses, service quality, and better end user experience while delivering optimized and quality IT services. Managed Service Providers (MSPs) offer remote management and monitoring of IT infrastructure of the end user under a subscription model. Therefore, enterprises are increasingly opting for managed services to overcome the challenges of budget constraints and technical expertise as MSPs have specialized resources, infrastructure, and industry certifications.
North America is expected to contribute the largest market share; Asia-Pacific (APAC) to grow the fastest
North America is expected to hold the largest market share and dominate the cloud storage market from 2016 to 2021 owing to large investments in cloud-based solutions, early adoption of new & emerging technologies, and high internet penetration. The APAC region is in the initial growth phase; however, it is the fastest-growing region for the global cloud storage market. The key reasons for the high growth rate in APAC are growing demand for hybrid cloud storage, increasing need for enterprise data storage, and rising cloud-based applications.
The major vendors providing cloud storage solutions and services are Amazon Web Services (Seattle, Washington, U.S.); IBM Corporation (Armonk, New York, U.S.); Microsoft Corporation (Redmond, Washington, U.S.); VMware Inc. (Palo Alto, California, U.S.); HP Enterprise Company (Palo Alto, California, U.S.); Google Inc. (Mountain View, California, U.S.); Oracle Corporation (Redwood City, California, U.S.); EMC Corporation (Hopkinton, Massachusetts, U.S.); Rackspace Hosting, Inc. (San Antonio, Texas, U.S.); and Dropbox, Inc. (San Francisco, California, U.S.).
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
M&M’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India