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Players have Adopted Various Strategies Such as Partnerships, Agreements, Mergers & Acquisitions, and New Product Developments to Achieve Growth in the Global Cloud Storage Market
Cloud storage allows end users to store and access data through the internet from various distributed and connected resources. MarketsandMarkets forecasts the cloud storage market 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. The rapid growth in the cloud storage market is mainly owing to the increase in the adoption rate of hybrid cloud storage among Small and Medium Enterprises (SMEs).
The key players in the cloud storage market include Amazon Web Services (AWS) (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.). These players have adopted various strategies such as partnerships, agreements, mergers & acquisitions, and new product developments to achieve growth in the global cloud storage market.
AWS is a dominant player in the cloud storage market. Its focus has been on enhancing its cloud storage product portfolio, which helps it generate higher revenues from various industry verticals and stay updated with the changing market requirements. The company provides flexible, low-cost, scalable, and easy-to-use cloud storage solutions. AWS offers storage solutions for enterprise data storage, disaster recovery, backup, and archiving. In June 2016, AWS launched the Elastic File System (EFS), a managed service that enables set up of and scale file storage in AWS cloud. The key benefit offered by EFS is that the end users can create file systems which can be accessed on multiple Amazon Elastic Compute Cloud. AWS launched Amazon Zocalo in July 2014; it is a secure enterprise storage and sharing service that allows users to store, share, and gather feedback on documents to improve productivity.
Microsoft Corporation is another top market player catering to the cloud storage market. Microsoft’s business strategy mix includes partnerships, collaborations, acquisitions, and new product launches. The company enjoys a leading position in the enterprise cloud segment. It launched numerous cloud storage solutions in order to sustain in the highly competitive cloud storage market. Azure Storage and StorSimple are the important solutions of the company that satisfy the business requirement of data storage. Azure Storage offers benefits such as high availability, durability, and scalability, while StorSimple provides hybrid cloud storage for enterprises with features including data security and reduced cost. In November 2014, Microsoft and Dropbox partnered to help end users work more effectively. This partnership between the two companies is expected to help end users access, manage, and collaborate on their files from anywhere and at any time.
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
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