BANGALORE, India | 6th October 2020: 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.

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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.

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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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  • By Component
    • Solution
    • Services
  • By Deployment Type
  • By User Type
    • Large Enterprises
    • Small and Medium Enterprises
  • By Industry Vertical
    • BFSI
    • Government & Public Sector
    • Healthcare
    • IT & Telecom
    • Retail
    • Manufacturing
    • Media & Entertainment
    • Others
  • By Region
    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • France
      • UK
      • Rest of Europe
    • Asia-Pacific
      • Japan
      • China
      • India
      • Rest of Asia-Pacific
    • LAMEA
      • Latin America
      • Middle East
      • Africa 
  • Key Market Players
    • Amazon Web Services, Inc.
    • Alibaba Cloud
    • Dell Technologies Inc.
    • Google, Inc.
    • Hewlett Packard Enterprise Development LP
    • IBM Corporation
    • Microsoft Corporation
    • Oracle Corporation
    • Rackspace Hosting, Inc.
    • VMware, Inc

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  • Consumer Cloud Storage Services Market Report

The global Consumer Cloud Storage Services market size is projected to reach USD 1870.7 million by 2026, from USD 1712.5 million in 2020

Major factors driving the Consumer Cloud Storage Services Market size are the growth in HD video consumption, affordability of smartphones, and BYOD’s increasing trend (bring your device).

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  • Cloud Storage Gateways Market Report

The global Cloud Storage Gateways market size is projected to reach USD 1960.1 million by 2026, from USD 1650.5 million in 2020

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  • Personal Cloud Storage Market Report

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  • Multi Cloud Storage Market Report

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  • Multi Cloud Storage Solutions Market Report

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  • Enterprise Cloud Storage Market Report

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  • Business Cloud Storage Market Report

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  • Hybrid Cloud Storage Market Report

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  • Private Cloud Storage Market Report

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