Cloud Storage Market Revenues to expand $88.9 billion by 2022

Posted on 2019-11-21 by MarketsandMarkets in Technology // 0 Comments

Northbrook, IL 60062, USA, 2019-Nov-21 —

According to a research report “Cloud Storage Market by Type (Solutions and Services), Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), Organization Size (Large Enterprises and Small and Medium-Sized Enterprises), Vertical, and Region – Global Forecast to 2022″, published by MarketsandMarkets, the cloud storage market size is expected to grow from USD 30.7 billion in 2017 to USD 88.9 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period (2017–2022).

Increasing adoption of hybrid cloud storage, growing need for enterprise mobility for improved efficiency, significant growth in Internet of Things (IoT), and need for lower Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) are some of the factors accelerating the growth of cloud storage market, globally. The high adoption rate of cloud computing among enterprises is further boosting the cloud storage market.

The primary storage solution type is expected to hold the largest market size during the forecast period. Primary storage solutions are mainly responsible for dealing with data that is frequently used or accessed by the organizations. Primary storage solutions store the data generated directly through various business processes and applications. End-user organizations are adopting cloud storage solutions as their primary storage option. The increasing adoption of cloud applications is expected to drive the growth of primary storage solutions in the cloud. The solution type is segmented into primary storage, disaster recovery and backup, cloud storage gateway, and data archiving. The data archiving solution type is expected to record a high growth rate over the next 5 years, owing to the increasing adoption of cloud solutions across the world.

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Key Market Players in Cloud Storage Market

The major players in the cloud storage market are AWS (US), IBM (US), Microsoft (US), Google (US), Oracle (US), HPE (US), Dell EMC (US), VMware (US), Rackspace (US), and Dropbox (US). These players have adopted various growth strategies, such as expansions, acquisitions, partnerships, joint ventures and collaborations, and new product launches. Partnerships and new product launches are the 2 major strategies often adopted by these players to gain a strong foothold in the cloud storage market.

AWS offers robust cloud storage solutions and services to enterprises for cloud deployment to optimize the migration, and streamline data collection through advanced technology. In the recent years, the company has been focusing more on adopting different business strategies to offer innovative services to customers, in turn enhancing their experience.

IBM offers robust and innovative cloud storage solutions with enhanced flexibility, simplicity, and scalability. It includes object storage, block storage, file storage, mass storage servers, and content delivery networks. Thus, it becomes evident that in the recent years, the company has undertaken various new product launches to expand the service offerings and customer base, as well as, provides innovative offerings to customers.

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