Global cloud based storage market is expected to witness brisk growth over the forecast period owing to increase in demand for big data storage. Companies need to store huge data for business purposes and cloud based storage provides an easy platform for the same. Such operational benefits are expected to fuel market growth and development in the near future.
The demand for cloud storage is driven by many factors, such as 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). With an increase in the adoption rate of cloud computing among enterprises, the cloud storage market is expected to gain major traction during the forecast period.
“The Global Cloud Storage market was valued at USD36.7Billion in 2018 and it is expected to reach more than USD xx billion by 2025, likely to grow with a CAGR of 22.7 % during the forecast period”
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Primary storage solutions store the data generated directly through various business processes and applications. End-user organizations are adopting cloud storage solutions as the primary storage options. The type of storage that the applications directly interact with is called the primary storage. The application may be a SharePoint, exchange, or a manufacturing application, which is directly transacting with the data. These types of solutions are primarily responsible for dealing with data that are frequently used or accessed by the organization.
While,The Banking, Financial Services, and Insurance (BFSI) vertical offers significant opportunities for the growth of the cloud storage market, due to the generation of large data volumes, which creates the need for highly secured data storage. The BFSI vertical is concerned about data security and privacy issues. This vertical can access better security features through the security tools that accompany the cloud storage solutions and services.
Asia-Pacific is expected to be the fastest growing regional segment in the near future, with the highest CAGR. Industry participants have realized the importance of strengthening the overall cloud storage market to ensure data recovery and back up and easy accessibility of documents from any device and location. However, the LAMEA region slowly adopts cloud storage solutions across industry verticals such as government, retail, and healthcare. Growth in demand for hybrid cloud storage majorly drives the cloud storage industry in the region. However, North America is a matured market in terms of cloud adoption, due to various factors, such as standards, regulations, advanced Information Technology (IT) infrastructure, presence of a large number of enterprises, and the availability of proficient technical expertise.
Some of major vendors providing cloud storage are Amazon Web Services, Inc., Microsoft Corporation, IBM Corporation, Hewlett Packard Enterprise Development LP, Google, Inc., VMware, Inc., Oracle Corporation, EMC Corporation, Rackspace Hosting, Inc.,Red Hat, HPE , Dell EMC,Dropbox and others
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