Cloud storage market size is estimated to grow at a CAGR of 21%

IndustryPRwire -- Rising volumes of IoT data generating the demand of cloud storage platforms across the various industry, in result boosting the growth of cloud storage market with more than 21% till 2027

The global cloud storage market size is estimated to grow with more than CAGR of 21% during the forecast period till 2027, according to a new study published by Astute Analytica.

Cloud storage is a technology of the next generation that communicates in human language and allows experts to make informed decisions by understanding the complexities of unstructured data. The global market involves technologies such as the processing of natural language, machine learning, automated reasoning and retrieval of knowledge that are used to convert unstructured data to sense, infer and forecast the best solutions.

The major factors affecting the growth of the global cloud storage market are the rising penetration of IoT connected devices in result created huge amounts of IoT data, leading to increased cloud storage platform adoption, such as Dropbox, OneDrive, Google Drive, iCloud, etc. It is anticipated that machine learning and independent systems such as autonomous vehicles will accelerate the adoption of cloud computing services, including data storage.

Regional Analysis

Global cloud storage market is segmented into the North America (the United States, Mexico, and Canada), Europe (the UK, Germany, France, Spain, Russia, Italy, Norway, Denmark, Portugal, Ireland, Greece and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, Australia and Rest of APAC), and LAMEA (Latin America, the Middle East, and Africa).

North America is a leading cloud storage market and has large players providing innovative solutions. Microsoft Corporation, a major player in North America's cloud storage market, is investing heavily in the region's solutions.

Segment Analysis

  • The global Cloud storage market is fragmented into various sub-groups, such as:
    • By Component
    • By Application
    • By Enterprise Size
    • By Deployment
    • By Industry Vertical
  • By Component segment is further sub-segmented as:
    • Services
    • Migration and Integration
    • Support and Maintenance
    • Training and Consulting
    • Managed Services
    • Solution
      • Block Storage
      • File Storage
      • Object Storage
  • By Application segment is further sub-segmented as:
    • Primary Storage
    • Disaster Recovery and Backup
    • Data Archiving 
    • Cloud Storage Gateway
  • By Enterprise Size segment is further sub-segmented as:
    • Large Enterprises
    • Small and Medium Enterprises
  • By Deployment segment is further sub-segmented as:
    • Hybrid Cloud
    • Public Cloud
    • Private Cloud
  • By Industry Vertical segment is further sub-segmented as:
    • IT and Telecommunications
    • BFSI
    • Transportation and Logistics
    • Manufacturing
    • Retail and Consumer Goods
    • Education
    • Healthcare
    • Others

Competitive Landscape

The focus on expansion of businesses of major market players by various strategic initiatives, R&D investments, and introduction of customized products cater the increasing demand customers. Some of the key companies in the market are as follows:

  • Amazon Web Services, Inc.
  • Dell Technologies Inc.
  • Google, Inc.
  • Hewlett Packard Enterprise Development LP
  • IBM Corporation
  • Microsoft Corporation
  • Oracle Corporation
  • Rackspace Hosting, Inc.
  • Alibaba Cloud
  • VMware, Inc.
  • Others

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