Global Cloud Storage Market is Expected to USD 65.41 Billion by 2020

Date: 2015-09-01

“The cloud storage solutions are being widely adopted by businesses across a broad spectrum of major verticals such as banking, financial services and insurance (BFSI), manufacturing, retail and consumer goods, telecommunication and IT, media and entertainment, government, healthcare and life sciences, energy and utilities, research and education, and others. Technological advancements have significantly supported cloud storage market to grow. 

With the rising acknowledgements of cloud storage, these solutions and services are gaining huge momentum in the market. This has in turn, benefited the cloud storage solution and service providers by expanding their demand in this market. The cloud storage offerings have also been chiefly accountable for increasing the average revenues of these stakeholders in the cloud storage ecosystem. North America is contributing the maximum to the growth of cloud storage market. However, emerging economies of Asia-Pacific are expected to have immense growth potential during the forecast period. However, the challenges related to the securities are hindering the cloud storage growth globally.

The complete cloud storage market is segmented on the basis of types, solutions, services, deployment model, organization size, verticals, and regions. The overall market size is devised by adding up the individual market sizes of all the solutions including into primary storage solution, backup storage solution, cloud storage gateway solution, and data movement and access solution and services including consulting services, system and networking integration, and support training and education.

The cloud storage solution and services are currently being offered by numerous vendors such as IBM, Microsoft, Google, Amazon Web Services, VMware, Box, Fujitsu, RackSpace, AT&T, and HP. These vendors are selling variations of cloud storage solutions and managed services. However, there is a price war between these cloud storage service providers globally, as they keep reducing the prices at regular basis and increasing the volume of storage.

The global cloud storage market is expected to grow from USD 18.87 billion in 2015 to USD 65.41 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 28.2%.

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