The global cloud storage market is projected to grow from USD 50.1 billion in 2020 to USD 137.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21% during the forecast period.
Impact Analysis of COVID-19
In this report, market players in this field will receive insights regarding COVID-19's impact post-COVID-19, which will provide a useful framework for evaluating strategies. The COVID-19 has affected a number of manufacturing operations and supply chains worldwide. As a result, the economy has been experiencing a recession and high inflation rates. Furthermore, the pandemic disrupted a number of industries' international movements. Due to the labor shortage and the lack of logistics movement, the whole sector faced sustained challenges. Lockdowns have caused severe financial losses to end-user industries.
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The need for achieving scalability and flexibility while significantly reducing data storage infrastructure costs to drive the growth of cloud storage market
The cloud storage market is expected to grow at a fast pace, owing to the growing data volumes across enterprises, rising need for providing the remote workforce with ubiquitous access to data and files, and cost-saving and low Total Cost of Ownership (TCO) benefits of cloud storage solutions.
Solutions segment to hold a larger market size in 2020
The solutions segment is projected to contribute majorly to the market, while the services segment is projected to witness a higher growth rate during the forecast period. This growth these segments are supported by the rising transition of enterprises from hardware based storage to cloud environments for 24X7 access, cost efficiency, and scalability along with the rising demand for data backup and disaster recovery solutions.
By vertical, Banking, Financial Services, and Insurance (BFSI) industry to register the largest market size during the forecast period
The BFSI vertical is expected to hold the largest market size in the cloud storage market. With rising volumes of data across the BFSI vertical, the need to improve the operational efficiency, productivity, and security while efficiently storing and managing the data has increased drastically. As a result, organizations are keen to implement scalable and flexible storage solutions.
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Middle East & Africa (MEA) to register the highest growth rate during the forecast period
Springing businesses, increasing demand for low cost and flexible data storage options, and growing technology assimilation combined with growing focus of government agencies on digital transformation have allured many cloud storage providers to expand in MEA, with which the demand of cloud storage solutions is expected to rise in the region. The major countries to witness high growth rates in this region include Kingdom of Saudi Arabia (KSA), South Africa, and United Arab Emirates (UAE) among others.
Research Coverage
The market study covers the cloud storage market size across segments. It aims at estimating the market size and the growth potential of the market across segments by component, application, organization size, deployment type, vertical, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Major vendors offering cloud storage solutions are AWS (US), Google (US), Microsoft (US), IBM (US), Huawei (China), Alibaba Cloud (China), Oracle (US), Rackspace Technology (US), HPE (US), Dell Technologies (US), Dropbox (US), Box (US), Tencent Cloud (China), Fujitsu (Japan), VMware (US), NetApp (US), Hitachi Vantara (US), Scality (US), and Citrix (US).
Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall cloud storage market and its sub-segments. The report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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