Cloud Storage Market to Reach $222.25 Bn, Globally, by 2027 at 21.9% CAGR: Allied Market Research
Growing demand for low-cost data storage and faster data accessibility, rise in cloud adoption across several industry verticals, and growing concerns of data recovery and protection drive the growth of the global cloud storage market.
Growing demand for low-cost data storage and faster data accessibility, rise in cloud adoption across several industry verticals, and growing concerns of data recovery and protection drive the growth of the global cloud storage market
PORTLAND, Oregon, July 9, 2020 /PRNewswire/ -- Allied Market Research published a report titled, "Cloud Storage Market by Component (Solution and Services), Deployment Type (Private, Public, and Hybrid), User Type (Large Enterprises and Small and Medium Enterprises), and Industry Vertical (BFSI, Government & Public Sector, Healthcare, IT & Telecom, Retail, Manufacturing, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027" According to the report, the global cloud storage market was estimated at $46.12 billion in 2019, and is expected to hit $222.25 billion by 2027, registering a CAGR of 21.9% from 2020 to 2027.
Drivers, restraints, and opportunities
Growing demand for low-cost data storage and faster data accessibility, rise in cloud adoption across several industry verticals, and growing concerns of data recovery and protection drive the growth of the global cloud storage market. On the other hand, security concerns over cloud storage hamper the growth of the market. Nevertheless, significant cloud adoption among SMEs are expected to create lucrative opportunities in the near future.
COVID-19 scenario
- COVID-19 has accelerated the cloud adoption, due to the technology shift and operating prototypes due to the limitations of recent environment.
- The shift to remote working has positively contributed to the growth of the industry.
- Moreover, the customers from the public sector, web-based services, global logistics companies, and financial services have majorly invested in cloud storage due to rising demands for food and medical supplies.
- The Industry is anticipated to grow significantly amid COVID-19.
Download Report Sample (150 Pages PDF with Insights) @ https://www.alliedmarketresearch.com/request-sample/2141
The solution segment to maintain the lion's share by 2027
Based on component, the solution segment contributed to nearly two-thirds of the global cloud storage market revenue in 2019, and is expected to retain its dominance by the end of 2027. Growing need for multiple applications such as caching, security, duplication, and data locking in primary cloud storage drives the growth of the market. The service segment, on the other hand, would register the fastest CAGR of 23.2% throughout the forecast period Implementation services ensure comprehensive planning, installing, and configuration of the solution. In addition, managed services offer post-production support which empowers organizations to smoothly transition the process from implementation to daily operations, which drives growth of the market.
The consumer electronics segment to dominate during the estimated period
Based on deployment mode, the hybrid segment accounted for nearly three-fifths of the global cloud storage market share in 2019, and is anticipated to rule the roost during the study period. In addition, the segment is anticipated to manifest the fastest CAGR of 23.0% from 2020 to 2027. Organizations are shifting toward the hybrid cloud to achieve security of data and application and large storage spaces to reduce their capital expenditure by deploying a combination of the private and public cloud model, which augments the growth of the segment.
For Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/2141
North America to dominate in terms of revenue
Based on region, North America held the largest share in 2019, garnering more than two-fifths of the global cloud storage market, as the region has major market players offering advanced solutions. On the other hand, the Asia-Pacific region is projected to manifest the fastest CAGR of 25.6% by 2027. The rise in adoption of cloud storage solutions in applications and investments in R&D processes have augmented the growth of the market in this region.
Frontrunners in the industry
- 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.
Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at:
https://www.alliedmarketresearch.com/library-access
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request for 14 days free trial of before buying:
https://www.alliedmarketresearch.com/avenue/trial/starter
Similar Reports:
Cloud Migration Services Market is Expected to Reach $515.83 Billion by 2027
Cloud Security Market is Estimated to Reach $8.9 Billion By 2020
Cloud Services Market is Expected to Reach $927.51 Billion by 2027
Hybrid Cloud Market Expected to Reach $171,926 Million by 2025
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
