Cloud Storage Market Highlights:
The global Cloud Storage Market 2020 is repositioning itself significantly, as COVID 19 hit stands of many other markets, globally. Now that the global cloud storage market is expecting substantial growth during the forecast period (2017-2023) at 25% CAGR, reveals Market Research Future (MRFR). Cloud storage has emerged as an essential concept and has simultaneously gained much traction in recent years, which will continue contributing to the market growth with achieving USD 104 Billion by 2023.

Cloud storage is considered as a next-generation system that interacts in a way of human language as wellas assists experts to make better decisions through understanding the complexity of unstructured data. The global market encompasses technologies such as machine learning, automated reasoning, natural language processing, and information retrieval, which are used in translating amorphous data to sense and predict the best solutions.

A significant shift to hybrid cloud as primary deployment model, faster data accessibility, rise in demand for low-cost data storage, security concerns over cloud storage, welling cloud adoption across several industry verticals, and growth in cloud adoption among small & medium enterprises are the essential factors impacting the growth of the global cloud storage market. In the case of point, as per a study published by CenturyLink, a telecommunications company, the cloud computing technology might generate revenue of USD 411 billion by 2020, worldwide.

MRFR further spots light on the fact that the rising volume of data being uploaded on the servers of enterprises has resulted in the need for high-end security, well-defined sharing, along with cost-effective options within the organization to a great extent. For instance, on an average of roughly 60 million photos are uploaded daily by Instagram users, worldwide, which are rapidly increasing, owing to the company’s new policy associated with multiple uploads. These factors have motivated the market to an extent amid a situation of COVID 19 outbreak.

On a similar note, the important driver escalating growth in the Cloud Storage Market share is the rise in the use of cloud computing. Cloud computing has found its way into nearly all industries from sports, document hosting services, social networking, backup and storage services, to governance and more. From MRFR’s research, German company SAP AG signed an agreement with the German Football Association to turn big data into smart decisions to advance player performance at the World Cup in Brazil. Many companies are frequently looking for ways to explore new areas of development. Therefore, the market for cloud storage is projected to rise over a stipulated period.

Top Market Players:
In the competitive rivalry in the cloud storage market, some of the top players are keeping the market on robust position. Those players are IBM Corporation (U.S.), Amazon Web Services (U.S.), VMware, Inc. (U.S.), Microsoft Corporation (U.S.), Google, Inc. (U.S.), HP Enterprise Company (U.S.), Rackspace Hosting, Inc. (U.S.), Oracle Corporation (U.S.), and Dropbox, Inc. (U.S.).

Leading Segments:
The global level analysis of the market is conducted through segmentation which includes segments such as component, deployment model and vertical.
• Cloud storage market can be segmented from the component’s perspective includes solution and service. Under solution segment, sub-segments such as primary storage, disaster recovery and back up storage, data archiving, and cloud storage gateway are included. Under the service segment, the sub-segments are managed services, cloud integration and migration, training and consulting and support and maintenance.
• Cloud storage market can be segmented from the deployment model’s perspective includes private cloud, public cloud, and hybrid cloud.
• Cloud storage market can be segmented from vertical’s perspective includes BFSI, government, retail and e-commerce, it and telecommunication, travel and hospitality, education, healthcare and others.

Leading Regions:
North America is a prevailing market for cloud storage as major players from this region offer advanced solutions. Microsoft Corporation, a significant player in the cloud storage market in North America, is investing heavily in solutions. A survey by Cisco reported that 69% of the IT decision-makers support BYOD as a hopeful addition to workplace policy as it saves workers time.
In the United States IT sector, it was probable that in the past three years, BYOD adoption witnessed a boost of 44.42%. Hence, with the rising number of mobile workers in organizations and workplaces, there has been a successive rise in the data generated and managed, which is now expected to boost the cloud storage market’s growth over the forecast period.

With this, factors including enhanced customer support, improved business continuity, and replacement of conventional IT infrastructure are likely to create adequate space for market growth among SMEs in the global regions including Asia-Pacific, the Middle East as well as Africa.

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