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Cloud Storage Market size is expected to grow 88.91 Billion USD by 2022

(IT-NEWSWIRE.COM, May 10, 2019 ) According to a new market research report "Cloud Storage Market by Type (Solutions and Services), Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™ global Cloud Storage Market size is expected to grow from USD 30.70 billion in 2017 to USD 88.91 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period (2017–2022).

Browse and in-depth TOC on “Cloud Storage Market”
65 - Tables
38 - Figures
114 - Pages

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The demand for cloud storage is driven by many factors, such as increasing adoption of hybrid cloud storage; growing need for enterprise mobility for improved efficiency; significant growth in Internet of Things (IoT); and need for lower Capital Expenditure (CAPEX) and Operational Expenditure (OPEX). With an increase in the adoption rate of cloud computing among enterprises, the Cloud Storage Market is expected to gain major traction during the forecast period.

Primary storage solution type is expected to hold the largest market size during the forecast period

Primary storage solutions store the data generated directly through various business processes and applications. End-user organizations are adopting cloud storage solutions as the primary storage options. The type of storage that the applications directly interact with is called the primary storage. The application may be a SharePoint, exchange, or a manufacturing application, which is directly transacting with the data. These types of solutions are primarily responsible for dealing with data that are frequently used or accessed by the organization.

Training and consulting service type is estimated to hold the largest market size in 2017

Training and consulting services assist in educating enterprises about strategic transformations, business assessments, solution assessments, Return on Investments (RoIs), and knowledge workshops. Consulting services help enterprises make the right and informed decisions to gain their desired outcomes. On the other hand, training services aim at providing education programs to mitigate the knowledge gaps. Several companies actively provide online training to their end-users with the help of user manuals, blogs, video instructions, and help forums.
BFSI vertical is estimated to hold the largest market size in 2017
The Banking, Financial Services, and Insurance (BFSI) vertical offers significant opportunities for the growth of the Cloud Storage Market, due to the generation of large data volumes, which creates the need for highly secured data storage. The BFSI vertical is concerned about data security and privacy issues. This vertical can access better security features through the security tools that accompany the cloud storage solutions and services.

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North America region is estimated to hold the largest market size in 2017

North America is estimated to hold the largest market size in Cloud Storage Market in 2017, while Asia Pacific (APAC) is projected to be the fastest-growing region during the forecast period. North America is a matured market in terms of cloud adoption, due to various factors, such as standards, regulations, advanced Information Technology (IT) infrastructure, presence of a large number of enterprises, and the availability of proficient technical expertise.

The major providers of cloud storage solutions and services are AWS (US), IBM (US), Microsoft (US), Google (US), HPE (US), VMware (US), Rackspace (US), and Dell EMC (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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