Market Overview
The use of the cloud is the next biggest thing for data storage, and this is estimate to fortify the growth of the cloud storage market 2020. The ICT industry reports are produced by Market Research Future, which highlights market options for expansion. An income worth USD 104 Billion by 2030 is predicted at a 25% CAGR in the forecast period.
The escalated demand level for hybrid cloud storage is estimated to play a crucial role in the development of the cloud storage market. Moreover, the increased occurrence of remote working patterns in organizations due to the ongoing COVID- 19 pandemic is estimated to benefit the long-term growth of the cloud storage market.
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Key players
The eminent contenders in the cloud storage market are IBM Corporation (U.S.), Amazon Web Services (U.S.), Microsoft Corporation (U.S.), HP Enterprise Company (U.S.), Google, Inc. (U.S.), Oracle Corporation (U.S.), Rackspace Hosting, Inc. (U.S.), EMC Corporation (U.S.), VMware, Inc. (U.S.), Dropbox, Inc. (U.S.) among others.
Segmental Analysis
The segmental assessment of the cloud storage market is carried out on the basis of component, deployment model, vertical, and region. Based on the component, the cloud storage market is segmented into solution and service. The solution sub-segment includes primary storage, data archiving, cloud storage gateway, disaster recovery & back up storage. The service sub-segment includes cloud integration & migration, training and consulting, managed services, and support & maintenance. Based on the deployment model, the cloud storage market is segmented into the hybrid cloud, private cloud, and public cloud. On the basis of vertical, the cloud storage market is segmented into IT & telecommunication, government, retail & e-commerce, BFSI, Travel & hospitality, healthcare, education, and others. Based on the regions, the cloud storage market is segmented into Asia Pacific, North America, Europe, and the rest of the regions.
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Regional Analysis
The regional examination of the cloud storage market is being considered for regions such as Asia Pacific, North America, Europe, and the rest of the global regions. The North American regional market is anticipated to be responsible for the principal share of the global market it has been noted. The maximum market share is credited to the early use of pioneering technologies and superior funding in cloud-based solutions in the North America region. At the same time, the Asia-Pacific regional market is probable to develop at the best ever rate for the phase of the forecast.
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