Growing demand for low-cost data storage and faster data accessibility, rise in cloud adoption across several industry verticals drive the market growth.
PORTLAND, OREGON, UNITED STATES, October 21, 2020 /EINPresswire.com/ — Growing demand for low-cost data storage and faster data accessibility, increase in cloud adoption across several industry verticals, a significant shift to hybrid cloud as primary deployment model, and growing concerns for data recovery & protection fuel the growth of the global cloud storage market. On the other hand, lack of IT infrastructure and several security concerns over cloud storage hamper the growth to a certain extent. Nevertheless, growing cloud adoption among SMEs and increasing awareness of cloud computing benefits are expected to create multiple opportunities in the market.
The global cloud storage market was estimated at $21.1 7 billion in 2015, and is expected to hit $97.41 billion by 2022, registering a CAGR of 24.8% from 2016 to 2022. The report provides an in-depth analysis of the market, including top winning strategies, industry drivers and restraints, market size & forecast, market classification, and competitive scenario.
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Hybrid deployment mode was the highest contributor in 2019, accounting for around 23% of the global market. This segment possesses high growth potential with extended use of both private and public cloud. Moreover, cloud storage adoption is expected to witness high growth rate, owing to primary consideration of data storage, document management, storage security, public portal management, and many other applications by the growing number of SME’s in regions including Asia-Pacific and Latin America.
The key market players analyzed in the cloud storage market report include IBM Corporation, Amazon Web Services, Inc., Oracle Corporation, Red Hat, Inc., Google, Inc., Rackspace Hosting, Inc., VMware, Inc., Hewlett Packard Enterprise Development LP, EMC Corporation, and Microsoft Corporation. These market players have adopted several strategies including partnership, expansion, collaboration, joint ventures, and others to gain a stronghold in the industry.
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Based on geography, North America held the highest market share in 2015, accounting for more than one-third of the total revenue. The Asia-Pacific region, on the other hand, is projected to grow at the fastest CAGR of 27.2% during the forecast period.
Based on deployment mode, the hybrid segment contributed to two-thirds of the total market share in 2015 and is expected to dominate during the study period. Furthermore, the same segment is anticipated to grow at the fastest CAGR of 26.6% through 2016–2022.
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Based on component type, the software segment accounted for nearly three-fifths of the total market share in 2015 and would maintain its dominance during the period 2016–2022. Simultaneously, the service segment is projected to showcase the fastest CAGR of 27.0% till 2022.
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