NEW YORK, Sept. 14, 2016 /PRNewswire/ --
"Factors such as growing demand for hybrid cloud storage, increasing need for enterprise mobility, and the need for reduced infrastructure cost are driving the cloud storage market"
The cloud storage market size is estimated to grow from USD 23.76 billion in 2016 to USD 74.94 billion by 2021, at a CAGR of 25.8% from 2016 to 2021. The cloud storage market is driven by factors such as increased adoption of cloud technology by Small and Medium Enterprises (SMEs) and the organizations' inclination toward subscription-based storage and pay-per-use model.
"Primary storage is expected to have the largest market share during the forecast period"
Cost efficiency for enterprises is the major advantage of primary storage as it charges customers based on the storage space utilized. The increasing adoption of cloud-based solutions among the enterprises is driving the growth of primary storage solution.
"North America to have the largest share of the market; Asia-Pacific (APAC) to grow at the highest CAGR"
North America is expected to hold the largest market share in 2016, while APAC is the fastest-growing region in terms of CAGR. Cloud storage helps avoid security issues and IT glitches and is therefore, growing rapidly in APAC. Cloud emergence and mandatory government regulations are simultaneously helping in boosting the growth of the cloud storage market in the region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of profiles of primary participants is given below as:
- By Company: Tier 1 - 18%, Tier 2 - 31%, and Tier 3 - 51%
- By Designation: C level - 42%, Director level - 33%, Others - 25%
- By Region: North America - 47%, Europe - 31%, APAC - 14%, ROW- 8%
The need to maintain on-premises storage resources such as disk storage and tape devices was reduced due to the availability of cloud storage solutions. Some of the benefits provided by cloud storage solutions include scalability, flexibility, infrastructure cost, and security. The increasing demand for cloud storage solutions among SMEs has further enhanced the demand for across many verticals.
The various key cloud storage providers profiled in the report are as follows:
1. Amazon Web Services (Washington, U.S.)
2. Microsoft Corporation (Washington, U.S.)
3. IBM Corporation (New York, U.S.)
4. Hewlett Packard Enterprise (California, U.S.)
5. VMware Inc. (California, U.S.),
6. EMC Corporation (Massachusetts, U.S.),
7. Google Inc. (California, U.S.),
8. Oracle Corporation (California, U.S.),
9. Rackspace Inc. Texas, U.S.),
10. Dropbox Inc. (California, U.S.),
Objectives of the Study
- To describe and forecast the global cloud storage market on the basis of solutions, services, deployment models, organization size, industry verticals, and regions
- To forecast the market size of the five main regional segments, namely North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA),and Latin America
- To strategically analyze sub segments with respect to individual growth trends, future prospects, and contribution to the total market
- To provide a detailed information regarding the major factors influencing the growth of the market
- To analyze the opportunities in the market for stakeholders and to provide details of competitive landscape for major players
- To strategically profile key players and comprehensively analyze their core competencies1 and positioning
- To track and analyze competitive developments such as mergers and acquisitions, new product developments, and partnerships, agreements & collaborations in the market
Key Target Audience
- Cloud vendors
- Application design and development service providers
- System integrators/migration service providers
- Consultancy firms/advisory firms
- Training and education service providers
- Data integration service providers
- Managed service providers
- Data quality service providers
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