CHICAGO, Sept. 7, 2020 /PRNewswire/ -- According to a new market research report "Cloud Storage Market by Component (Solutions and Services), Application (Primary Storage, Backup and Disaster Recovery, and Archiving), Deployment Type (Public Cloud and Private Cloud), Organization Size, Vertical, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Cloud Storage Market size is projected to grow from USD 50.1 billion in 2020 to USD 137.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period.
The demand for cloud storage is driven by the growing data volumes across enterprises, rising need for providing the remote workforce with ubiquitous access to data and files, and cost-saving and low Total Cost of Ownership (TCO) benefits of cloud storage solutions.
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The solutions segment to hold a larger market size during the forecast period
The solutions segment is projected to contribute majorly to the market among the components, while the services segment is projected to witness a higher growth rate during the forecast period. This growth is supported by the rising transition of enterprises from on-premise hardware based storage to cloud environments for 24X7 access, cost efficiency, and scalability along with the rising demand for data backup and disaster recovery solutions.
File storage segment to hold the largest market size in 2020
The growth of file storage segment is mainly attributed to the growing focus of organizations to achieve better collaboration and productivity whilst managing and storing their day-to-day data for anytime, anywhere access. File storage solutions are best-suited for user home directories, application development, and media storage, which makes it an efficient solution for archiving and primary storage.
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North America to hold the largest market size during the forecast period
The North American Cloud Storage Market is already mature for cloud storage solutions. Currently, the United States (US) holds the highest share in the Cloud Storage Market country is home to well-established suppliers as well as end-user industries that continuously adapt to newer technologies for improved business productivity and work efficiency. Companies in the US are adopting cloud storage solutions to reap the benefits, such as high flexibility and scalability and negligible maintenance costs. The US is also home to several small as well as large cloud storage solution providers, such as AWS, Microsoft, Google, HPE, Dell Technologies, Oracle, and IBM, which is among the key driving factors for the growth of the Cloud Storage Market in the country.
Market players profiled in this report include AWS (US), Google (US), Microsoft (US), IBM (US), Huawei (China), Alibaba Cloud (China), Oracle (US), Rackspace Technology (US), HPE (US), Dell Technologies (US), Dropbox (US), Box (US), Tencent Cloud (China), Fujitsu (Japan), VMware (US), NetApp (US), Hitachi Vantara (US), Scality (US), Citrix (US), UpCloud (Finland), DigitalOcean (US), Vultr (US), MinIO (US), Zadara (US), pCloud (Switzerland), Wasabi (US), Sync (Canada), and Degoo (Sweden). These players offer various cloud storage solutions to cater to the demands and needs of the market. Major growth strategies are adopted by the players including partnerships, collaborations and agreements, and new product launches/product enhancements.
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