The GMI Research forecasts that the cold storage market is witnessing an upsurge in demand during the forecast period. This is mainly due to the increasing adoption of cloud across multiple industries and the emerging demand for a cost-effective storage solution.
Top Manufacturers in the Cloud Storage Market:
- Microsoft
- IBM Corporation
- Google Inc.
- Amazon Web Services, Inc.
- Oracle Corporation
- VMWare
- Alibaba Cloud
- Hewlett Packard Enterprise Development LP
- Rackspace Inc.
- Dell EMC
Cloud Storage Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The increasing adoption of cloud across multiple industry verticals include healthcare, BFSI, and other industries, and the emerging demand for a cost-effective storage solution are some of the major factors surging the growth of the global cloud storage market. Moreover, the growing penetration of hybrid cloud storage owing to scalability & control, improved security, and rapid technological advancements for the development of cloud storage are the major factors increasing the adoption of cloud storage in the upcoming years.
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Cloud storage provides exceptional advantages, including reliability, easy accessibility of data, better protection at the time of the disaster, workload balance, and efficient information management. Furthermore, the continuous rise in the execution of IoT and the increasing adoption of cloud storage among the small and medium-sized businesses to reduce the Opex and Capex are further boosting the demand of the market during the forecast period. On the other hand, restricted network bandwidth and rising concerns regarding data security will hamper the growth of the global cloud storage market share in terms of revenue. The outbreak of the COVID-19 pandemic will positively impact the growth of the global cloud storage market size. The significant shift towards remote working and the increasing preference to stay at home are the emerging cloud storage market trend that will enhance the demand of the market, particularly in 2020.
Regional Drivers
Based on the region, North America is projected to grow at a higher CAGR during the forecast period. This is attributed to the strong presence of several enterprises adopting cloud storage and enhanced IT infrastructure. Moreover, rising demand for enterprise mobility to improve the efficiency, the presence of the key cloud storage vendors, growing demand for enterprise mobility to increase the efficiency, and increasing investments in the R&D activities for the cloud-based solutions are some other factors energizing the growth of the market in this region.
Cloud Storage Market Segmentation:
Segmentation by Type:
- File Storage
- Object Storage
- Block Storage
Segmentation by Component:
- Solutions
- Disaster Recovery & Backup
- Primary Storage
- Data Archiving
- Cloud Storage Gateway
- Services
- Integration & Migration
- Training & Consulting
- Support & Maintenance
- Managed Services
Segmentation by Deployment Model:
- Private Cloud
- Public Cloud
- Hybrid Cloud
Segmentation by Organization Size:
- Small & Medium-Sized Enterprises
- Large Enterprises
Segmentation by Vertical:
- Telecommunications
- BFSI
- Energy & Utilities
- IT & ITeS
- Healthcare & Life Sciences
- Education
- Manufacturing
- Government & Public Sector
- Consumer Goods & Retail
- Media & Entertainment
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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