Comprehensive Report on Global Cloud Storage Market by Knowledge Sourcing Intelligence
Global cloud storage market is anticipated to grow at a CAGR of 29.73% during the forecast period to reach a total market size of US$92.488 billion by 2022, increasing from US$25.171 billion in 2017. Rising demand for flexible and scalable data storage solutions is driving the cloud storage market across the globe. These solutions have a wide range of applications in various sectors such as communication technology, media and entertainment, BFSI, healthcare, and retail among others
Huge investments by various market players to improve the performance and security of the cloud storage solutions has resulted in increasing adoption of these solutions, thereby driving the market growth. However, persisting data security issues associated with the use of cloud storage will inhibit the growth of the cloud storage market to some extent.
Increasing Adoption of Cloud Solution Across Industry Verticals:
Companies and organizations across the globe require an effective, secure and cost-effective solution to manage their data. Cloud storage solutions help companies and organizations reduce their operational cost by saving money on many fronts such as server maintenance, power and cooling costs and software licensing and upgrade expenses. This will drive the demand for cloud storage solutions during the forecast period.we have done market research with respect to all segmentation like by industry , by type and others.
Cloud storage solutions ensure data back-up and the ability to retrieve the latest version of the data in case of an on-site system failure or a disaster such as an earthquake or a flood. Cloud solutions improve connectivity among employees and save time, resulting in increased efficiency of business operations. Data recovery, improved collaboration and ease of resource management will further add to the growing demand for cloud storage solutions.
Global Cloud Storage Market by Industry:
By vertical, the global cloud storage is segmented as BFSI, education, communication and technology, media and entertainment, manufacturing, energy and power, government, healthcare, and retail among various others. Continuous improvements in technology and marketing strategies of the cloud storage providers have led to the growth of its market across all industry verticals. Sectors such as BFSI, education, media and entertainment, and government have immense applications of cloud storage solutions which are boosting their market growth. Moreover, increasing adoption of these solutions in manufacturing and healthcare sectors will also contribute to their market growth over the projected period.
Global cloud storage market in BFSI industry will grow at a CAGR of XX% during the forecast period to reach a total market size of US$XX.XX billion by 2022 from US$XX.XX billion in 2016. This industry is witnessing an increasing demand for efficient cloud storage solutions to store and manage immense amount of data being created every day. Flexibility and cost savings along with increasing security and reliability of these solutions have led to their widespread adoption by nearly all the market players in this industry.
Increasing competition in the BFSI industry has elevated the need to implement smarter business platforms which are agile, adaptable and easily implementable. Reliable backup solutions, along with improved mobile data synchronisation, data portability and many other features offered by cloud storage solutions are driving their market in this industry. Moreover, increasing popularity of digital banking platforms can be seen as a huge growth opportunity of cloud storage market in this industry. Automation of processes and migration of front-end activities to digital channels, offered by digital banking platforms, are skyrocketing the demand for cloud storage solutions by various market players in this industry. For instance, Singapore-based digital bank DBS is using cloud storage solution from Microsoft to promote innovation, security and productivity.
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