A new research report, entitled "Cloud Storage Market by Component (Solutions and Services), Application (Primary Storage, Backup and Disaster Recovery, and Archiving), Deployment Type (Public and Private Cloud), Organization Size, Vertical and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Cloud Storage Market size is projected to grow at a Compound Annual Growth Rate (CAGR) of 18.5%, from USD $78.6 billion to USD $183.7 billion, over the next five years.
What is driving growth in cloud storage?
The increased engagement of cloud storage solutions is mostly being driven by the need for providing remote workers with universal access to data and files as well as increased data volumes and improved cost-saving benefits.
Services, specifically, are driving growth in the cloud storage market. That’s because they’re heavily relied upon before and after the deployment of cloud storage solutions within an enterprise. Solution providers provide services to their customers to assist them across the various phases of deployment, including – but not limited to – planning, maintaining, and upgrading.
Which cloud solutions segment will see the highest CAGR?
Backup and disaster recovery applications, which are used to protect enterprise application data during a disaster, will see the largest growth during the forecast period. These solutions have gained popularity as the technology used to support them have not only become more reliable, but also proven to save enterprises the task of maintaining the costly hardware infrastructure needed for backup and disaster recovery.
Benefits offered by disaster recovery and backup solutions include data synchronization, online viewing, and easy accessibility.
The highest CAGR will not be seen in North America, Europe, or Asia
The report states that there will be increased demand for IT infrastructure in the Middle East and Africa. Specifically, the reports expect there to be an increase in the number of investments for developing new technologies, such as cloud, AL, big data, and Business Intelligence (BI) in these two areas, which would, in turn, contribute to the higher growth rate of the cloud storage market. Cloud storage providers in these regions are increasingly using this technology to control costs and improve business operations.
Who are the key players in this market?
The report dedicates a section that identifies some of the key players who offer various cloud storage solutions to cater to the demands and needs of the modern enterprise.