Cloud Storage Market Research Report by Forecast to 2023
Summary Emerging technologies such as internet of things (IoT), artificial intelligence, and machine learning and its continuous evolution is likely to elicit massive demand for Cloud Storage solutions among large and small organizations. Furthermore, adoption of hybrid cloud storage is predicted to augur well for the cloud storage market till 2023. This is exemplified by the acquisition of Avere Systems by Microsoft in early 2018. The market is expected to enjoy a 25% CAGR over the forecast period. Issues related to data privacy and security can pose a challenge to the market. But emergence of private clouds which provide heightened security to users and organizations can bolster market demand over the forecast period. Investments in cloud solutions to reduce workloads and increased use of public cloud services are predicted to be the latest trends in the market.
Cloud Storage Market Research Report by Forecast to 2023
Major Key Players: • • • • • •
Amazon Web Services (U.S.) IBM Corporation (U.S.) Microsoft Corporation (U.S.) VMware, Inc. (U.S.) HP Enterprise Company (U.S.) Google, Inc. (U.S.)
Segmentation: •
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By component, the market is divided into solution and service. Within solutions, the cloud storage gateway segment is expected to gain the largest share of the market. This can be credited to its easy integration into the company network architecture. On the other hand, training and consulting services are likely to garner high demand for the cloud storage market by the end of the forecast period. Emergence of various training centers to enlighten and polish the skill of personnel can generate high returns. Deployment models include public, private, and hybrid. The public model held the highest market share in the market owing to adoption of novel methods by enterprises to streamline their operations and reduce costs. But the hybrid model is expected to grow at a rapid velocity owing to advanced encryption and safety features.
Regional Analysis: Region-wise, the North America region is expected to dominate the cloud storage market over the forecast period. This can be credited to early adoption of cloud by companies for data storage requirements and investments in cloud-based solutions.
