The "Global Cloud Storage Market by Component (Solutions, Services), Application (Primary Storage, Backup & Disaster Recovery, Archiving), Deployment Type (Public Cloud & Private Cloud), Organization Size, Vertical and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global cloud storage market 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 need for achieving scalability and flexibility while significantly reducing data storage infrastructure costs to drive the growth of cloud storage market
The cloud storage market is expected to grow at a fast pace, owing to 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.
Solutions segment to hold a larger market size in 2020
The solutions segment is projected to contribute majorly to the market, while the services segment is projected to witness a higher growth rate during the forecast period. This growth these segments are supported by the rising transition of enterprises from 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.
By vertical, Banking, Financial Services, and Insurance (BFSI) industry to register the largest market size during the forecast period
The BFSI vertical is expected to hold the largest market size in the cloud storage market. With rising volumes of data across the BFSI vertical, the need to improve the operational efficiency, productivity, and security while efficiently storing and managing the data has increased drastically. As a result, organizations are keen to implement scalable and flexible storage solutions.
Middle East & Africa (MEA) to register the highest growth rate during the forecast period
Springing businesses, increasing demand for low cost and flexible data storage options, and growing technology assimilation combined with growing focus of government agencies on digital transformation have allured many cloud storage providers to expand in MEA, with which the demand of cloud storage solutions is expected to rise in the region. The major countries to witness high growth rates in this region include Kingdom of Saudi Arabia (KSA), South Africa, and United Arab Emirates (UAE) among others.
Growing Data Volumes Across Enterprises
Growing Need to Provide the Remote Workforce With Ubiquitous Access to Data and Files
Cost Saving and Low TCO Benefits
Lifetime Storage and Egress Costs Associated With Public Cloud Environments
Latency and Network Outage Issues Associated With Public Cloud Environments
Emergence of Distributed Storage Arrays
Infusion of AI to Achieve Data Integrity
Rise of Containerization
Data Privacy and Security Concerns
Impact of COVID-19 on Cloud Storage Market
For more information about this report visit https://www.researchandmarkets.com/r/vi95er
View source version on businesswire.com: https://www.businesswire.com/news/home/20201020005684/en/
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