According to a new market research report, "Cloud Storage Market by Solutions (Primary Storage Solution, Backup Storage Solution, Cloud Storage Gateway Solution, and Data Movement and Access Solution) - Global Forecast and Analysis to 2020", published by MarketsandMarkets, The global Cloud Storage Market is expected to grow from USD 18.87 Billion in 2015 to USD 65.41 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 28.2% during the forecast period.
The market report defines and segments the Cloud Storage Market globally into various segments. This report also provides an in-depth analysis and forecast of regional Cloud Storage Market size. The report identifies the key driving factors, restraints, challenges, and opportunities impacting this market and shaping the future roadmap.
The report also focuses on key adoption trends, future opportunities, and business cases in this market. MarketsandMarkets expects that increased adoption of cloud storage solutions across the healthcare & life science industry will drive this market towards high growth rate. The factors such as increasing adoption of cloud storage solutions by the large enterprises are driving the Cloud Storage Market globally.
The demand for this market is also being driven by big data and increasing adoption of cloud storage gateway. Niche players such box, Acronis, and Avere Systems provide a majority of the cloud storage solutions and many other companies have emerged and are expected to evolve in the coming time. In 2015, North America is estimated to be the top contributor in the Cloud Storage Market due to increasing technological acceptance and high awareness about emerging data storage concerns in the organization. However, APAC and some countries in MEA are expected to show tremendous growth in this market.
The Cloud Storage Market is broadly segmented by type: solutions and services; by solution: primary storage solution, backup storage solution, cloud storage gateway solution, and data movement and access solution; by service: consulting services, system and networking integration, and support training and education; by deployment model: public, private, and hybrid; by organizational size into SMBs and large enterprises; by vertical: BFSI, manufacturing, retail and consumer goods, telecommunication and IT, media and entertainment, government, healthcare and life sciences, energy and utilities, research and education, and others; and by region: North America, Europe, APAC, Latin America, and MEA.
Various assumptions have been taken into consideration for the market sizing and forecasting exercise of this market. Some of the key assumptions include political, economic, social, technological and economic factors. For instance, exchange rates, one of the economic factors, are expected to have a moderate rating of impact on this market. Therefore, dollar fluctuations are not expected to seriously affect the forecasts in the emerging regions.
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