MarketsandMarkets expects the Cloud Storage Market to grow from USD 30.70 billion in 2017 to USD 88.91 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period. The market is expected to grow rapidly, due to faster deployment, scalability, and agility; cloud compliance requirements; need for lower Capital Expenditure (CAPEX) and Operating Expenditure (OPEX); mobility enforcement; and uninterrupted business continuity.
The primary storage solution type is expected to hold the largest market size during the forecast period. Primary storage solutions are mainly responsible for dealing with data that is frequently used or accessed by the organizations. Primary storage solutions store the data generated directly through various business processes and applications. End-user organizations are adopting cloud storage solutions as their primary storage option. The increasing adoption of cloud applications is expected to drive the growth of primary storage solutions in the cloud. The solution type is segmented into primary storage, disaster recovery and backup, cloud storage gateway, and data archiving. The data archiving solution type is expected to record a high growth rate over the next 5 years, owing to the increasing adoption of cloud solutions across the world.
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The training and consulting service type is expected to hold the largest market size during the forecast period. These services assist in educating enterprises about strategic transformations, business assessments, solution assessments, Return on Investments (RoIs), and knowledge workshops. The service type is segmented into training and consulting, integration and migration, support and maintenance, and managed services. The managed services segment is expected to record a high growth rate over the next 5 years, owing to the increasing adoption of cloud services across the world.
Small and Medium-sized Enterprises (SMEs) segment is expected to record a high growth rate over the next 5 years. Flexibility, disaster recovery, automatic updates, low CAPEX , collaboration, document control, and security are the main reasons encouraging SMEs for migrating to the cloud environment at a rapid pace.
The hybrid cloud is a concept that incorporates the elements of both the public and private cloud. In this deployment model, enterprises use both private and public cloud at the same time. It simultaneously targets the 2 major concerns of scalability and security, which are difficult to attain by only using either the public or the private cloud deployment framework.
The consumer and retail goods vertical is expected to grow at a significant CAGR over the next 5 years, owing to increasing technological innovations, popularity of digital brands, and the ability to deliver multi-channel customer experiences. With the proliferation of online markets, retailers are adopting more innovative technologies, such as cloud computing, big data analytics, digital stores, and social networks. With the advent of online retailers and cloud technologies, the consumer goods and retail vertical has become majorly disrupted.
Asia Pacific (APAC) is projected to be the fastest-growing region in the cloud storage market, due to the increasing adoption of cloud technologies and growing data generation in the region. The vast and diverse geographic market, and the increasing customer expectations and competition are the 2 major factors leading to intense operational complexities for enterprises in the region. These complexities encourage enterprises to invest in standardized cloud storage solutions and services that can adapt to the changing competitive landscape with minimum customizations.
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