The explosion of big data has become a major concern before every organization. The rapid adoption of information technology has resulted into a huge amount of data flow within and among enterprises. The unstructured data has increased both in small and large businesses on the back of growing internet usage, emails, video surveillance and many such activities. Although many big organizations manage to provide in house storage of big data, maintenance cost and lack of skilled people are the major concerns before them. Thus adoption of cloud storage is rapidly growing among enterprise.
The global cloud storage market is expected to grow at CAGR 29% during 2015-2021. The cloud computing storage market is majorly driven by the growing use of social media for business activities and the growing e commerce activities. Although the security and primary concerns will continue to hamper the market growth, emergence of various cloud security services will create better opportunities for the cloud storage market. Also growth in mobile cloud computing due to increase in number of smart phone users globally is driving the growth of personal cloud storage as well.
The global cloud storage market is segmented on the basis of storage types, services, deployment model, and industry verticals and region. Cloud storage is being widely used by variety of applications such as BFSI, IT & Telecommunications, Consumer goods and retail, government & defence and so on. The report provides detailed company profiles of key market players and their strategies. The report focuses on many various factors such as cloud adoption, Global online data, growing use of internet, and growing reliance on big data. The data is collected through primary and secondary research. The report discusses detailed profiles of key market players and their strategies.
By deployment models cloud computing is segmented into public cloud, private cloud and hybrid cloud. Currently the cloud storage market is dominated by public cloud storage. The primary reason for the adoption of public cloud is its cost effectiveness due to “pay as you go model”. It also brings economies of scale to the cloud service provider by optimizing operation, support and maintenance. Hybrid cloud model, is expected to grow at the highest CAGR during forecasted period as it brings together the features of both private and public cloud. Private cloud will remain popular among large enterprise and is expected to grow at flat rate.
The global cloud storage market is also segmented on the basis of solutions and services. Cloud storage services dominate the market place currently. Since most organizations are opting for public cloud storage there is a significant demand for cloud services for effective utilization of cloud storage platform. However, in the coming years cloud storage solutions is expected to have tremendous growth.
The storage solution segment is further segmented into primary storage, back up storage, cloud storage gateway solutions and data movement & access solution. Among the storage solutions primary and back up storage solutions together contribute to more than 45% of the total market share. Most of the organizations are currently more focused on opting for a better recovery solution for their data to prevent any data loss. However, there is a rapid demand for a solution that could enable secured data transfer among various platforms. Therefore, data movement and access solution is expected to grow at the highest CAGR during the forecasted period of 2015-2021.
The cloud storage service solution is further classified into consulting services, system & network integration services, and support, training and education service market. Among these services currently the market is dominated by system and network integration services. However the growing demand for skilled IT people to manage the cloud storage within and outside the organizations will drive the demand for support, training and education services. Cloud vendors and collaborating with end users companies to provide training and education about cloud storage to the in-house IT department of the organizations.
By applications the global cloud storage market is classified into banking, financial services, and insurance, consumer goods and retail cloud storage, telecommunications and it cloud storage, healthcare and life sciences cloud storage, media and entertainment cloud storage, government & defence cloud storage, research and education cloud storage, manufacturing & logistics cloud storage, and others. The cloud storage market by application is dominated by the government and defence cloud storage contributing to 18% of the total market share. The major reason behind increasing adoption of public sector is the reduction of ICT investment by the public sector by sharing of central pooled resources and infrastructure by government agencies. Cost reduction is the major concern of the governments of all the economies. Also, elimination of procurement and maintenance of huge IT infrastructure and resources provides agility by reducing the workloads and allowing focusing on the core set of activities. Moreover, the citizens are becoming techno savvy; thus, the governments across the world are realizing the importance of technology for faster processing.
However, BFSI is the fastest growing application of cloud storage. Cloud storage provides the technology and capability to analyze all customer information from all sources, which enables more effective predictive models for analyzing market and consumer risks. It also enables the banks to track user interactions across all the systems and channels in real time.
Among geographies, North America was the largest revenue generating geography in the overall global cloud storage market in 2014 with a market share of 51%. The reason for this being majority of Cloud distribution organizations are located in North America, leading to wide network and adoption of cloud storage technology. Europe is the fastest growing geography during 2015-2021.
They key players discussed in the report include Amazon Web Services, Google Inc., IBM Corporation, Hewlett Packard Company, Microsoft Corporation, AT & T Inc., Rackspace Hosting Inc., VMWare Inc. The country level analysis of each geographical region is the USP of our report. These vendors are constantly collaborating with end use application providers to get a strong hold over the market.
