Cloud Storage Market Worth $74.94 Billion by 2021 – MarketsandMarkets

According to a new market research report Cloud Storage Market by Solution (Primary Storage, DR & Backup Storage, Cloud Storage Gateway & Data Archiving), Service, Deployment Model (Public, Private & Hybrid), Organization Size, Vertical & Region – Global Forecast to 2021 (157 pages, 55 figures, $7,150), published by MarketsandMarkets, the market size is estimated to grow from $23.76 billion in 2016 to $74.94 billion by 2021, at a CAGR of 25.8% from 2016 to 2021.

The key forces driving the cloud storage market include the increasing adoption of hybrid cloud storage, growing need for enterprise mobility, and need for easy deployment of cloud storage solutions. Cloud storage solutions also provide scalability and flexibility to scale up or scale down the storage capacity. With the increase in the adoption rate of cloud storage among SMEs, the cloud storage market is expected to gain major traction during the forecast period.

Cloud storage gateway solution is expected to grow
at the highest CAGR during the forecast period
 The cloud storage gateway solution has gained importance over the years owing to its easy integration into the existing infrastructure of the enterprises. This solution provides additional features such as encryption, compression, and de-duple to make effective use of the available network bandwidth and transfer data rapidly on cloud.

Managed services segment is expected to grow
at the highest rate during the forecast period
Among services, the managed services segment is expected to grow at the highest rate in the cloud storage market during the forecast period. Managed services allow enterprises to focus on their core businesses, service quality, and better end user experience while delivering optimized and quality IT services. MSPs offer remote management and monitoring of IT infrastructure of the end user under a subscription model. Therefore, enterprises are increasingly opting for managed services to overcome the challenges of budget constraints and technical expertise as MSPs have specialized resources, infrastructure, and industry certifications.

North America is expected to contribute the largest market share
AsiaPac to grow the fastest
North America is expected to hold the largest market share and dominate the cloud storage market from 2016 to 2021 owing to large investments in cloud-based solutions, early adoption of new and emerging technologies, and high internet penetration. The APAC region is in the initial growth phase; however, it is the fastest-growing region. The key reasons for the high growth rate in APAC are growing demand for hybrid cloud storage, increasing need for enterprise storage, and rising cloud-based applications.

The major vendors providing cloud storage solutions and services are Amazon Web Services, IBM Corporation, Microsoft Corporation, VMware Inc., HPE, Google, Inc., Oracle Corporation, EMC Corporation, Rackspace Hosting, Inc., and Dropbox, Inc.