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The Global Cloud Storage Market size is expected to reach $100.8 billion by 2023, rising at a market growth of 22% CAGR during the forecast period. Cloud storage is a service model that offers a platform to maintain, manage, and backup data remotely and at the same time, ensure data availability to users over a network (typically the Internet). The cloud data storage services are paid on a per-consumption, and monthly rate. Though the per-gigabyte cost is cheaper, the cloud storage providers have nevertheless, added operating expenses, making the technology relatively expensive. Rapid adoption of hybrid cloud storage, growing need for enterprise mobility for improved efficiency, significant growth in Internet of Things (IoT), and need for lower Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) are the factors that drive the growth of the market during the forecast period.
Based on Type, the market report segments the market into Solution and Services. Solution type includes Primary Storage, Disaster Recovery & Backup, Cloud Storage Gateway, and Data Archiving. Services type includes Professional and Managed Services. Based on Organization Size, the Cloud Storage market segments the market into Small & Medium Enterprises and Large Enterprises. Based on Deployment Model, the market report segments the market into Public Cloud, Private Cloud, and Hybrid Cloud. Based on Vertical, the market report segments the market into BFSI, IT & Telecom, Retail, Healthcare, Manufacturing, Government & Public-Sector, Media & Entertainment, and Others. Based on Regions, the Cloud Storage market segments the market into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The market research report covers the competition analysis of key stake holders of the Global Cloud Storage Market. Key companies profiled in the report include IBM Corporation, Amazon.com, Inc. (Amazon Web Services), Microsoft Corporation, Google Inc., Oracle Corporation, Vmware, Inc., Hewlett Packard Enterprise (HPE) Company, Red Hat, Inc., Rackspace, and Dropbox.