The cloud storage market size is expected to grow from USD 78.6 billion in 2022 to USD 183.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period. The demand for cloud storage is driven by emerging data volumes across enterprises, evolving requisite for provision of the remote workforce with ubiquitous access to data and files, and cost-saving and low Total Cost of Ownership (TCO) benefits of cloud storage solutions.
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The services component grow at a higher CAGR during the forecast period
Services play a crucial role in the cloud storage market as these services help before and after the deployment of cloud storage solutions to the clients. Service providers assist their clients in various phases, such as planning, deploying, maintaining, and upgrading cloud storage solutions. The following chapter explains the importance of cloud storage services, such as consulting; integration and implementation; and training, support, and maintenance.
Backup and Disaster recovery segment to grow at the highest CAGR during the forecast period
Backup and disaster recovery applications protect enterprise application data during disasters. They enable customers and enterprises to store and run their systems on the cloud, reduce costs, accelerate the recovery process, and free up resources for other important tasks. These solutions are gaining popularity as they are more reliable and save enterprises the task of maintaining the costly hardware infrastructure needed for backup and disaster recovery. The use of mock drill platforms for disaster recovery enables the addition of resources that can be deployed online in the event of a disaster; this further reduces the recovery time after a major failure. The benefits offered by disaster recovery and backup solutions include data synchronization, online viewing, and easy accessibility.
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The major players in the cloud storage market are AWS (US), Google (US), Microsoft (US), IBM (US), Alibaba Cloud (China), Huawei (China), Oracle (US), Rackspace Technology (US), HPE (US), Dell Technologies (US), Dropbox (US), Box (US), Tencent Cloud (China), Fujitsu (Japan), VMware (US), NetApp (US), Hitachi Vantara (US), Scality (US), and Citrix (US). These players have adopted various growth strategies, including new product launches, partnerships, agreements, mergers and acquisitions, and business expansions. Product enhancements, business expansions, and partnerships were the major strategies adopted by these players to achieve a strong foothold in the cloud storage market.
IBM is one of the leading providers of cloud platform services and cognitive solutions, which works across domains such as cloud, IT infrastructure, security, services, and research. The company operates in more than 175 countries and caters to industries worldwide. The company functions through six main segments: Global Technology Services, Cloud and Cognitive Software, Global Business Services, Systems, Global Financing, and Other. IBM offers infrastructure, hosting, and consulting services in customer relationship management, business analytics optimization, outsourcing, software, and security. The company is focused on developing solutions and products powered by the latest technologies, including AI and ML, analytics, big data, and IoT. The company also offers services to help clients transform their businesses, and the service portfolio comprises application services, security, Business Processes and Operations (BPO), cloud services, digital workplace services, and more.
Microsoft’s, one among the leading Cloud storage solutions and service providers, major cloud offerings include SaaS (Microsoft Dynamics Online [Enterprise Resource Planning (ERM) + CRM] and O365 Online), and IaaS and PaaS (Microsoft Azure [compute, integration, and networking]). Microsoft has invested heavily in managed services for hybrid cloud, IoT, and edge computing platforms. Innovations, such as Azure Sphere, Digital Twins, and Azure IoT Central, have placed Microsoft ahead of its competition in the IIoT and edge computing industries. The company introduced Azure Edge Zones, a convergence of cloud managed services, hardware, and high-speed 5G networks. In the cloud storage market, Microsoft offers the Microsoft Azure Storage platform, a cloud storage solution that encompasses various data storage services, including Azure Blobs, a scalable object store for text and binary data; Azure Files, a managed file sharing service for cloud deployments; Azure Queues, a messaging store for messaging between application components; Azure Tables: a NoSQL store for schema-less storage of structured data; Azure Disks, block storage volumes for Azure VMs.
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