The Cloud Storage Market size is expected to grow from USD 50.1 billion in 2020 to USD 137.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period. The demand for cloud storage is driven by growing data volumes across enterprises, rising need for providing 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.
The solutions segment to hold a larger market size during the forecast period
The solutions segment is projected to contribute majorly to the market among the components, while the services segment is projected to witness a higher growth rate during the forecast period. This growth is supported by the rising transition of enterprises from on-premise hardware based storage to cloud environments for 24X7 access, cost efficiency, and scalability along with the rising demand for data backup and disaster recovery solutions.
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File storage segment to hold the largest market size in 2020
The growth of file storage segment is mainly attributed to the growing focus of organizations to achieve better collaboration and productivity whilst managing and storing their day-to-day data for anytime, anywhere access. File storage solutions are best-suited for user home directories, application development, and media storage, which makes it an efficient solution for archiving and primary storage.
The major players in the cloud storage market are AWS (US), Google (US), Microsoft (US), IBM (US), Huawei (China), Alibaba Cloud (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.
AWS is one of the prominent players in the cloud storage market that provides diverse range of cloud computing services. Moreover, it has plans to invest in new regions, product enhancements, services, technologies, and systems. For instance, in July 2020, AWS announced the availability of its Amazon Elastic Block Store (EBS) Fast Snapshot Restore (FSR) that enables the restoration of EBS volumes from FSR-enabled snapshots. Similarly, in May 2020, AWS added support for IPv6 in AWS China Region to enable access to Simple Storage Service (S3) objects using the IPv6 protocol via S3 dual-stack endpoint.
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Google is another well-known company in the cloud storage market that focuses on web-based search engines, desktop and mobile Operating System (OS), advertising and tools, and enterprise solutions, including cloud services. It continually expands its outreach across the globe to strengthen its foothold in the cloud storage market. For instance, in June 2020, Google opened Google Cloud Region in Jakarta that brings lower latency access to data and applications for Google Cloud customers in Indonesia. Moreover, the company enhances its offerings with features, including modern development environments, data migration, and ML tools to provide enterprise-ready cloud services. In January 2020, Google launched Archive, a cloud storage class in its Cloud Storage offering to offer cold cloud storage solution for long-term data retention.
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