Cloud Storage Market to Cross the $200 Billion in Sales a Year by 2027 -- ResearchAndMarkets.com

  • The services segment is expected to exhibit significant growth during the forecast period in the cloud storage industry. 

  • The telecom & IT industry generated the highest cloud-storage revenue in 2019, owing to the adoption of cloud technology in this industry.

  • Overall, government & education, BFSI, and healthcare industries are expected to exhibit significant growth rates during the forecast period, owing to the need for cost-effective big data storage for stakeholders.

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The cloud storage market size was valued at $46.12 billion in 2019, and is projected to reach $222.25 billion by 2027, growing at a CAGR of 21.9% from 2020 to 2027, according to ResearchandMarkets.com. Among the key findings by analysts in a report released this summer, the solution segment dominated the cloud storage market share. However, the services segment is expected to exhibit significant growth during the forecast period in the cloud storage industry.  The hybrid segment dominated the cloud storage market share in 2019. However, the public segment is expected to exhibit significant growth during the forecast period. The large enterprises segment dominated the cloud storage market revenue in 2019. However, analysts expect the small and medium enterprises segment to exhibit significant growth by 2027.

The telecom & IT industry generated the highest cloud-storage revenue in 2019, owing to the adoption of cloud technology in this industry. However, the Banking, financial services and insurance (BFSI) sector is expected to witness a considerable growth in the future.

Region-wise, North America dominated the cloud storage market in 2019. Markets in Asia-Pacific region is expected to witness significant growth, in terms of CAGR, in the coming years

Overall, government & education, BFSI, and healthcare industries are expected to exhibit significant growth rates during the forecast period, owing to the need for cost-effective big data storage for stakeholders. Moreover, growing demand for real time data accessibility by customers of all these industries is expected to drive the cloud storage market during the forecast period.

In recent years, cloud storage adoption has rapidly increased among several industry verticals including banking, government & education, healthcare, manufacturing, telecommunication & IT, and defense, owing to increase in need for standardized and cost-effective data storage facilities. In addition, several industry verticals such as BFSI, retail, healthcare, and public sector, with a large customer base, tend to store critical business information of stakeholders in cloud storage, owing to data privacy and client information.

Analysts report that major cloud storage players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. With increase in artificial intelligence R&D initiatives across the globe, major players have collaborated their product portfolio to provide differentiated and innovative products. This study includes market analysis, trends, and future estimations to determine the imminent investment pockets.

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Nicholas Cooper