Global cloud storage market is anticipated to grow at a CAGR of 29.73% during the forecast period to reach a total market size of US$92.488 billion by 2022, increasing from US$25.171 billion in 2017.
Geographically, North America holds the largest share of the global cloud storage market owing to the presence of major market players in this region. Asia Pacific is anticipated to grow at the fastest CAGR owing to increasing investments by various market players and rising investments in the IT infrastructure in this region.
Privacy And Security Concern:
Cloud storage solution is a multi-user environment and a third-party service, which increases the possibility of data leakage as the company has limited control once the data is shared. Additionally, there have been instances of external threats such as malicious hacks of cloud providers. As a result, companies and organisations are reluctant to adopt cloud storage solutions, which will restrain the increasing demand for cloud storage solution during the forecast period.
Companies are investing to improve their security features in order to avoid any security breaches or data leaks. Hence, the impact of this restraint will be limited over the next five years.
Global Cloud Storage Market By Geography:
Geographically, global cloud storage market is segmented as Americas, Europe Middle East and Africa, and Asia Pacific. Among Americas, North America holds the largest share of the global cloud storage market owing to the presence of a large number of market players and favourable government policies in this region.
Europe holds the second largest market share after North America due to increasing support by EU member states under European Cloud initiative. Asia Pacific is expected to witness the fastest growth rate over the projected period owing to the increasing digitisation and increasing penetration of internet in this region.
North America :
North America’s market for cloud storage is projected to grow from US$XX.XX billion in 2016 to US$XX.XX billion in 2022 at a CAGR of XX% during the forecast period. This region, being the early adopter of cloud storage solutions, holds the largest share in the global market. Presence of a large number of market players in this region is also contributing to the market growth. Owing to innumerable benefits offered by continuously improving cloud storage solutions, government organizations in this region are redefining their businesses and promoting the use of these solutions to deliver improved citizen services. For instance, in 2011, the U.S. government instituted Cloud First Policy to accelerate the pace of cloud adoption by requiring agencies to evaluate and adopt safe and secure cloud computing options before making any new investments. Technological advancements in cloud storage, owing to increasing investments into design and development, have increased the reliability of these solutions, thereby increasing their application across all industry verticals. For instance, in November, 2017, Amazon’s cloud storage unit announced the release of Amazon Web Services Secret Region, an advanced cloud storage service developed to handle classified information for U.S. spy agencies. Moreover, flourishing industry verticals like BFSI, education, healthcare, communication and technology, media and entertainment, and retail among others are also driving the market for cloud storage services owing to their wide range of applications in these industries.
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