Global Cloud Storage Market Forecast to 2024 released By Global Market Insights, Inc. provides market information about industry top key players, countries, type and application. This report also states company profile, sales, market revenue and price, market share, market growth and gross margin by regions, strategic recommendations for the new entrants, market forecasts for a minimum of five years of all the mentioned segments, sub segments and the regional markets.
The increasing demand for big data storage also boosts the cloud storage market growth. Companies need to store huge data and cloud-based services provide a reliable platform for the storage of data. The penetration of mobile and wireless networks further drives the need for enterprise mobility. Employees are adopting flexible work environment by working from home and working while traveling, accelerating the cloud storage industry as it connects the out-of-office workers to the enterprise environment.
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Data security is a major threat faced by the cloud storage market. Hackers and malicious attackers have seen a rapid growth and hence service providers need to adapt with the changing technology to augment their data security solutions. Furthermore, bandwidth throttling is another phenomenon restraining the cloud storage industry growth. It intentionally slows down the internet service by service providers, causing network congestion and server clashes. Growing competition in the cloud storage industry also hampers the industry growth.
On the basis of solutions, the cloud storage market is segmented into primary storage, disaster recovery and backup storage, cloud storage gateway, and data archiving. Primary cloud solution system provides basic document storage option. It provides backup for the data stored, which is easily available to the authorized people.
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Cloud storage market on the basis of industry vertical is segmented into BFSI, consumer goods, retail, healthcare, education, government, manufacturing, telecommunication, and entertainment. Banking institutions are using cloud technology to respond to the changing industry demand, providing faster server development, transparent usage billing method, and on-demand disaster recovery services.
North America holds the highest share in the cloud storage market owing to technological investments and huge investments in R&D for cloud-based solutions, early adoption of new technologies, and advanced IT infrastructure. Moreover, cheap and easy storage options result in the rapid industrial development. Asia Pacific is the fastest growing region due to the high adoption rate of hybrid cloud storage, increasing usage of cloud-based application, and increasing need for enterprise storage of data.
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The main players operating in the cloud storage market include Microsoft Corporation, HP Enterprise Company, Amazon Web Services, IBM Corporation, EMC Corporation, Google, Oracle Corporation, Rackspace Hosting, SkyDrive, Dropbox, and AT&T.