News • 21.08.2017

Forecast to 2023 for the global cloud storage market

Challenges, key vendors, drivers and trends for the next five years

Photo: Business man tapping a graphic of a cloud; copyright: panthermedia.net /...
Source: panthermedia.net / stokkete

The global cloud storage market is expected to grow at approximately 104 billion US dollars by 2023, at 25 percent of CAGR between 2017 and 2023. Major key players are Amazon Web Services, IBM Corporation, Microsoft Corporation, VMware Inc., HP Enterprise Company, Google Inc. and Oracle Corporation, all from the U.S.

Cloud storage allows enterprises to store data on remote servers that can be accessed through internet. These remote servers are maintained, operated and managed by cloud storage service providers. Cloud storage is basically a virtual mode of data storage. The data stored on cloud can be accessed and shared across devices through internet.

Major factors driving the growth of cloud storage market are high demand for hybrid cloud storage and growing need for enterprise mobility. Need for easy implementation of cloud storage systems is another factor fueling the growth of cloud storage market. The solution segment is further classified into primary storage, cloud storage gateway, data archiving, disaster recovery and back up storage.

Regional analysis of the global cloud storage market

The global cloud storage market, by geography, has been segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America. Asia-Pacific is projected to grow at the fastest rate during the forecast period.

In the global cloud storage market, Asia Pacific is anticipated to witness relatively faster adoption and hence the growth rate as compared with other regions. Within Asia Pacific, the reasons fueling the market growth are the growing demand for hybrid cloud storage, increasing need for enterprise data storage, and rising cloud-based applications.

Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of cloud storage market. In Europe, the presence of several market players that provide cloud services have fueled the market growth. The presence of high end infrastructure ensures higher penetration of internet and hence better connectivity.

It has been observed that North America is estimated to account for the largest share of the market. The highest market share in North America region is attributed to early adoption of new technologies and larger investments in cloud based solutions.

Some factors hamper the growth of the cloud storage market

The cloud storage market has been segmented on the basis of solution, service, deployment and vertical. The managed services is expected to grow at the highest rate during the forecast period owing to better user experience. Managed services offer remote management of IT infrastructure and hence large number of companies are opting for managed services.

Data security is a major restraining factor in cloud storage. Due to rapid growth in malicious hacking technologies, data security is at risk and can lead to heavy losses for the company if critical data is hacked. Other restraining factors in cloud storage market would be regulatory compliance issues and lack of high network bandwidth for data transfer. These issues can cause hindrance in growth of cloud storage market.

Source: Market Research Future

related articles:

popular articles:

Thumbnail-Photo: Payment and retail - what happens after the crisis?...
09.07.2020   #brick and mortar retail #payment systems

Payment and retail - what happens after the crisis?

Interview with Christine Bauer from CCV

We ask Christine Bauer, Vice President International Sales of the payment service provider CCV, which has been firmly established in Germany for 25 years and internationally for 60 years.Mrs Bauer, CCV has been on the market for a very long time, ...

Thumbnail-Photo: Creative criminal meets intelligent security system...
28.05.2020   #security #brick and mortar retail

Creative criminal meets intelligent security system

Interview with Ralph Siegfried, Business Development Manager at Axis Communications GmbH

Stores come in different sizes, have different settings and vary in product selection. That’s also why they need a customized loss prevention and security solution. What are some options for retailers and what key elements do they need to ...

Thumbnail-Photo: Interface for quick serial emulation and enhanced mPOS integration...
26.06.2020   #POS systems #software applications

Interface for quick serial emulation and enhanced mPOS integration

APG expands mobile interface portfolio to enhance connectivity options at the point of sale

APG Cash Drawer, a fast-growing global manufacturer of cash management solutions, announced today the release of a new USB interface option: the 485 USBProLite™ USB to Serial Emulation Interface. This interface solution extends the ...

Thumbnail-Photo: Bright future for Copenhagen-based Irma Store...
15.06.2020   #electronic shelf labels (ESL) #price labelling

Bright future for Copenhagen-based Irma Store

Automatic price updates with ESL

Irma Smedetoften is located in the heart of Copenhagen's Northwest Quarter. The area around the Irma store is part of an urban development project where, among other things, the local trade district will be strengthened. Irma has also recently ...

Thumbnail-Photo: Quantity discount on the WIMIsys PT51!
05.08.2020   #POS systems #displays

Quantity discount on the WIMIsys PT51!

From now until September 30th: 10% discount on the WIMIsys PT51 POS System when purchased together with a Swissbit TSE solution

Are you looking for TSE compliant POS solution for your customers in bakery, restaurant or retail shop? ...

Thumbnail-Photo: Stay safe with VariPOS
11.05.2020   #cashpoints #terminals

Stay safe with VariPOS

How technology helps – Stay safe at the point of sale

Technologies for product identification and payment authentication are great for improving the customer experience with speed and accuracy, but these technologies are also being seen as beneficial in the wake of the Coronavirus Pandemic. ...

Thumbnail-Photo: Europe to dominate open banking implementation...
26.05.2020   #mobile payment #payment systems

Europe to dominate open banking implementation

Instant messaging users to reach 4.3 billion in 2020, as new payment services emerge

A new study from Juniper Research found that the number of instant messaging users will reach 4.3 billion in 2020, rising from 3.9 billion in 2019. This is a growth of 9 percent year-on-year, largely driven by an increased need for remote ...

Thumbnail-Photo: Electronic shelf labels: photo store introduces new technology...
09.05.2020   #electronic shelf labels (ESL) #electric displays

Electronic shelf labels: photo store introduces new technology

Cooperation between Photografica and Delfi Technologies

Photografica is a professional photography store in the heart of Copenhagen. Here, personal counseling and service play a crucial role. To the benefit of both employees and customers, the store has installed electronic price tags.With a central ...

Thumbnail-Photo: COVID-19 accelerates adoption of contactless payments...
20.05.2020   #payment systems #coronavirus

COVID-19 accelerates adoption of contactless payments

Consumers around the world are switching to contactless to help with social distancing

RBR’s Global Payment Cards Data and Forecasts to 2024 reportreveals how increased contactless card issuance and acceptance combined with changes in consumer behaviour are driving growth in contactless payments. In 2018, the number of ...

Thumbnail-Photo: SALTO releases the SALTO Neo Cylinder
18.08.2020   #access control #access control systems

SALTO releases the SALTO Neo Cylinder

State of the art, wireless access control technology

SALTO Systems, a leading manufacturer of electronic access control solutions, has released the SALTO Neo Cylinder – a new electronic cylinder that offers more features and better functionality than any other cylinder on the market. ...

Supplier

Adasys GmbH – a Poindus Company
Adasys GmbH – a Poindus Company
Max-Planck-Straße 10
70806 Kornwestheim
APG Cash Drawer
APG Cash Drawer
4 The Drove
BN9 0LA Newhaven
Delfi Technologies GmbH
Delfi Technologies GmbH
Landgraben 75
24232 Schönkirchen
POS TUNING Udo Voßhenrich GmbH & Co KG
POS TUNING Udo Voßhenrich GmbH & Co KG
Am Zubringer 8
32107 Bad Salzuflen
Reflexis Systems GmbH
Reflexis Systems GmbH
Kokkolastr. 5-7
40882 Ratingen
Poindus HQ - Taiwan
Poindus HQ - Taiwan
5F., No.59, Ln. 77, Xing-Ai Rd.,Neihu Dist.
Taipei City 114
Apostore GmbH
Apostore GmbH
Uferstraße 10
45881 Gelsenkirchen
SALTO Systems GmbH
SALTO Systems GmbH
Schwelmer Str. 245
42389 Wuppertal
CCV GmbH
CCV GmbH
Gewerbering 1
84072 Au i.d.Hallertau