Portland, OR -- (SBWire) -- 03/01/2018 --The services segment including professional and managed services are on high demand in cloud storage market, due to increase in need to manage data throughout the lifespan, from conception and storage to archiving at the appropriate space and time. Moreover, cost savings on total cost of ownership has also augmented the cloud storage market growth.
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Cloud Storage Market is expected to reach $97,415 million by 2022, growing at a CAGR of 24.8% from 2016 to 2022. Cloud storage is a complete solution package offered by cloud storage providers such as Amazon Web Service, Inc., IBM Corporation, VMware, Inc., and many others to maintain, manage, and store all kind of data in a private or public data center, which is accessible through the Internet from multiple locations. Cloud provides easy access to data and security to all user types including large and small and medium enterprises.
The services segment including professional and managed services are on high demand in cloud storage market, due to increase in need to manage data throughout the lifespan, from conception and storage to archiving at the appropriate space and time. Moreover, cost savings on total cost of ownership has also augmented the cloud storage market growth.
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Hybrid deployment mode is expected to grow at the highest CAGR during the forecast period, owing to elasticity between private and public cloud, thus saving cloud cost and efficient data management. Furthermore, private cloud deployment mode also gains traction among SMEs due to lucrative business functions with lower cost and more effective operational solutions.
Based on the geography, the cloud storage market is segmented into four major regions, namely, North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2015, accounting for around 35.6% share of the overall cloud storage market size. The Asia-Pacific market is projected to grow at the highest CAGR of 27.2% during the forecast period, driven by cloud adoption among SMEs from various sectors including insurance, retail, healthcare, business service providers, and many others.Key players profiled in the study are Amazon Web Services, Inc., Microsoft Corporation, IBM Corporation, Hewlett Packard Enterprise Development LP, Google, Inc., VMware, Inc., Rackspace Hosting, Inc., Oracle Corporation, EMC Corporation, and Red Hat, Inc.
Cloud Storage Market to Upsurge with a Whooping of $97,415 Million by 2022
Cloud storage adoption is expected to witness high growth rate, owing to primary consideration of data storage, document management, storage security, public portal management, and many other application needs by the growing number of SMEs in the regions including Asia-Pacific and Latin America.