Portland, OR -- (SBWIRE) -- 11/17/2017 -- 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.

Increase in Cloud Adoption Across Several Industry Verticals-

Several industry verticals such as BFSI, retail, healthcare, manufacturing, telecommunication & IT, media & entertainment, and many others adopt cloud services at a rapid pace, due to low cost of data storage and maintenance.

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Security Concerns Over Cloud Storage-

Security concern over safeguarding stakeholders information and private data majorly restrains the cloud storage deployment by several industrial sectors such as BFSI, government, healthcare, retail, and others.

Growing Cloud Adoption Among SMEs-

Improved customer support, enhanced business continuity, and replacement of conventional IT infrastructure are expected to create adequate space for cloud storage market growth among SMEs in the global regions, which include Asia-Pacific, Latin America, Middle East, and Africa.

Significant Shift to Hybrid Cloud As Primary Deployment Model-

High price of private cloud and risk of open threats in public cloud storage among end-users including banking, healthcare, and government sectors has generated the need of hybrid storage where flexibility is provided to switch between private and public storage space as per the need.

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.

followings are the benefits of Cloud Storage-

Simplified Convenience-
All you will need within your office is a computer and an internet connection. Much of your server hardware will no longer be necessary, not only saving you physical space but eliminating the need for maintenance and employee attention. Your cloud storage provider will maintain, manage and support your business. This frees up employees who would otherwise cover the tasks necessary for keeping your data safe and your servers up and running.

Cost Saving-
Perhaps most important in the minds of many business owners, is the cost advantage. Cloud storage is generally more affordable because providers distribute the costs of their infrastructure and services across many businesses. Moving your business to the cloud eliminates the cost of hardware and maintenance. Removing these capital expenditures and the associated service salaries from your technology expenses can translate into significant cost savings.

Enhanced security-
Instead of having hardware within your office, cloud storage is housed in a data center, providing enterprise level security, which is cost prohibitive for most individual businesses. There is also no single point of failure in the cloud because your data is backed up to multiple servers. This means that if one server crashes, your data stays safe because it is stored in other locations. The potential risk of hardware malfunction minimizes because your data is safely stored in redundant locations.

Universal File Access-
Cloud technology helps you to have access of your file from any location via internet on your PCs, laptop, tablet and phones at any time. This becomes a major expediency of cloud technology by minimizing time and creating productivity.

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The report features a competitive scenario of the cloud storage industry and provides comprehensive analysis of key growth strategies adopted by major players. 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. All these players are involved in competitive strategies including software innovation, business expansion, and partnership to augment the growth of the global cloud storage market. The global market size was valued at $21,175 million in 2015, and is projected to reach $97,415 million by 2022, growing at a CAGR of 24.8% from 2016 to 2022.