In recent scenario, growing preference among several enterprises to handle complex database generated by mobile technologies and to saving the important data in the cost-effective cloud model is expected to open new growth avenues for the players over the coming years. Furthermore, robust increase in the number of internet users, rising need for complex data storage for numerous SMEs and increasing preference for easy deployment of the model will aid in the market growth in the near future. However, shortage of high network bandwidth is a major concern, which may hamper the growth of the market in the forthcoming years.
Cloud storage is a data storage model, where data is managed, maintained, backed up and made available to data users within a network. This model is based on a virtual infrastructure with reachable interfaces, scalability, instant elasticity, and multi-tenancy. Data are stored in a pool across commodity servers and are administrated by a third-party provider.
The global market has been segmented based on solution into primary storage, disaster recovery & backup storage, cloud storage gateway and data archiving. The cloud storage gateway solution has emerged as a major solution segment and is projected to witness a double-digit growth over the forecast period on account of its easy incorporation into the existing infrastructure of the organizations coupled with growing global adoption due to various advantages such as de-duplication to make efficient use of the accessible network bandwidth, rapid data transfer on cloud, compression and easy encryption.
The market has been further segmented based on service into training and consulting, cloud integration and migration services, support and maintenance and managed services. The managed services segment is a major service segment and is expected to grow at a significant rate during the forecast period owing to its growing adoption amongst enterprises to enhance their core businesses by offering better service quality, and improved end-user experience. In addition, managed service also helps the enterprises to overcome the issues related to technical expertise & budget constraints with the support of specialized infrastructure, resources & certifications. Furthermore, the market has been segmented based on deployment model, organization size and vertical.
North America is a major market for cloud storage and is estimated to continue its dominance during the forecast period on account of rising investments in cloud-based technologies, early adoption of advanced technologies and growing internet penetration in the region. Asia Pacific is a fastest growing market and is anticipated to grow at the highest CAGR during the study period due to the increasing demand for hybrid cloud storage solutions, growing need for storing vital data among organizations and expanding network of cloud-based applications in the region.
The key players include Amazon Web Services, IBM Corporation, Microsoft Corporation, VMware, Inc., Hewlett-Packard Enterprise Company, Google, Inc., Oracle Corporation, EMC Corporation, Rackspace Hosting, Inc. and Dropbox, Inc. The emergence of improved and advanced gateway support solutions will help the major players to gain significant market share during the estimated period.
In March 2015, Google has launched “nearline storage” a cloud-based storage platform that aims near-instant availability at the bottom prices.
In May 2016, EMC Corp. a subsidiary of Virtustream has launched “Virtustream Cloud Platform”. It is designed for public sector and the large enterprises.
In June 2016, Tata Communications has introduced “IZOTM Cloud Storage”, a scalable & simple storage service portfolio.
In June 2016, Backblaze has launched its low-cost cloud storage service.
In Sep 2016, Oracle has introduced its second generation cloud infrastructure to give a serious competition to Amazon. This solution is designed for third-party developers to operate their applications in Oracle data centers.
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