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Global Cloud Storage market to touch $100 billion by 2023: KBV Research

Global Cloud Storage market to touch $100 billion by 2023: KBV Research

Global cloud storage market is expected to touch $100.8 billion by 2023, growing at a CAGR of 22% during the forecast period (2017-2023), as per a report by KBV Research.

Cloud storage helps enterprises to maintain, manage and backup data, which can be accessed by the allowed users from anywhere, at any time.

The growth of cloud storage market is majorly driven by rising need for enterprise mobility, internet of things (IoT), rapid adoption of hybrid cloud, and need for lower CapEx and OpEx.

  • By Deployment Model:

Public Cloud dominated the market in 2016, and will continue its dominance till 2023.

Hybrid Cloud market will grow at a CAGR of 22.4% during the forecast period and reach $25.2 billion by 2023.

Whereas, Private Cloud market is expected to grow at a CAGR of 22.4% during the forecast period.

  • By Solution Type:

Primary Cloud Storage market was dominated by North America in 2016. This market is expected to grow at a CAGR of 17.1% during the forecast period, with North America dominating it till 2023.

Disaster Recovery & Backup Cloud Storage market was dominated by Europe, and it will grow at a CAGR of 19.2% during the forecast period.

Whereas, Cloud Storage Gateway market was dominated by APAC region. It is expected to witness a CAGR of 23.1% during the forecast period.

  • By Vertical:

In 2016, BFSI market held the largest market share in cloud storage market. This market is expected to dominate the market till 2023, showing a CAGR of 20.4% during the forecast period.

Healthcare market and Government & Public-sector market will grow at a CAGR of 21.5% and 22.6%, respectively, during the forecast period.

Also read: Global virtual Evolved Packet Core market expected to touch $9 billion by 2023: KBV Research

As per the report, IBM, Microsoft, Google, and Oracle are the forerunners in global cloud storage market.

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