The Incredible Growth of Cloud Storage Industry 2020

 Cloud storage is a complete solution package including software and services that help to manage, maintain, and store data in a virtual environment. Cloud storage enables users, both large and small & medium enterprises to store and access relevant information from data centers via internet. Cloud storage gives additional cost benefits to enterprises, as it does not require any on-premise storage and hardware components. 

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In recent years, cloud storage adoption has reached newer heights, owing to rise in need for advanced data storage, large resource scalability, and data mobility across various industry verticals such as banking, government, manufacturing, telecommunication & IT, retail, and healthcare. Cloud storage solution is delivered through multiple deployment modes such as private, public, and hybrid models.

Rise in demand for low cost data storage and faster data accessibility and increase in cloud adoption across several industry verticals majorly drive the growth of the market. Moreover, factors such as significant shift to hybrid cloud as primary deployment model and rise in concerns of data recovery and protection drive the market growth. However, lack of IT infrastructure in underdeveloped nations and security concerns over cloud storage hinder the market growth. On the contrary, surge in cloud adoption among SMEs and cloud services as well as increasing awareness of cloud computing benefits are anticipated to offer lucrative opportunities for the market.

The report analyzes the profiles of key players operating in the market, which include Alibaba Group Holding Limited, Amazon Web Services, Inc., Cisco Systems, Inc., DELL EMC, Google LLC, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, and Rackspace Hosting, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and others, which drive the growth of the global cloud storage market.