Portland, June 19, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global cloud storage market was estimated at $21.1 7 billion in 2015, and is expected to hit $97.41 billion by 2022, registering a CAGR of 24.8% from 2016 to 2022. The report provides an in-depth analysis of the market, including top winning strategies, industry drivers and restraints, market size & forecast, market classification, and competitive scenario.

Growing demand for low-cost data storage and faster data accessibility, increase in cloud adoption across several industry verticals, a significant shift to hybrid cloud as primary deployment model, and growing concerns for data recovery & protection fuel the growth of the global cloud storage market. On the other hand, lack of IT infrastructure and several security concerns over cloud storage hamper the growth to a certain extent. Nevertheless, growing cloud adoption among SMEs and increasing awareness of cloud computing benefits are expected to create multiple opportunities in the market.

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The software segment to rule the roost

Based on component type, the software segment accounted for nearly three-fifths of the total market share in 2015 and would maintain its dominance during the period 2016–2022. Simultaneously, the service segment is projected to showcase the fastest CAGR of 27.0% till 2022.

The hybrid segment to remain lucrative throughout the estimated period

Based on deployment mode, the hybrid segment contributed to two-thirds of the total market share in 2015 and is expected to dominate during the study period. Furthermore, the same segment is anticipated to grow at the fastest CAGR of 26.6% through 2016–2022.

North America to lead the trail till 2022

Based on geography, North America held the highest market share in 2015, accounting for more than one-third of the total revenue. The Asia-Pacific region, on the other hand, is projected to grow at the fastest CAGR of 27.2% during the forecast period.

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Leading market players

The key market players analyzed in the cloud storage market report include IBM Corporation, Amazon Web Services, Inc., Oracle Corporation, Red Hat, Inc., Google, Inc., Rackspace Hosting, Inc., VMware, Inc., Hewlett Packard Enterprise Development LP, EMC Corporation, and Microsoft Corporation. These market players have adopted several strategies including partnership, expansion, collaboration, joint ventures, and others to gain a stronghold in the industry.

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