Also known as internal cloud storage, private cloud storage refers to a type of storage mechanism wherein an organization’s data are stored in in-house storage servers with the help of cloud computing and storage technology.
Like public cloud storage, private cloud storage also provides usability, scalability, and flexibility of the storage architecture. But unlike public storage, it is not publicly accessible since it is owned by a single organization along with its authorized external partners.
The private cloud storage market is a part of private cloud-based infrastructure as a service (IaaS). Private cloud storage is mainly deployed by big organizations that have heavy incoming data. It is also opted by organizations that need a higher degree of data security, such as banks, financial institutions, IT & telecom companies, and healthcare organizations.
So, increasing cybersecurity threat and the consequent rise in demand for data security will drive the global private cloud storage market. The global market is expected to post high growth numbers in the coming years due to the increasing demand for private cloud storage from large enterprises, banks & financial institutions, and IT & telecom companies.
Factors such as rising demand for data storage and faster data accessibility, and an increase in cloud adoption across several industry verticals such as BFSI, retail, manufacturing, healthcare, telecommunications & IT will affect the global Private Cloud Storage market positively.
Increasing penetration of internet services and applications like video streaming, social media, online payments, etc., has increased the need for maintaining the security of sensitive data. This, along with the increasing volume of data in sectors like government, BFSI, healthcare, telecom, retail, and IT, is going to drive the global private cloud storage market in the coming days.
Further, the global Covd-19 or coronavirus pandemic is expected to have a positive impact on cloud applications. As organizations across the globe have started implementing work from home policy to continue their business, this is expected to increase the adoption of cloud services.
The adoption of cloud storage is anticipated to increase significantly in the healthcare sector due to the coronavirus pandemic, as the need for technologies like cloud computing will increase for analyzing the growing volume of patient data. All such developments are going to provide a major boost to the private cloud storage market.
North America is a dominant market for cloud storage due to the presence of major market players in the region. The region is also a pioneer in private cloud storage market, for which it has attained high penetration of cloud computing services. Factors such as improved customer support and replacement of the existing IT infrastructure will also give a major boost to this regional market.
The Asia Pacific market is also expected to register impressive growth. This regional market is projected to grow at the fastest pace due to the high adoption rate of private cloud storage and increasing penetration of cloud services. The major players operating in the global private cloud storage market are IMB Corporation, Google, Inc., Amazom.com, Inc., Microsoft Corporation, and Oracle, among others.