The private cloud storage Market was valued at US$ 6,603.3Mn in the year 2018 and is expected to reach US$ 21,546.8 Mn by the year 2026, with a high CAGR during the forecast period. Private cloud storage is a storage mechanism for organizations to store data in their in-house storage servers by implementing technology such as cloud computing and storage. Private cloud storage helps to resolve issues such as security and performance, whereas provides benefits such as reliability, scalability and rapid deployment. Private cloud storage has wide applications in IT & telecom, healthcare, BFSI and other end-user.
Private cloud storage market is also driven by their enhanced performance and security benefits over public cloud infrastructure. Private cloud storage provides higher level of security, reliability and performance. Thus, data sensitive organizations typically prefer private cloud over public cloud service. With growing penetration of cloud services and inclination towards private cloud, market players have come up with even convenient solutions for their clients. Private cloud, unlike public cloud, provides option of deployment (on-premise or hosted) to the organizations. One of the major factor restraining the private cloud storage market growth is relatively smaller consumer base. Private cloud storage is required for organizations having data sensitive business. Due to concerns related to security of overall cloud infrastructure, large number of organizations still rely upon traditional data centers. Moreover, revised price models and improved service is expected to accelerate the future market demand for private cloud storage.
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The private cloud storage market is segmented on the basis of type, offerings, organization size and end-users. Based on the organization size the market is categorised as large enterprises and small & medium enterprises. Among these large enterprises accounted for the bigger share, in terms of revenue, in the market. The segment contributed to 75.7% of the total market revenue generated worldwide. Large enterprises have remained the highest spending companies on cloud services over the past several years; and hence are expected to retain their dominant position in the market during the forecast period.
The key players in the private cloud storage market are Amazon Web Services, IBM Corporation, Oracle Corporation, Google LLC, Microsoft Corporation, VMware, Inc., Hewlett Packard Enterprise Company, Rackspace, Inc., Red Hat, Inc., Dell EMC and others. Various strategies such as mergers & acquisitions, partnerships, joint ventures, new product development and others have been adopted by the market players to gain competitive edge over others. For instance, In April 2019, Dell introduced a Dell Technologies Cloud, a new set of cloud infrastructure solutions aimed at making hybrid cloud environments simpler to install and manage. This new cloud solution is powered by expertise of Dell EMC and VMware, which offers consistent infrastructure across public and private clouds, these solutions reduce cloud complexity, thereby making installation and management of hybrid cloud environment simpler.