Private cloud storage market forms a part of private cloud-based infrastructure as a service (IaaS). It is typically deployed by large sized organizations having heavy incoming data on a frequent basis as well as those with critical need for data security. Primary users of private cloud storage include banking institutions, IT & telecom companies, and healthcare organizations, among others.
Based on offerings, the services segment in the private cloud storage market is to witness the fastest growth during the forecast period. With the increasing penetration of cloud services worldwide, the user organizations would require extensive maintenance & upgrading services in years to come, thereby driving the segment’s growth. The Private Cloud Storage market is expected to grow with a CAGR of 16% during the forecast period. In terms of end-users, IT & telecom and BFSI sectors dominated the market in 2018, owing to increased adoption of cloud services.
The outbreak of COVID-19 has bought along with a global recession, which has impacted several industries. Along with this impact, COVID Pandemic has also generated a few new business opportunities for the Private Cloud Storage market ecosystem. The overall competitive landscape and market dynamics of Private Cloud Storage has been disrupted due to this pandemic. All these disruptions and impacts have been analyzed quantifiably in this report, which is backed by market trends, events, and revenue shift analysis. COVID impact analysis also covers strategic adjustments for Tier 1, 2, and 3 players of the Private Cloud Storage Market.
The private cloud storage market is yet to achieve maturity due to the limited adoption across different applications worldwide. North America, being the pioneer in private cloud storage market, has achieved high penetration of cloud computing services. In case of cloud services, maturity can be related to the proportion of revenue generated from the services segment as opposed to the solutions segment. The deployment of cloud storage for any user consists of Public, Private, and Hybrid Cloud storing elements. Market Dynamics of the deployment have witnessed various developments in the last 5 years. Companies like Amazon, Google, and Microsoft are the prominent players for this node in the global Cloud Storage market.
The growing prevalence of internet services and applications including social media, video streaming, online payments, and several others have created an increased need for secure data storage. Similarly, growing amounts of data across verticals such as BFSI, IT & telecom, healthcare, government, retail, and others have forced these sectors to embrace cloud services for data storage.
|Object Storage||Solution||Large Enterprises||Government|
|File Storage||Services||Small & Medium Enterprises||Healthcare|
|IT & Telecom|
Rapid technological advancements have resulted in the growth of the Private Cloud Storage market. Based on regions, North America dominated the market in 2018 and is expected to show similar trends in the coming years. Further, Asia Pacific is expected to grow at the fastest pace, owing to the high adoption rate of private cloud storage in the region. With the growing penetration of cloud services and the inclination towards private cloud, market players have come up with convenient solutions for their clients. Private cloud, unlike public cloud, provides the option of deployment (on-premise or hosted) to the organizations. These are some of the factors that will contribute to the growth of the Private Cloud StorageMarket.
There are many trends that are having an impact on the market forecast. These, when evaluated from a company’s perspective, can drive growth. Our numerous consulting projects have generated sizeable synergies across all regions and all sizes of companies.
|Company||Ecosystem Positioning||Total Revenue||Region|
|IBM Corporation||Solution & Service Provider||$ 79 Billion||Global|
|Amazon.com Inc.||Solution & Service Provider||$72.4 Billion||Global|
|Google Inc.||Solution & Service Provider||$136.22 Billion||Global|
|Oracle||Solution & Service Providers||$39.50 Billion||Global|
|Microsoft Corporation||Solution & Service Provider||$110.36 Billion||Global|
Very few markets have interconnectivity with other markets like cloud computing. Our Interconnectivity module focuses on the key nodes of heterogenous markets in detail. Artificial intelligence, Cloud computing, Augmented reality and virtual reality, processors, big data, and cyber security are some of our key researched markets.
|Trends||Offering||Organizational Size||End-users||Impact on Market|
|Cloud storage has brought revolutionary changes in the process of data handling and data assessment in various organizations by eliminating the requirement of in house IT infrastructure, which adds on a huge cost to the organization’s expense. The most visible effect of using cloud storage is to be seen in the Banking and insurance sector.||Solution and Service||IT & Telecom||1.30%|
|Retailers using cloud storage are not only reducing the cost of computing and data storage but are also increasing customers’ experience while shopping by giving them suitable offers, discounts, and much more with the help of their data stored. Retailers like Walgreens, 1-800-Flowers, Bernhardt Furniture, etc, are using IMB cloud services for a unique experience.||Solution and Service||Retail||0.90%|
|The availability of cloud technology has boosted the logistic unit to transfer huge sets of data over the internet with ease. This technology has impacted the logistics companies by providing ease of access to manage the information on key factors like inventory management, weather information, route mapping, and pricing.||Solution and Service||Logistics||XX%|
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