Cloud Storage Market For Communication And Technology Industry Size, Share, Opportunities, And Trends By Solution (Primary Storage, Backup Storage), By Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), By Services (Integration, Consulting, Others), By Enterprise Size (Large, SMB (Small and Medium-sized business)), And By Geography - Forecasts From 2023 To 2028

The cloud storage market for communication and technology industry was valued at US$4.564 billion in 2017 and is projected to expand at a CAGR of 29.32% over the forecast period to reach US$21.347 billion by 2023. The role of communication and technology across various sectors has led to connected and interdependent geographies and economies across the globe. Rising investment by both the public and private sectors in ICT infrastructure boosts the growth of the global communication and technology industry. High operating costs associated with maintaining on-premise private platforms are forcing many telecom operators to move their data to cloud service providers like Amazon, Google, IBM, and Microsoft. Rising investments, both public and private, in cloud-based ICT infrastructure, are further driving the demand for cloud storage solutions and services across this sector. Saudi Vision 2030 provides major cloud opportunities in Saudi Arabia. Telecom providers and enterprises like AT&T, Deutsche Telecom, Verizon, and SK Telecom have turned to OpenStack as their Network Functions Virtualization (NFV). In October 2017, Singapore startup Velox Networks launched a new VoIP and cloud-based branch exchange communications platform for telecom companies. 

 

 

By solution, the cloud storage market for communication and technology industry is segmented as primary and backup storage. The market for backup storage is expected to witness impressive growth as enterprises continue to drift towards the cloud for backing up their critical data and IT environment to ensure business continuity.

 

 

By deployment model, the cloud storage market for the communication and technology industry is segmented as public, private, and hybrid cloud. Telecommunication providers are using private models to reduce data security risks as well as overall costs. In addition, the companies are using public cloud solutions and services as an extension of their private cloud network.

 

 

By services, the cloud storage market for communication and technology industry is segmented as integration, consulting, and others. All these services are provided to the customers by the cloud storage solution provider so as to help businesses to boost their productivity in an efficient manner.

 

 

By enterprise size, the cloud storage market for communication and technology industry is segmented into large and small, and medium-sized businesses (SMBs). Enterprises are slowly embracing cloud storage solutions in this industry owing to the regulatory compliance related to data security. Large Enterprise such as Reliance Communications (RCOM) has collaborated with IBM to provide their customers with a complete portfolio of highly secure and scalable IaaS offerings that run on the IBM cloud.

 

 

Geographically, the cloud storage market for communication and technology industry is segmented as North America, Europe, Middle East & Africa, Asia-Pacific, and South America. North America holds a significant share of the market owing to the government encouraging cloud adoption in a number of sectors. For instance, in 2011, the U.S. government instituted CloudFirst Policy to accelerate the pace of cloud adoption by requiring agencies to evaluate and adopt safe and secure cloud computing options before making any new investments. Asia Pacific is expected to witness the fastest growth rate over the projected period owing to the increasing digitization and increasing penetration of the internet in this region.

 

 

The cloud storage market for communication and technology industry is competitive owing to the increasing adoption of cloud storage solutions in the communication and technology sector. The key players include Amazon Web Services, Inc., Microsoft, IBM, Google, Hewlett Packard Enterprise Development LP, FUJITSU, and DataDepositBox among others.

 

 

The cloud storage market for communication and technology Industry has been analyzed through the following segments: