The Cloud storage market for energy and power industry was valued at US$1.786 billion in 2017 and is projected to expand at a CAGR of 25.68% over the forecast period to reach US$7.037 billion by 2023. Utility sector is also tapping the opportunities provided by cloud computing solutions including data storage for smart grids and other storage-intensive applications. Cloud applications for energy and power sector include scalable computer capacity for outage management, power trading, and risk analytics among other applications. Thus, increasing global investments in smart grids to reduce power consumption is expected to boost the adoption of cloud computing solutions, which in turn, will bolster the growth of cloud storage market throughout the forecast period.
By solution, the cloud storage market for energy and power industry is segmented as primary and backup storage. The market for backup storage is expected to witness an impressive growth as enterprises continue to drift towards cloud for backing up their critical data and IT environment to ensure business continuity.
By Deployment Model
By deployment model, the cloud storage market for energy and power industry is segmented as public, private and hybrid cloud. Public Cloud holds a significant share in the market on account of the shift towards smart energy infrastructure and advanced metering infrastructure.
By services, the cloud storage market for energy and power 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
By enterprise size, the cloud storage market for energy and power industry is segmented as large and small and medium-sized business (SMB). The enterprises in this sector are slowly adopting cloud solutions as the demand for smart grids are increasing over the years. For an instance, Tullow oils is utlizing hightail to send oil well data, maps, and GPS information securely through its cloud platform.
Geographically, the cloud storage market for energy and power industry is segmented as North America, Europe, Middle East & Africa, Asia-Pacific and South America. Europe holds a significant share in the market owing to the increasing adoption of cloud solutions by the manufacturers in the countries such as U.K so as to handle the approaching influx of data and to utlize that data effectively.
The cloud storage market for energy and power industry is competitive owing to the increasing adoption of cloud storage solutions in the education sector .The key players include Amazon Web Services, Inc., Microsoft, IBM, Google, and OpenText Corp. among others.
The cloud storage market for energy and power industry has been analyzed through following segments:
By Deployment Model
By Enterprise Size
SMB (Small and Medium-sized business)
Middle East and Africa
Key insights offered
What will be the cloud storage market for energy and power industry market size from 2018 to 2023?
How are the major drivers and restraints affecting the cloud storage market for energy and power industry market growth and the opportunities which exist for key vendors?
Which segment and region will drive or lead the market growth and why?
A comprehensive analysis of competitive landscape and key market participants’ behavior
Key strategies being adopted by vendors, with in-depth analysis along with their impact on competition and market growth.
Amazon Web Services, Inc.
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