The Cloud storage market for manufacturing industry was valued at US$1.427 billion in 2017 and is projected to expand at a CAGR of 32.58% over the forecast period to reach US$7.751 billion by 2023. There has been a continuous adoption of automation processes across the manufacturing sector worldwide. Emerging cost-effective cloud computing solutions and services for manufacturing companies are leading to its greater adoption across this sector to increase the elasticity and scalability of the company and enable them in becoming competitive in the global market. Manufacturing security risks, the maturation of 3D printing as a production tool, and the growing utility of the Internet of Things (IoT) are driving manufacturers to adopt cloud solutions. With the supply chain becoming increasingly global, manufacturers are leveraging the cloud to collaborate, analytics, and mobility to further improve their innovation potential in the industry while reducing costs on personnel and infrastructure. The increasing surge of Industry 4.0 or industrial IoT (Internet of Things) is driving the demand for the cloud storage market in this sector.
By Solution
By solution, the cloud storage market for manufacturing 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
By deployment model, the cloud storage market for manufacturing industry is segmented as public, private, and hybrid cloud. The public cloud holds a significant share of the market owing to the cost-effective storage solutions offered by the model. Hybrid cloud is expected to show fast growth as the manufacturers are pursuing a hybrid strategy, opting to retain some foundational plant-floor systems on-premise while earmarking analytics and production applications for migration to the cloud environment.
By Services
By services, the cloud storage market for manufacturing 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 manufacturing industry is segmented into large and small, and medium-sized businesses (SMB). Large Enterprises are steadily adopting cloud solutions so as to upgrade their infrastructure and increase their productivity.
By Geography
Geographically, the cloud storage market for manufacturing industry is segmented as North America, Europe, Middle East & Africa, Asia-Pacific, and South America. Asia Pacific is expected to show fast growth in this market owing to a number of manufacturers in this region prioritizing public cloud as it allows the remotest of facilities to enjoy modern IT, communications, and collaboration without the need for a large onsite IT team or on-premise infrastructure.
Competitive Intelligence
The cloud storage market for manufacturing industry is competitive owing to the increasing adoption of cloud storage solutions in the manufacturing industry sector. The key players include Amazon Web Services, Inc., Microsoft, IBM, Google, Hewlett Packard Enterprise Development LP, FUJITSU, RACKSPACE US, Inc, and Nasuni Corporation among others.
Segmentation
The cloud storage market for manufacturing industry has been analyzed through the following segments: