ResearchAndMarkets.com has released a report which estimates the cloud storage market for communication and technology industry is currently worth $4.56bn and projected to grow to $21.35bn by 2023 at a CAGR of 29.32% over the forecast period.
The report found that as cloud storage offerings from companies such as Amazon and Google become increasingly secure and inexpensive in comparison to the alternative of maintaining an on-premise private platform, more companies will shift toward cloud solutions and services. The incentive to cut costs by firms will contribute heavily toward the market's growth.
Investment in ICT infrastructure by both private and public sector organizations is also on the rise as firms from all industries continue to seek out better cloud storage solutions for their needs. And as data compliance regulation continues to modernize, the report believes enterprises slow embrace of cloud storage will begin to intensify.
The cloud storage market for communication and technology market is segmented into two main brackets; primary and backup storage. However, it is the backup storage segment in particular which is predicted to see significant growth as the fear of losing critical data will push companies to cloud storage solutions to ensure their business's continuity.