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.
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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 services segment as opposed to the solutions segment. The deployment node of cloud storage for any user consists of Public, Private, and Hybrid Cloud storing elements. Market dynamics of the deployment node 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 has created 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.
| Storage | Offerings | Organization Size | End User |
| Object Storage | Solution | Large Enterprises | Government |
| File Storage | Services | Small & Medium Enterprises | Healthcare |
| Block Storage | BFSI | ||
| Retail | |||
| IT & Telecom | |||
| Manufacturing | |||
| Others |
Global Private Cloud Storage Market
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.
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