The demand for cloud storage is driven by many factors, such as increasing adoption of hybrid cloud storage; growing need for enterprise mobility for improved efficiency; significant growth in Internet of Things (IoT); and need for lower Capital Expenditure (CAPEX) and Operational Expenditure (OPEX). With the availability of cloud storage solutions and services, the need to maintain an on-premises storage infrastructure, such as disk storage and tape devices, has been eliminated.

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The cloud storage market has been segmented on the basis of types (solutions and services), deployment models, organization sizes, verticals, and regions. The managed services segment is expected to grow at the highest CAGR during the forecast period, and the training and consulting service type is estimated to have the largest market size in 2017 in the cloud storage market. The adoption of cloud services among Small and Medium-sized Enterprises (SMEs) has become a central part of the business process, owing to the ease of use and the flexibility they offer, and is expected to grow in the coming years.