The new report by Expert Market Research titled, ‘Global Cloud Storage Market Trends, Share, Price, Size, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of global cloud storage market, assessing the market based on component, deployment type, organization size, industry and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 56 Billion
- Forecast CAGR (2023-2028): 21.9%
- Forecast Market Size (2026): USD 182 Billion
COVID-19 has prompted companies to shift to cloud environments to cope with the issue and simplify everyday data access, sharing, and work collaboration for its geographically distributed employees. The proliferation of cloud adoption has boosted enterprise adoption of cloud storage solutions for business continuity, workload management, and data storage. As a result of the cloud’s scalability, flexibility, and ubiquitous availability, demand for services such as consulting, training, support, and maintenance is rising.
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Cloud Storage Industry Definition and Major Segments
The user can store data via a cloud computing provider that maintains and runs data storage as a service on the internet with cloud storage. The data saved and available from many resources that are spread and networked.
On the basis of component, the industry is segmented into:
- Service
- Solutions
Based on deployment type, the industry is segmented into:
- Private
- Public
- Hybrid
Based on organization size, the industry is divided into:
- Large
- Medium
- Small
Based on industry, the market for cloud storage is classified as
- BFSI
- Government & Public Sector
- Healthcare
- IT
- Telecom
- Retail
- Manufacturing
- Media and Entertainment
- Among others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Cloud Storage Market Trends
The BFSI sector will hold the largest market share in the cloud storage market. Because BFSI firms need to manage, recover and secure enormous amounts of data, numerous cloud strategies are regularly used. This constant moves to multi-cloud environments for improved scalability, low latency and data safety leads to the demand for cloud storage solutions for efficient cloud data analysis.
The North American region is a mature market for cloud storage solutions. Currently, the US is home to well-established providers and end-users that continually adapt to new technologies for increased corporate productivity and job efficiency in the cloud storage market country. Companies in the USA are taking advantage of cloud storage solutions that offer high flexibility, scalability, and low maintenance costs.
Key Market Players
The major players in the market are Alibaba Group Holding Limited, Amazon Web Services, Inc., Dell Inc., Google LLC, Hewlett Packard Enterprise Development LP, IBM Corporation, and Microsoft Corporation and among others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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