Market Scenario:
Cloud storage has been efficient for storing data, especially in remote servers. Industries that produce large amounts of data prefer using cloud storage to provide core security. Companies can easily access the data from the internet. Cloud storage is proven to manage remote servers, including their operation and maintenance. Due to its huge usage, the Cloud Storage Market is expecting good growth value.
These factors are highly enhancing the opportunities of the Cloud Storage Market.
During the pandemic period, the Cloud Storage Market has noticed a steady growth rate. Due to the lockdown, people preferred to stay at home and work remotely. The data consumption and the requirement for data storage were highly propelled during this period. Most industries prefer to use cloud storage systems for securely storing data.
The market is showing its excellent growth speed due to the driving force. The higher need for mobility is accelerating the demand of the Cloud Storage Market. The global demand is increasing diversely in prominent regions. The industrial verticals are utilizing cloud storage systems for storing large amounts of data. The growth of industry verticals such as the IT sector is highly driving the market.
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During the forecast period, the Cloud Storage Market is expected to reach a valuation of USD 104 billion and a CAGR of 25 % from 2022 to 2030.
Implementation of cloud storage systems is easy and quite convenient, which raises the demand for cloud storage facilities. The prime activities of the industries to access data through different devices and share them on various platforms are increasing the adoption of cloud storage systems.
These factors have accelerated the market’s growth rate. The pandemic period has brought up good growth opportunities for the market. It is estimated to continue its growth performance consistent in the post-pandemic period.
Competitive Outlook
The eminent contenders in the cloud storage market are IBM Corporation (U.S.), Amazon Web Services (U.S.), Microsoft Corporation (U.S.), HP Enterprise Company (U.S.), Google, Inc. (U.S.), Oracle Corporation (U.S.), Rackspace Hosting, Inc. (U.S.), EMC Corporation (U.S.), VMware, Inc. (U.S.), Dropbox, Inc. (U.S.) among others.
Segmentation:
The Cloud Storage Market is segmented into major segments such as the components, verticals and deployment methods.
The component segment of the market is fragmented into solutions and services. The solution segment has data archiving, cloud storage gateway, backup storage, disaster recovery, and primary storage. While the service segment is subdivided into support and maintenance, training and consulting, migration and cloud integration, and managed services.
The vertical segment of the market involves industrial verticals such as travel and hospitality, education, BFSI, healthcare industry, e-commerce and retail, IT and telecommunication, government, and others. The cloud deployment model consists of private cloud, hybrid cloud, and public cloud.
Regional Analysis:
According to the geographical report, the Cloud Storage Market covers major regions such as the North American region, Europe, Asia Pacific and the rest of the world.
The North American region occupies the largest market share due to the higher investment in cloud-based solutions. The increased rate of adoption of advanced technologies is accelerating the market.
The Asia Pacific region will also show a good growth rate in the forecast period due to its consistent growth performance and the wide usage of cloud storage systems in various sectors.
Industry News
Google has announced the launch of BigLake, and it is a new and advanced data lake storage engine. It makes it easier for enterprises to analyze the data in data warehouses and data lakes.
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