Cloud Storage Market Research, Drivers. Opportunities, Value Forecast, Country-wise Insights
Major companies offering cutting-edge solutions dominate the cloud storage market in North America.
PORTLAND, PORTLAND, OR, UNITED STATES, March 8, 2023 /EINPresswire.com/ — The report states that the global cloud storage market was valued at $46.12 billion in 2019 and is projected to grow by 21.9% between 2020 and 2027 to reach $222.25 billion.
The global cloud storage market is expanding as a result of rising demand for inexpensive data storage and quicker data accessibility, increased cloud usage across a variety of industrial verticals, and rising worries about data safety and recovery. On the other hand, security issues with cloud storage prevent the business from expanding. Yet, increasing SME cloud adoption is anticipated to open up profitable prospects soon.
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Based on component, the solution segment contributed to over two-thirds of the worldwide cloud storage market revenue in 2019, and is predicted to keep its dominance by the end of 2027. The market is expanding as a result of the rising need for numerous applications such as caching, security, duplication, and data locking in main cloud storage. On the other side, the service segment would experience the fastest CAGR of 23.2% throughout the predicted period. Implementation services make ensuring that the solution is carefully planned, installed, and configured. Moreover, managed services provide post-production assistance, enabling businesses to seamlessly move from installation to daily operations and fostering market expansion.
The demand for cloud storage has been increasing rapidly in recent years, driven by several factors:
1. Cost Savings: Cloud storage is often more cost-effective than traditional on-premises storage solutions. With cloud storage, businesses only pay for the storage they need, and can scale up or down as their needs change.
2. Flexibility and Scalability: Cloud storage solutions offer greater flexibility and scalability than traditional storage solutions. Businesses can easily add or remove storage capacity as their needs change, without having to invest in new hardware.
3. Remote Access: Cloud storage solutions enable employees to access files and data from anywhere, at any time, making it easier to collaborate and work remotely.
4. Data Protection: Cloud storage providers typically offer robust data protection and disaster recovery solutions, helping businesses to protect their data from loss or damage.
5. Ease of Use: Cloud storage solutions are generally easier to use than traditional storage solutions, with user-friendly interfaces and simple deployment options.
Overall, the demand for cloud storage is being driven by the need for cost-effective, flexible, and scalable storage solutions that can support modern business needs. As businesses continue to generate increasing amounts of data and rely more heavily on digital technology, the demand for cloud storage is expected to continue to grow.
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The cloud storage industry is rapidly evolving to keep up with the changing needs of businesses and consumers. Here are some of the upcoming trends in the cloud storage industry:
• Hybrid Cloud Storage: Hybrid cloud storage combines public and private cloud storage solutions to provide a more flexible and scalable storage solution. This approach enables businesses to store their most sensitive data on private cloud infrastructure while leveraging the scalability and cost-effectiveness of public cloud storage for less sensitive data.
• Edge Computing: Edge computing involves processing data closer to the source rather than sending it to a centralized cloud data center. This approach reduces latency and improves data processing speed, making it ideal for real-time applications. Cloud storage providers are increasingly offering edge computing solutions to provide faster access to data.
• Artificial Intelligence and Machine Learning: AI and machine learning are revolutionizing the cloud storage industry by providing advanced analytics capabilities that can be used to optimize storage utilization, improve data security, and provide better insights into user behavior.
• Blockchain Technology: Blockchain technology is being explored as a potential solution for improving data security and privacy in cloud storage. By using a decentralized approach to data storage, blockchain technology can provide greater transparency and security.
• Multi-Cloud Storage: Multi-cloud storage involves using multiple cloud storage providers to provide redundancy, scalability, and disaster recovery capabilities. Multi-cloud storage enables businesses to leverage the strengths of multiple cloud storage providers and avoid vendor lock-in.
Overall, the cloud storage industry is expected to continue to grow and evolve to meet the changing needs of businesses and consumers. With the increasing adoption of hybrid cloud solutions, edge computing, AI and machine learning, blockchain technology, and multi-cloud storage, the cloud storage industry is poised for continued growth and innovation in the years ahead.
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Due to the presence of significant industry players offering cutting-edge solutions, North America accounted for more than two-fifths of the worldwide cloud storage market in 2019. The Asia-Pacific area, on the other hand, is anticipated to see the quickest CAGR of 25.6% by 2027. The rise in use of cloud storage solutions in applications and investments in R&D procedures have augmented the growth of the market in this area.
Leading Market Players –
• Amazon Web Services, Inc.
• Dell Technologies Inc.
• Google, Inc.
• Hewlett Packard Enterprise Development LP
• IBM Corporation
• Microsoft Corporation
• Oracle Corporation
• Rackspace Hosting, Inc.
• Alibaba Cloud
• VMware, Inc.
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David Correa
Allied Analytics LLP
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