Cloud Storage Market Size Worth $222.25 billion by 2027, At a CAGR 21.9% – Report by Allied Market Research
Significant cloud adoption among SMEs are expected to create lucrative opportunities in the near future.
PORTLAND, PORTLAND, OR , UNITED STATES , July 19, 2022 /EINPresswire.com/ — Growing demand for low-cost data storage and faster data accessibility, rise in cloud adoption across several industry verticals, and growing concerns of data recovery and protection drive the growth of the global cloud storage market.
Major market players such as – 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, and VMware, Inc.
The global cloud storage market was estimated at $46.12 billion in 2019, and is expected to hit $222.25 billion by 2027, registering a CAGR of 21.9% from 2020 to 2027.
Based on region, North America held the largest share in 2019, garnering more than two-fifths of the global cloud storage market, as the region has major market players offering advanced solutions. On the other hand, the Asia-Pacific region is projected to manifest the fastest CAGR of 25.6% by 2027. The rise in adoption of cloud storage solutions in applications and investments in R&D processes have augmented the growth of the market in this region.
Based on deployment mode, the hybrid segment accounted for nearly three-fifths of the global cloud storage market share in 2019, and is anticipated to rule the roost during the study period. In addition, the segment is anticipated to manifest the fastest CAGR of 23.0% from 2020 to 2027. Organizations are shifting toward the hybrid cloud to achieve security of data and application and large storage spaces to reduce their capital expenditure by deploying a combination of the private and public cloud model, which augments the growth of the segment.
Download Sample Report (Get Full Insights in PDF – 318 Pages) at:
https://www.alliedmarketresearch.com/request-sample/2141
Based on component, the solution segment contributed to nearly two-thirds of the global cloud storage market revenue in 2019, and is expected to retain its dominance by the end of 2027. Growing need for multiple applications such as caching, security, duplication, and data locking in primary cloud storage drives the growth of the market. The service segment, on the other hand, would register the fastest CAGR of 23.2% throughout the forecast period Implementation services ensure comprehensive planning, installing, and configuration of the solution. In addition, managed services offer post-production support which empowers organizations to smoothly transition the process from implementation to daily operations, which drives growth of the market.
For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/2141
COVID-19 scenario –
• COVID-19 has accelerated the cloud adoption, due to the technology shift and operating prototypes due to the limitations of recent environment.
• The shift to remote working has positively contributed to the growth of the industry.
• Moreover, the customers from the public sector, web-based services, global logistics companies, and financial services have majorly invested in cloud storage due to rising demands for food and medical supplies.
• The Industry is anticipated to grow significantly amid COVID-19.
If you have any special requirements, please let us know at:
https://www.alliedmarketresearch.com/request-for-customization/2141
Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
LIMITED-TIME OFFER – Buy Now & Get Exclusive Discount on this Report
Similar Report –
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, and researchers and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients’ requirements is complemented with analyst support and customization requests.
David Correa
Allied Analytics LLP
800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
