The global cloud storage market is set to gain traction from the rising adoption of autonomous systems and machine learning. Besides, the introduction to unique video systems, internet of things (IoT), and remote sensing technologies are driving the market growth. This information is provided by Fortune Business Insights™ in a recent study, titled, “Cloud Storage Market” Size, Share & Industry Analysis, By Component (Storage Model, and Services), By Deployment (Private, Public, and Hybrid), By Enterprise Size (SMEs, and Large Enterprises), By Vertical (BFSI, IT and Telecommunication, Government and Public Sector, Manufacturing, Healthcare and Life Sciences, Retail and Consumer Goods, Media and Entertainment, and Others), and Regional Forecast, 2020-2027.” The study further mentions that the cloud storage market size was USD 49.13 billion in 2020 and is projected to reach USD 297.54 billion by 2027, exhibiting a CAGR of 25.3% during the forecast period.
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Cloud Storage Market Landscape and Market Scenario Includes:
- Current market size estimate
- Revenues by players Top Companies
- Market size by product categories
- Market size by regions/country
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North America to Remain Dominant Owing to Rising Adoption of Various Digital Services
Regionally, the market is divided into Latin America, Europe, Asia Pacific, the Middle East and Africa, and North America. Amongst these, North America procured USD 19.85 billion revenue in 2020 and is set to dominate the market. This growth is attributable to the rising adoption of several digital services, such as electronic signatures and e-commerce in the U.S. Also, the increasing rate of cybercrime would contribute to the growth. However, the outbreak of Covid-19 pandemic is expected to obstruct growth by affecting the technological investments of industry giants. Asia Pacific, on the other hand, is projected to exhibit an astonishing growth during the forecast period backed by the increasing usage of smartphones.
Highlights of the Cloud Storage Market Report
- Illustration of the potential suppliers and buyers in the market.
- Competitive landscape including collaborations, investments, new product launches, contracts, agreements, mergers & acquisitions, and joint ventures.
- In-depth data about the financial competency of the market.
- Information regarding the significant opportunities, challenges, trends, growth drivers, and barriers.
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1. By Component
- Storage Model
- Object Storage
- File Storage
- Block Storage
- Professional services
- Managed Services
2. By Deployment
3. By Enterprise Size
- Small and Mid-Sized Enterprises (SMEs)
- Large Enterprises
4. By Vertical
- IT and Telecommunication
- Government and Public Sector
- Healthcare and Life Science
- Retail and Consumer Goods
- Media and Entertainment
- Others (Energy & Utilities, Chemical, Travel & Hospitality etc.)
5. By Region
- North America (the U.S. and Canada)
- Europe (the U.K., Germany, France, Italy, Spain, and Rest of Europe)
- Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico, and Rest of Latin America)
Drivers & Restraints-
Covid-19 Pandemic to Boost Growth Backed by Rising Usage of Cloud Storage Solutions
Cloud storage solutions are gaining more popularity at present as workforces are inclining towards a distributed work environment. These solutions aid workforces in collaborating and staying connected. The outbreak of Covid-19 pandemic is enabling several organizations to support remote working, as well as manage the vast amount of data smoothly. Microsoft, for instance, has surged the benefits of Windows and extended Azure cloud credits for non-profit and critical care organizations, such as food & nutrition, public safety, and health support. In addition to that, the utilization of analytics-driven platforms is helping companies in the generating a large amount of data. They are therefore, preferring hybrid cloud storage solutions more than the conventional ones. However, the occurrence of data breaches may hamper the cloud storage market growth in the coming years.
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Queries Addressed In Market Report:
- What opportunities are present for the Cloud Storage market players to enhance their business footprint?
- What manufacturing techniques are being implemented in the development of advanced Construction Equipment?
- Which segment is witnessing huge traction from the consumers?
- For what purposes, is the market being utilized?
- How many units are estimated to be sold in 2020?
BFSI Segment to Grow Steadily Fueled by Need for Improving Consumer Experience
Based on vertical, the banking, financial services and insurance (BFSI) segment generated 22.4% cloud storage market share in 2020. The industry deals with large volumes of customer data on regular bases. It delivers efficient services to the customers. To serve them better, they require cloud storage technology as it poses as a transformative digital solution. This solution provides a high level of scalability, agility, and data security to the industry. Cloud storage systems not only improve consumer experience and revenues, but also enhance the operational efficiency. These factors are set to drive the growth of the BFSI segment in the near future.
Key Features of Market Research Report:
- This report provides detail analysis of the Cloud Storage market and have a comprehensive understanding of the market and its commercial landscape.
- Learn about the various market strategies that are being adopted by leading companies.
- It provides a five-year forecast assessed based on how the market is predicted to grow.
- It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.
- To understand the future scope and outlooks for the Cloud Storage market.
- Cloud Storage Market Forecast by regions, type and application, with sales and revenue, from 2020 to 2026.
- Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
- Cloud Storage Market Size (sales, revenue) forecast by regions and countries from 2020 to 2023 of industry.
- The global market Growth is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2023. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
- Cloud Storage Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
- Market Report also mentions market share accrued by each product in the market, along with the production growth.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
Key Companies Focus on Expanding Product Offerings to Surge Revenue
Microsoft, IBM, and Amazon are some of the top companies operating in the global market. They are striving to widen their product offerings by keeping up with the latest trends. They will also be able to surge their revenue this way. Below are two of the latest industry developments:
- February 2020: Amazon Web Services, Inc. was chosen by Carrier to be its preferred cloud provider. Carrier will utilize AWS machine learning, analytics, and warehouse services to point out efficiencies in its supply chains and manufacturing processes. It would also use the latter’s IoT services to support a new range of networked, intelligent products and services for the refrigerated, workplace, and home logistics chain.
- January 2020: Dell Technologies unveiled various new portfolio advancements, reference architectures, and solutions designed to accelerate and simplify the consumers’ AI and high performance computing (HPC) efforts.
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/cloud-storage-market-102773#
Fortune Business Insights™ presents a list of all the companies operating in the global market. They are as follows:
- Alibaba Cloud (China)
- Amazon Web Services, Inc. (United States)
- Dell Technologies Inc. (United States)
- Dropbox (United States)
- Fujitsu Ltd, Inc. (Japan)
- Google, Inc. (United States)
- Hewlett Packard Enterprise Development LP (United States)
- IBM Corporation (United States)
- Microsoft Corporation (United States)
- Oracle (United States)
- pCloud AG (Switzerland)
- Rackspace, Inc. (United States)
- VMware, Inc. (United States)
Table of Content
5.Global Cloud Storage Market Analysis, Insights and Forecast, 2016-2027
5.1.Key Findings / Summary
5.2.Market Size Estimates and Forecasts
5.2.1.By Component (Value)
5.2.2.By Deployment (Value)
5.2.3.By Enterprise Size (Value)
126.96.36.199.Small and Mid-sized Enterprises (SMEs)
5.2.4.By Vertical (Value)
188.8.131.52.IT and Telecommunication
184.108.40.206.Government and Public Sector
220.127.116.11.Healthcare and Life Science
18.104.22.168.Retail and Consumer Goods
22.214.171.124.Media and Entertainment
5.2.5.By Geography (Value)
126.96.36.199.Middle East and Africa
6.North America Cloud Storage Market Analysis, Insights and Forecast, 2016-2027
6.1.Market Size Estimates and Forecasts
6.1.1.By Component (Value)
6.1.2.By Deployment (Value)
6.1.3.By Enterprise Size (Value)
188.8.131.52.Small and Mid-sized Enterprises (SMEs)
6.1.4.By Vertical (Value)
184.108.40.206.IT and Telecommunication
220.127.116.11.Government and Public Sector
18.104.22.168.Healthcare and Life Science
22.214.171.124.Retail and Consumer Goods
126.96.36.199.Media and Entertainment
6.1.5.By Country (Value)
7.Europe Cloud Storage Market Analysis, Insights and Forecast, 2016-2027
7.1.Market Size Estimates and Forecasts
7.1.1.By Component (Value)
7.1.2.By Deployment (Value)
7.1.3.By Enterprise Size (Value)
188.8.131.52.Small and Mid-sized Enterprises (SMEs)
7.1.4.By Vertical (Value)
184.108.40.206.IT and Telecommunication
220.127.116.11.Government and Public Sector
18.104.22.168.Healthcare and Life Science
22.214.171.124.Retail and Consumer Goods
126.96.36.199.Media and Entertainment
7.1.5.By Country (Value)
188.8.131.52.Rest of Europe
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