Blogs   -

Cloud Storage Market – Increase in Usage of social media and Analytical Platform is Expected to Lead the Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 17.9% from 2022 to 2028

As stated in our extensive report; the Global Cloud Storage Market accounted for USD 77.5 Billion in the year 2021. 

The Cloud Storage Market has experienced fast growth in total cloud computing services and applications across regions, an increase in the volume of unstructured data, regular advanced and rising demand for advanced technologies such as Internet of Things (IoT), analytics, Artificial Intelligence (Al), Machine Learning (ML), automation, among others, and the accessibility of data worldwide workforce remote workforce, which encourage and deliver scalability, flexibility, and agility with real-time information managed. With lockdown imposed, business continuity challenges, and fast increasing work-from-home trends, COVID-19 has forced the company to move to cloud environments to handle the emergency, facilitating daily data access, sharing, and work for association with its geographically dispersed teams and workforce. The data storage in the cloud helps companies access employees to share and send files via cloud drives, and employees get access to the data everywhere. According to LogicMonitor, more than 85 percent of IT decision-makers have agreed that the COVID-19 pandemic boosts cloud transfer for most global organizations. Moreover, remote sensing, the Internet of Things, and improved video quality such as 4k or 8k purpose cameras have collected large amounts of data. Therefore, the demand for increasing cloud-based storage and networking technology is expanding. Likewise, the rising use of artificial intelligence is projected to increase storage demand to improve data security. 

North America holds the largest share in the Cloud Storage Market and is expected to continue this trend in the forecast period. The organizations shifting toward cloud services drive the market growth in this region. In addition, the presence of significant cloud providers, the increasing adoption of digital business strategies, and technological advancements will support the market growth in this 10;Moreover, the U.S., Canada, and the UK are expected to be at the front of cloud migration. In addition, some Cloud Storage companies depend on file-providing and sharing services provided by companies, including Microsoft, Google, Oracle, pCloud, Dropbox, and Box. 

Some of the prominent and notable players in the Global Cloud Storage Market include- AWS (US), Google (US), Microsoft (US), IBM (US), Alibaba Cloud (China), Oracle (US), Rackspace Technology (US), HPE (US), Dell Technologies (US), Dropbox (US), Box (US), Tencent Cloud (China), Fujitsu (Japan), VMware (US), NetApp (US), Hitachi Vantara (US), Scality (US), Citrix (US), UpCloud (Finland), Huawei (China), DigitalOcean (US), Vultr (US), MinIO (US), Zadara (US), pCloud (Switzerland), Wasabi (US), Sync (Canada), Degoo (Sweden), and others.