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Cloud Storage Market

Cloud Storage Market

Cloud Storage Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

149

Base Year:

2021

Date

Aug - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1817

Segments Covered
  • By Components Solutions, Services
  • By Applications Primary Storage, Backup & Disaster Recovery, Archiving
  • By Organization Size Large Enterprises, Small & Medium Sized Enterprises (SMEs)
  • By Verticals Banking Financial Services & Insurance (BFSI), IT & ITeS, Telecommunications, Healthcare & Life Sciences, Media & Entertainment, Consumer Goods & Retail, Manufacturing, Government & Public Sector, Energy & Utilities, Others (Education, Travel & Hospitality)
  • By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 77.5 Billion
Revenue 2028Revenue 2028: USD 208.1 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 17.9%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Cloud Storage Market Share

Market Synopsis:

The Global Cloud Storage Market was valued at USD 77.5 Billion in 2021 and is forecast to reach a value of USD 208.1 Billion by 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 17.9% over the forecast period.

Cloud Storage is a cloud computing model in which information is stored on the server side and accessed via the Internet or a dedicated private network connection. Cloud Storage service companies maintain, operate, and maintain it. It provides instant automatic backup, protection from thievery and natural disasters, and lowers server planning and repair costs. Due to the need for advanced security, explicit sharing, and SSL due to an increase in the volume of data stored on the server, raising exposure, the market for cloud services is growing. Users favor economical choices.

Cloud Storage Market Size, 2021 To 2028 (USD Billion)

Additionally, due to the COVID-19 epidemic, the workforce moved online, increasing the need for cloud-based solutions. For the benefit of the clients affected by the pandemic, various businesses have partnered to offer cloud-based contact Centre services. The market growth for cloud services is anticipated to be boosted by such initiatives by the marketplaces. Increased spending on cutting-edge IT solutions, knowledge of the use of cloud-based solutions, and increased acceptance of Cloud Storage gateways are additional drivers propelling the growth of the cloud service market. Since a cloud service does not require an on-premises data Centre or other maintenance or service charges, it requires a low initial investment. Due to the affordability of Cloud Storage, businesses of all sizes, including small, medium, and large ones, are quickly requesting the service and backing up their critical data.

On the other hand, a key problem that is anticipated to restrict the market's growth to some level is security issues with Cloud Storage. However, the benefits of cloud solutions will exceed these worries due to new solutions being developed to overcome these issues.

Market Segmentation:

The Cloud Storage Market is segmented based on Components, Applications, Organization Size, Vertical, and Region. Based on the Components, the market is further segmented into Solutions and Services. Furthermore, based on Applications, the market is further bifurcated into Primary Storage, Backup & Disaster Recovery, and Archiving. In addition, based on the Organization Size, the market is further divided into Large Enterprises, Small & Medium Sized Enterprises (SMEs). Furthermore, based on the segment Verticals, the market is further segmented into Banking Financial Services & Insurance (BFSI), IT & ITeS, Telecommunications, Healthcare & Life Sciences, Media & Entertainment, Consumer Goods & Retail, Manufacturing, Government & Public Sector, Energy & Utilities and Others (Education, Travel & Hospitality).

Below tree is interactive. You can click the nodes to get more information.

Based on Verticals:

A sizeable portion of revenue came from the Banking, Financial Services & Insurance (BFSI) market. Due to the rising demand for secure storage models, the rapid digitization and use of channels like e-wallets, net banking, and digital payments, among others, is a crucial reason propelling this segment's revenue growth. The need for more thoughtful, more agile, adaptable, and scalable business platforms is growing as financial institutions are under increasing pressure to make data-driven choices to maintain a competitive advantage. To improve customer service and manage operating expenses for greater profitability, major corporations establishing data center's in the neighborhood are encouraging the adoption of various Cloud Storage options in the BFSI industry. As a result, the segment's growth is driven by cost-effectiveness, flexibility, and better security.

Based on Application:

Because of the high demand for reliable storage and easy access due to rapidly increasing volumes of data across various enterprises, the Primary Storage segment accounted for a significantly robust revenue share. In addition, the rising demand for Cloud Storage for improved collaboration and productivity for more efficient management, notably since the COVID-19 pandemic, resulted in increased demand for increased storage capacity for remote workforce operability. As a result, the Primary Storage segment is expected to maintain its supremacy in the forecast period.

Asia Pacific is projected to grow at the highest CAGR during the forecast period

The Asia Pacific is forecast to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. Major drivers driving the market's revenue growth include rising government initiatives for digital transformation and the quick uptake of hybrid Cloud Storage that results in lower Capital Expenditure (CAPEX) and Operating Expenditure (OPEX) costs. Due to advancements, the Asia-Pacific areas, including China and India, are anticipated to grow more quickly. India's market for public cloud services has grown extraordinarily in the past two years.

Competitive Landscape:

The key 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.

Segmentation of the Global Cloud Storage Market:

Parameter Details
Segments Covered
  • Components (Solutions, Services)
  • Applications (Primary Storage, Backup & Disaster Recovery, Archiving)
  • Organization Size (Large Enterprises, Small & Medium Sized Enterprises (SMEs))
  • Verticals (Banking Financial Services & Insurance (BFSI), IT & ITeS, Telecommunications, Healthcare & Life Sciences, Media & Entertainment, Consumer Goods & Retail, Manufacturing, Government & Public Sector, Energy & Utilities, Others (Education, Travel & Hospitality))
  • Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • 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)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Cloud Storage Market to Reach Valuation of USD 208.1 Billion By 2028 - Increasing Use of Cloud Storage by Various Governments Boosting the Market Growth
In terms of revenue, the Global Cloud Storage Market is expected to reach USD 208.1 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 17.9% from 2022 to 2028. The Cloud Storage Market concept keeps data on distant servers and accessed via the Internet or a specialized private net...
FAQ
Frequently Asked Question
  • The global Cloud Storage valued at USD 77.5 Billion in 2020 and is expected to reach USD 208.1 Billion in 2028 growing at a CAGR of 17.9%.

  • The prominent players in the market are 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).

  • The market is project to grow at a CAGR of 17.9% between 2021 and 2028.

  • The driving factors of the Cloud Storage include

    • Growing data volumes across enterprises

  • North America was the leading regional segment of the Cloud Storage in 2020.