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 17.70% from 2022 to 2028.

The Cloud Storage concept keeps data on distant servers and accessed via the Internet or a specialized private network connection. Providers of Cloud Storage services maintain, run, and manage it. Global data production, copying, and consumption are all significantly increasing. This is one of the main driving forces behind the market's expansion, especially when combined with the booming banking, financial services, and insurance (BFSI) industry. Additionally, Cloud Storage options are used in the healthcare sector because they make it simpler to retrieve electronic medical records (EMR), which are essential for patient diagnosis and care.

Key Highlights from Report:

· The Large Enterprisessegment dominated the growth of the Cloud Storage Market in 2021. Due to the rising need for cloud-based storage to manage massive amounts of remote workforce and data, major companies are anticipated to account for a maximum revenue share. The need for cloud-based storage increased as enterprises increasingly adopted infrastructure as a service, software as a service, and platform as a service to handle virtual work during the COVID-19 epidemic.

· The Banking, Financial Services & Insurance (BFSI)segment dominated the growth of the Cloud Storage Market in 2021. Due to the digitalization of banking and financial services, including online banking, mobile wallets, digital payments, net banking, and others, the BFSI business is expected to grow. This aspect fuels the demand for safe storage models. Market participants are providing banking and financial institutions with secure storage options, which is anticipated to increase partnerships and cooperation between cloud and financial service providers.

· Asia Pacific is predicted to mention the fastest growth of the Cloud Storage Market during the forecast period. The growing investment in cloud services by countries like India, Singapore, South Korea, Japan, and others could boost the sector's expansion. Furthermore, the growing number of government initiatives aimed at accelerating digital transformation may increase the uptake of Cloud Storage services. These elements could support market expansion.

Market Dynamics:

Due to the cloud's ability to optimize government organizations' business models at a low cost, cloud computing is becoming more popular. Its use of it also aims to boost citizen services and business flexibility. Various government organizations can lower their IT ownership and hardware expenditures by utilizing cloud services to increase their footprint while lowering their energy usage. The use of Cloud Storage is expanding along with the demand for more efficiency in the public sector, boosting market expansion. Various governments' launches and promotions of Cloud Storageare also accelerating industry expansion. Cloud Storage is being adopted more frequently in the healthcare sector to increase the focus on healthcare services, assisting market expansion.

North America is accounted to have potential growth in the Cloud Storage Market during the forecast period due to the rapid adoption of new technologies, significant expenditures on research and development for cloud-based solutions, and improved IT infrastructure. Additionally, accessible, affordable storage solutions stimulate rapid industrial growth. There are many sellers in the market from the North American region. Amazon Web Services Inc., LLC, Microsoft Corporation, IBM Corporation, Google, and Oracle Corporation. Through research and development, these significant regional players have advanced the technology. Throughout the forecast period, this is anticipated to increase Cloud Storage use and lower Cloud Storage prices.

The Global Cloud Storage Market is Segmented as follows:

• 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

A list of the Key Players in the Global Cloud Storage Market is:

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 Global Cloud Storage Market Scope can be Tabulated as below: