The research report categorizes the cloud storage market to forecast revenues and analyze trends in Component, Application, Organization Size, Deployment Type, Vertical, and Region
The Cloud Storage Market size is projected to grow from USD 78.6 billion in 2022 to USD 183.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period, according to a new report by MarketsandMarkets™.
The demand for cloud storage is driven by the rising need for providing the remote workforce with ubiquitous access to data and files, increasing data volumes across enterprises, , and cost-saving and low Total Cost of Ownership (TCO) benefits of cloud storage solutions.
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285 - Tables
49 - Figures
253 – Pages
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The services component grow at a higher CAGR during the forecast period
Services play a crucial role in the cloud storage market as these services help before and after the deployment of cloud storage solutions to the clients. Service providers assist their clients in various phases, such as planning, deploying, maintaining, and upgrading cloud storage solutions. The following chapter explains the importance of cloud storage services, such as consulting; integration and implementation; and training, support, and maintenance.
Backup and Disaster recovery segment to grow at the highest CAGR during the forecast period
Backup and disaster recovery applications protect enterprise application data during disasters. They enable customers and enterprises to store and run their systems on the cloud, reduce costs, accelerate the recovery process, and free up resources for other important tasks. These solutions are gaining popularity as they are more reliable and save enterprises the task of maintaining the costly hardware infrastructure needed for backup and disaster recovery. The use of mock drill platforms for disaster recovery enables the addition of resources that can be deployed online in the event of a disaster; this further reduces the recovery time after a major failure. The benefits offered by disaster recovery and backup solutions include data synchronization, online viewing, and easy accessibility.
Regional Analysis for Cloud Storage Market
Europe has diverse business needs, as several large retailers and manufacturing companies demand robust and scalable IT infrastructure solutions. This region is the second most preferred location among cloud storage providers for expanding cloud infrastructure regions. Europe has strict rules and regulations for data privacy and security, owing to which many cloud storage providers have improved their infrastructure to address the data localization needs of companies in the region. Cloud storage enterprises are also working per government regulations and requirements to overcome these restrictions, thereby creating better opportunities in the market.
The ongoing digital transformation has compelled organizations from various verticals in the UK to adopt new and enhanced technologies. Cloud storage providers continually innovate, offering advanced features such as AI-driven data analytics, data backup and recovery solutions, and improved accessibility across devices. These innovations attract more users to adopt cloud storage.
Germany is one of the most promising markets for the growth of cloud services in Europe. The country has witnessed growth in adopting cloud-based services and solutions in different verticals, including IT and ITeS, telecommunications, healthcare, and manufacturing. German companies are constantly changing their requirements to be increasingly agile and flexible in their storage provision, with the need for data governance and high levels of security. These companies focus on data management by increasing resilience and facilitating innovation and collaboration. Moreover, several EU-funded projects are coordinated by German companies, universities, and research institutes, which also drives the adoption of cloud storage solutions.
Organizations in France are replacing their legacy systems with cloud storage and computing offerings. Moreover, the national investment program has also been set up to support the Digital France Plan, in which nearly USD 2 billion would be allotted for enhancing internet infrastructure, including high-speed mobile bandwidth, optical fiber, and digital transmission by satellite, to be disbursed by 2025, which is further expected to fuel the adoption of cloud services in the country.
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Market Players
Market players profiled in this report 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), and Degoo (Sweden). These players offer various cloud storage solutions to cater to the demands and needs of the market. Major growth strategies are adopted by the players including partnerships, collaborations and agreements, and new product launches/product enhancements.
Factors that Drive Cloud Storage Market
- Data Explosion: At a never-before-seen rate, businesses and individuals are producing more and more data. This information consists of texts, pictures, videos, and more. To handle this data increase, cloud storage offers a scalable alternative that does not require on-premises storage equipment.
- Cost Efficiency: Particularly for smaller enterprises, cloud storage offers affordable storage options. Users can save up-front infrastructure costs and just pay for the storage they really use with pay-as-you-go pricing structures.
- Data Accessibility: Data stored in the cloud can be accessible from any location with an internet connection. For companies with remote employees and for people who need to access their files from different devices, this accessibility is essential.
- Data Backup and Disaster Recovery: Data backup and disaster recovery services are frequently included in the services offered by cloud storage providers. For companies trying to safeguard their data and maintain commercial operations, this is a crucial consideration.
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