Newark, NJ, Jan. 20, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, The global Cloud Storage market is anticipated to grow from USD 61.37 billion in 2020 to USD 353.81 billion by 2028, at a CAGR of 24.48% during the forecast period 2021-2028.
The surge in the demand of low-cost data & faster accessibility, also the adoption of cloud storage by various industry verticals are some of the factors fuelling the Cloud Storage market.
Cloud computing providers are third-party cloud vendor. They provide cloud storage over the internet on the basis of the pay-as-you-go model. These vendors are responsible for the storage capacity, for the security of the data and also for the durability of the data, which means data can be accessible, all across the world for the required applications. The applications can access the cloud storage using API. Customers who are using the cloud computing have to pay for the storage they are using. It means using this one can get rid of all the capital expenses used to maintain its own data storage infrastructure. So Cloud computing is helping the organization to cut their energy consumption by around 70%, which is making the organization much more advanced, profitable and converting them to green business. Cloud storage has many advantages one of the advantages is that it can be used for data or information backup in case of natural disaster as there are 2 to 3 different backup servers are kept in a different part of the globe. The growing infrastructure with the advancement in technologies, the growing customers due to an increase in disposable income in developed and developing countries have created the need for more storage devices.
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The major restraint for the market is the data security. All the health care industries, insurance and big bank firms are now connected to the cloud. So all the data and information of these organizations are now stored in the cloud, which means all the personal data of the clients and the confidential data of the client are stored in the cloud. And no system is completely hackproof, which means, in case of any hacker got successful in hacking even some part of data, many personal information can be leaked of the customer, which could be used against these industries and against the customer whose data got leaked.
Key players for the global Cloud Storage market include AWS, IBM, Microsoft, Google, Oracle, HPE, Dell EMC, VMware, Rackspace and Dropbox, among others.
- The big players are now focused in the implementation of strategies like joint venture, product innovations, merger and acquisition and partnerships etc. to gain market share and to strengthen its position in the global Cloud Storage industry. For instance, in July 2019, Amazon Web Services (AWS) acquired startup company E8. This acquisition would help the organization in maintaining the leadership position in the public cloud infrastructure market.
- In October 2019, Oracle announced to acquire CrowdTwist. By this acquisition, the organization will extend Oracle CX cloud organization with leading cloud loyalty solution of CrowdTwist.
Solution segment is accounted for the highest market value of USD 39.78 Billion in 2020
The component segment is divided into solution and services. Solution segment is accounted for the highest market value of USD 39.78 Billion in 2020. This is because of the low-cost cloud storage. The customer can save the confidential document in it and then can access it from any place at any time.
The hybrid segment accounted for USD 29.4 Billion of market value in 2020
The deployment type segment includes private, public and hybrid. The hybrid segment accounted for USD 29.4 Billion of market value in 2020. The organization has realized with the experience that public storage can’t be the solution for everything as some time there is a need for faster access to data and some data is required more frequently. This created the requirement of hybrid storage in organizations.
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The large enterprise segment accounted for USD 42.02 Billion of market value in 2020
The user type segment consist of large enterprises and SMEs. The large enterprise segment accounted for USD 42.02 Billion of market value in 2020. The big organizations are looking for the most advanced solution, which reduces their daily operational cost, reduce their capital expenses and increases the profit margin.
The BFSI segment accounted for USD 19.72 Billion of market value in 2020
The industry vertical segment includes BFSI, Government & Public Sector, Healthcare, IT & Telecom, Retail, Manufacturing, Media & Entertainment and others. The BFSI segment accounted for USD 19.72 Billion of market value in 2020. This is because of their expanding data volume, which require highly secured data storage system, driving the cloud storage market.
Regional Segment Analysis of the Cloud Storage Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the Cloud Storage market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. North America region is accounted for the highest market value of USD 25.22 Billion in 2020. This is due to the better IT infrastructure in the region. APAC had the second-largest market value of USD 17.34 Billion in 2020. The big enterprises in the emerging economies of the region have now realized that as the data volume is increasing because of their growing customer base, this factor is driving the cloud storage market in the region.
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About the report:
The global Cloud Storage market is analysed on the basis of value (USD Billion).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, and competitor position grid analysis.
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