WASHINGTON, Sept. 02, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Cloud Storage Market finds that the growing volume of data to run the need for new storage space capacity is expediting market growth. In addition, increasing demand to present remote workers with ubiquitous access to data and rising usage of social media and analytical platforms are anticipated to augment the growth of the Global Cloud Storage Market during the forecast period. The Global Market revenue was valued at USD 77.5 Billion in 2021.
The Global Cloud Storage Market size is forecast to reach USD 208.1 Billion by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 17.9% during the forecast period; states Vantage Market Research, in a report, titled “Cloud Storage Market Size, Share & Trends Analysis Report 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 and Others (Education, Travel & Hospitality), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Key Industry Findings & Insights from the report:
- The global Cloud Storage Market was valued USD 77.5 Billion in 2021 and is all set to surpass USD 208.1 Billion by 2028, exhibiting a CAGR of 17.9% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Cloud Storage industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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Market Dynamics:
Driver:
Increase in Data Volumes to Drive the Demand for New Storage Capacity
The Internet of Things (IoT), remote sensing, and superior video quality like 4K or 8K resolution cameras have collected enormous amounts of data. Therefore, the demand for cloud-based storage and networking technology is more significant than ever. In addition, the increase in the usage of Artificial Intelligence is anticipated to enhance the storage demand to develop data security. Furthermore, connected devices and autonomous systems like cars that are self-driving are expected to fuel the implementation of cloud computing services, which include data storage for offering real-time assistance. As a result, the Cloud Storage Market is likely to go upward during the forecast period.
Surge in Demand to Offer Remote Employees with Ubiquitous Access to Data Resources & Files
The outbreak of COVID-19 has directed to a surge in the culture of working from home. For this, companies must ensure business stability along with the growing workloads and help with better teamwork. Moreover, the data storage in the cloud facilitates companies to assist the workforce in sending files using cloud drives and ensure employees get ubiquitous access to the data and files. As a result, the pandemic increased cloud migration worldwide for most organizations. Furthermore, numerous players in the Cloud Storage Market depend on file hosting and sharing services presented by companies, including Microsoft, Google, Oracle, pCloud, and Dropbox. Besides, Canada, the U.S., and the UK are projected to be at the frontage of cloud migration.
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Segment Analysis:
- 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
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide and the Global Cloud Storage Market is not an exception. Administrative bodies worldwide implemented curb measures, for instance, lockdown, to ensure strict social distancing norms to restrict the spread of the disease. Small and medium-scale industries which are technology partners to the Cloud Storage Market companies suffered impact due to the pandemic. In addition, the Cloud Storage Market was also impacted by the restricted movement of goods and people due to the lockdown measures in place during the beginning stages of the COVID-19 spread.
Since the beginning of 2022, the supplies and workforce are expected to resume normal which will further bolster Cloud Storage Market industry coming back on track. Vantage Market Research, while performing the research on the topic for the Global Cloud Storage Market has considered the end-to-end impact of COVID-19 on the Global Cloud Storage Market. In addition, the study also deep dives into the after-effects of the COVID-19 pandemic on the subsidiary units of the Cloud Storage Market industry. Furthermore, the study also does an exhaustive analysis while estimating the present and the future market size for the Global Cloud Storage Market industry primarily based on the aforementioned data points:
1. Impact Assessment of COVID-19 Pandemic
a. North America
b. Europe
c. Asia Pacific
d. Latin America
e. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long-Term Dynamics
5. Short-Term Dynamics
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The report on Cloud Storage Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
Regional Analysis:
North America Dominated the Global Cloud Storage Market
North America dominated the Global Cloud Storage Market in 2021 and is expected to continue the same during the forecast period. This is attributable to the early adoption of novel technologies, improved IT infrastructure, and massive investments in Research and Development (R&D) for Cloud-based solutions. The U.S. and Canada are the top countries in this region likely to contribute to the Cloud Storage Market. Moreover, the region has a well-built foothold of market vendors like Microsoft Corporation, Google, IBM Corporation, Amazon Web Services Inc., and Oracle Corporation. These companies in North America have been able to expand the technology through R&D. This, in turn, will probably propel the adoption of Cloud Storage Market, reducing the cost of Cloud Storage Market in the future.
List of Prominent Players in Cloud Storage Market:
- AWS (US)
- Google (US)
- Microsoft (US)
- IBM (US)
- Alibaba Cloud (China)
- Oracle (US)
- Rack space 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)
- Up Cloud (Finland)
- Huawei (China)
- Digital Ocean (US)
- Vultr (US)
- MinIO (US)
- Zadara (US)
- pCloud (Switzerland)
- Wasabi (US)
- Sync (Canada)
- Degoo (Sweden)
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on "Cloud Storage Market Size, Share & Trends Analysis Report 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 and Others (Education, Travel & Hospitality), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
June 2022: Hewlett Packard Enterprise Company announced platform enhancements & new cloud services for private cloud, disaster recovery, data fabric, and further. The company’s flagship offering enables organizations to modernize all their applications and data, including a reimagined modern private cloud that offers a cloud-native experience to power an organization’s hybrid strategy, regardless of location.
July 2021: AT&T teamed up with Microsoft to offer its cloud computing platform run core parts of its 5G wireless network. In addition, the new generation networks being rolled out by AT&T are planned to rely on software & data centers to routing network traffic rather than Telecommunications specific gear.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Cloud Storage Market for the base year and forecast period?
This market titled “Cloud Storage Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| 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 |
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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