LONDON, Dec. 05, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research on the cloud storage market, exponential growth in data volumes is expected to propel the growth of the cloud storage market going forward. Data volume refers to the size of the data sets that need to be analysed and processed, which are larger than terabytes and petabytes. The increasing use of computers and digital technologies in organisations has led to a rise in the amount of data generated. This further has increased the need for storage systems like cloud storage, which store the data over the internet and thus decrease the burden of organisations to maintain a physical data center. For instance, in April 2019, according to a report released by the World Economic Forum, a Switzerland-based international non-governmental and lobbying organization, by the year 2025, it is predicted that 463 exabytes of data, the equivalent of 212.77 million DVDs per day, is expected to be generated globally each day. Therefore, exponential growth in data volumes is driving the cloud storage market growth.
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The global cloud storage market size is expected to grow from $69.8 billion in 2021 to $85.9 billion in 2022 at a compound annual growth rate (CAGR) of 23.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The cloud storage market share is expected to reach $196.64 billion in 2026 at a CAGR of 23.0%.
Technological advancement has emerged as a key trend gaining popularity in the cloud storage market. Major players in the cloud storage market are increasing capabilities with innovative technologies to protect enterprise data, meet organizations' workloads, and reduce costs. For instance, in September 2021, Google, a US-based software company, added two extensions to its cloud storage capacity: Filestore Enterprise and Backup for Google Kubernetes Engine. These new features, when combined, make it easier for the organisation to secure user data right out of the box across a wide range of applications and use cases.
Major players in the cloud storage market are Google LLC (Alphabet, Inc.), Amazon Web Services, Inc., Dropbox, Inc., Dell EMC Corporation, Hewlett Packard Enterprise Company, IBM Corporation, Microsoft Corporation, Oracle Corporation, Alibaba Cloud (Alibaba Group), Rackspace Hosting Inc., VMware Inc., Dropbox Inc., NetApp Inc., Cisco Systems Inc., and Salesforce.com.
The global cloud storage market is segmented by type into object storage, file storage, block storage; by component into storage model, services; by mode into private cloud, public cloud, hybrid cloud; by organization size into large enterprises, small and medium-sized enterprises (SMEs); by vertical into BFSI, IT and telecommunication, government and public sector, manufacturing, healthcare and life science, retail and consumer goods, media and entertainment, others (energy & utilities, chemical, travel & hospitality).
North America will be the largest region in the cloud storage market in 2021. The regions covered in this cloud storage market research are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Cloud Storage Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide cloud storage market forecast size and growth, cloud storage market segments, cloud storage market trends, drivers and restraints, leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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