New York, April 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cloud Storage Global Market Report 2023" - https://www.reportlinker.com/p06443909/?utm_source=GNW
, VMware Inc., Dropbox Inc., NetApp Inc., Cisco Systems Inc., and Salesforce.com.
The global cloud storage market grew from $83.55 billion in 2022 to $100.2 billion in 2023 at a compound annual growth rate (CAGR) of 19.9%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cloud storage market is expected to grow to $206.61 billion in 2027 at a CAGR of 19.8%.
The cloud storage market consists of revenues earned by entities by providing community cloud storage.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Cloud storage is a cloud computing service model in which data is transferred and stored on remote storage systems, where it is maintained, managed, backed up, and rendered to customers on a per-consumption, monthly basis across a network, the internet.The cloud storage is used for storing data over remote servers.
Cloud storage is built on a virtualized storage system that features accessible interfaces, near-instant elasticity and scalability, multi-tenancy, and metered resources.
North America was the largest region in the cloud storage market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this cloud storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of cloud storage are object storage, file storage, and block storage.Object storage, also known as object-based storage, is a data storage management method that organizes and manipulates data storage as discrete components known as objects.
The various components include storage models and services and are deployed through modes such as private cloud, public cloud, and hybrid cloud. The various organization sizes include large enterprises, small and medium-sized enterprises (SMEs) and are used in BFSI, IT and telecommunication, government and public sector, manufacturing, healthcare and life science, retail and consumer goods, media and entertainment, and others (energy and utilities, chemicals, travel & hospitality, etc.)
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 analyzed and processed, which are larger than terabytes and petabytes.
The increasing use of computers and digital technologies in organizations 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 organizations to maintain a physical data center.
For instance, 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 growth of the cloud storage market.
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 organization to secure user data right out of the box across a wide range of applications and use cases.
In May 2022, Nasuni, a US-based cloud-based file services platform provider, acquired cloud-native data migration technology from DBM Cloud Systems for an undisclosed amount.Through this acquisition, Nasuni aims to make file data migration, tiering, and data movement between clouds a frictionless service.
DBM Cloud Systems is a US-based pure storage technology alliance partner, and its AIRE product can replicate and migrate data at petabyte scales from object stores in AWS, Azure, GCP, and the Oracle Cloud to Pure’s FlashBlade.
The countries covered in the cloud storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cloud storage market research report is one of a series of new reports that provides cloud storage market statistics, including cloud storage industry global market size, regional shares, competitors with a cloud storage market share, detailed cloud storage market segments, market trends and opportunities, and any further data you may need to thrive in the cloud storage industry. This cloud storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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