Cloud Storage Market reach approximately USD 104 billion towards the end of 2030
Market Overview
Cloud storage has been
efficient for storing data, especially in remote servers. Industries that
produce large amounts of data prefer using cloud storage to provide core
security. Companies can easily access the data from the internet. Cloud storage
is proven to manage remote servers, including their operation and maintenance.
Due to its huge usage, the Cloud
Storage Market is expecting good
growth value.
The market is showing
its excellent growth speed due to the driving force. The higher need for
mobility is accelerating the demand of the Cloud
Storage Market. The global demand is increasing diversely in prominent
regions. The industrial verticals are utilizing cloud storage systems for
storing large amounts of data. The growth of industry verticals such as the IT
sector is highly driving the market.
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Implementation of
cloud storage systems is easy and quite convenient, which raises the demand for
cloud storage facilities. The prime activities of the industries to access data
through different devices and share them on various platforms are increasing the
adoption of cloud storage systems. These factors are highly enhancing the
opportunities of the Cloud Storage
Market.
During the pandemic
period, the Cloud Storage Market has
noticed a steady growth rate. Due to the lockdown, people preferred to stay at home
and work remotely. The data consumption and the requirement for data storage
were highly propelled during this period. Most industries prefer to use cloud
storage systems for securely storing data. These factors have accelerated the
market’s growth rate. The pandemic period has brought up good growth
opportunities for the market. It is estimated to continue its growth
performance consistent in the post-pandemic period.
During the forecast
period, the Cloud Storage Market is
expected to reach a valuation of USD 104 billion and a CAGR of 25 % from 2023
to 2027.
Market Segments
The Cloud Storage Market is segmented into
major segments such as the components, verticals and deployment methods.
The component segment
of the market is fragmented into solutions and services. The solution segment
has data archiving, cloud storage gateway, backup storage, disaster recovery,
and primary storage. While the service segment is subdivided into support and
maintenance, training and consulting, migration and cloud integration, and
managed services.
The vertical segment
of the market involves industrial verticals such as travel and hospitality,
education, BFSI, healthcare industry, e-commerce and retail, IT and
telecommunication, government, and others. The cloud deployment model consists
of private cloud, hybrid cloud, and public cloud.
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Regional Analysis
According to the
geographical report, the Cloud Storage
Market covers major regions such as the North American region, Europe, Asia
Pacific and the rest of the world.
The North American
region occupies the largest market share due to the higher investment in
cloud-based solutions. The increased rate of adoption of advanced technologies
is accelerating the market.
The Asia Pacific
region will also show a good growth rate in the forecast period due to its
consistent growth performance and the wide usage of cloud storage systems in
various sectors.
Industry News
Google has announced
the launch of BigLake, and it is a new and advanced data lake storage engine.
It makes it easier for enterprises to analyze the data in data warehouses and
data lakes.
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