Cloud storage market to reach $ 390.33 billion by 2028, with a CAGR of 26.2%


Pune, India, October 6, 2021 (GLOBE NEWSWIRE) – The world cloud storage market is poised to capitalize on the growing adoption of autonomous systems and machine learning. In addition, the introduction of unique video systems, Internet of Things (IoT), and remote sensing technologies are driving the market growth. This information is provided by Fortune Business Insights ™ in a recent study titled “Cloud Storage Market, 2021-2028”. The study further mentions that the market size is expected to grow from USD 76.43 billion in 2021 to USD 390.33 billion in 2028 at a CAGR of 26.2% during the forecast period. It stood at $ 61.15 billion in 2020.

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List of key players in Cloud Storage Market:

  • Alibaba Cloud (Hangzhou, China)
  • Amazon Web Services, Inc. (Washington, United States)
  • Dell Technologies Inc. (Texas, United States)
  • Dropbox (California, United States)
  • Fujitsu Ltd, Inc. (Tokyo, Japan)
  • Google, Inc. (California, United States)
  • Hewlett Packard Enterprise Development LP (Texas, USA)
  • IBM Corporation (New York, United States)
  • Microsoft Corporation (Washington, United States)
  • Oracle Corporation (Texas, United States)
  • pCloud SA (Switzerland)
  • Rackspace, Inc. (Texas, United States)
  • VMware, Inc. (California, United States)

Scope and segmentation of the report

Cover of the report Details
Forecast period 2021 to 2028
Forecast period 2021 to 2028 CAGR 26.2%
2028 value projection $ 390.33 billion
Year of reference 2020
Market size in 2020 $ 61.15 billion
Historical data for 2017 to 2019
Number of pages 160
Covered segments Component, company size, vertical and geography
Growth drivers The BFSI segment will grow steadily, fueled by the need to improve the customer experience
Growing adoption of artificial intelligence and video analytics to accelerate growth
North America to Remain Dominant Due to Growing Adoption of Various Digital Services

COVID-19 pandemic to drive growth fueled by growing use of storage solutions

Cloud storage solutions are growing in popularity today as the workforce moves towards a distributed work environment. These solutions help employees collaborate and stay connected. The COVID-19 outbreak allows multiple organizations to take over remote work, as well as handle the large amount of data smoothly. Microsoft, for example, has increased the benefits of Windows and extended Azure cloud credits for nonprofits and critical care organizations, such as food and nutrition, public safety, and healthcare support.

To learn more about the short and long term impact of COVID-19 on this market,

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Segments-

The BFSI segment will grow steadily, fueled by the need to improve the customer experience

On a vertical basis, the Information Technology and Telecommunications segment generated 18.0% in terms of cloud storage market share in 2020. The BFSI segment is expected to dominate in the coming years as the sector regularly processes large volumes of customer data. It provides efficient services to clients. To serve them better, they need cloud storage technology as it presents itself as a transformative digital solution. This solution offers a high level of scalability, agility and data security to the industry. These advanced systems not only improve customer experience and revenue, but also improve operational efficiency. These factors are expected to drive the growth of the BFSI segment in the near future.

Report Cover-

The report involved four notable activities to project the current size of the cloud storage industry. Extensive secondary research was conducted to collect data on parent markets. Our next step included primary research to authenticate these sizes, assumptions, and results with many industry experts. We also used bottom-up and top-down approaches to calculate the market size.

Conductors and constraints-

Growing adoption of artificial intelligence and video analytics to accelerate growth

The growing adoption of various innovative technologies, such as artificial intelligence (AI), remote sensing, and advanced video systems, such as 4K resolution cameras, is expected to propel the demand for cloud-based storage solutions in the near future. . In addition to this, the use of analytics-based platforms helps businesses generate a large amount of data. They therefore prefer hybrid storage solutions to conventional solutions. However, government agencies are constantly deploying strict standards on the use of cloud services due to privacy and data privacy concerns. It can hinder growth.

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Regional Insights-

North America to Remain Dominant Due to Growing Adoption of Various Digital Services

The market is divided into Latin America, Europe, Asia-Pacific, Middle East and Africa, and North America. Of these, North America delivered $ 25.67 billion in revenue in 2020 and is expected to dominate the global cloud storage market. This growth is attributable to the increasing adoption of several digital services, such as electronic signatures and e-commerce in the United States. In addition, the increasing rate of cybercrime would contribute to growth. However, the outbreak of the COVID-19 pandemic is expected to hamper growth by affecting the technology investments of industry giants. Asia-Pacific, on the other hand, is expected to show astonishing growth over the forecast period, supported by the increasing use of smartphones.

Competitive landscape-

Key companies focus on expanding their product offerings to increase revenue

Microsoft, IBM and Amazon are among the major companies operating in the global market. They strive to expand their product offering by following the latest trends. They will also be able to increase their income this way. Below are two of the latest developments in the industry:

  • February 2020: Amazon Web Services, Inc. was chosen by Carrier to be their preferred cloud provider. Carrier will use AWS machine learning, analytics and warehouse services to highlight the efficiency of its supply chains and manufacturing processes. It would also use the latter’s IoT services to support a new range of networked and intelligent products and services for the cold, workplace and home supply chain.
  • January 2020: Dell Technologies unveiled various new portfolio advancements, benchmark architectures and solutions designed to accelerate and simplify consumer efforts in AI and high performance computing (HPC).

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Main Table of Contents:

  • introduction
    • Definition, by segment
    • Research methodology / approach
    • Information source
  • Key points to remember
  • Market dynamics
    • Macro and micro economic indicators
    • Drivers, constraints, opportunities and trends
    • Impact of COVID-19
      • Short term impact
      • Long term impact
  • Competition landscape
    • Business strategies adopted by key players
    • Consolidated SWOT analysis of the main players
  • Global Cloud Storage Key Players Market Share Overview and Analysis, 2020
  • Key market insights and strategic recommendations
  • Profiled companies (Covered for 10 key players only)
    • Overview
      • Key management
      • Headquarters etc
    • Offers / business segments
    • Key details (Key details are subject to data availability in the public domain and / or on chargeable databases)
      • Employee size
      • Key financial data
        • Past and current income
        • Gross margin
        • Geographic share
        • Share of business segment
    • Recent developments

TOC Continued…!

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