Cloud Storage Market to Reach USD 390.33 Billion by 2028, Growing at a CAGR of 26.2%

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Pune, India, Oct. 06, 2021 (GLOBE NEWSWIRE) — The global cloud storage market is set to gain traction from the rising adoption of autonomous systems and machine learning. Besides, the introduction to 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 projected to grow from USD 76.43 billion in 2021 to USD 390.33 billion in 2028 at a CAGR of 26.2% in the forecast period. It stood at USD 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, United States)
  • IBM Corporation (New York, United States)
  • Microsoft Corporation (Washington, United States)
  • Oracle Corporation (Texas, United States)
  • pCloud AG (Switzerland)
  • Rackspace, Inc. (Texas, United States)
  • VMware, Inc. (California, United States)

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 26.2%
2028 Value Projection USD 390.33 Billion
Base Year 2020
Market Size in 2020 USD 61.15 Billion
Historical Data for 2017 to 2019
No. of Pages 160
Segments covered Component, Enterprise Size, Vertical and Geography
Growth Drivers BFSI Segment to Grow Steadily Fueled by Need for Improving Consumer Experience
Rising Adoption of Artificial Intelligence and Video Analytics to Accelerate Growth
North America to Remain Dominant Owing to Rising Adoption of Various Digital Services

COVID-19 Pandemic to Boost Growth Stoked by Surging Usage of Storage Solutions

Cloud storage solutions are gaining more popularity at present as workforces are inclining towards a distributed work environment. These solutions aid workforces in collaborating and staying connected. The outbreak of COVID-19 pandemic is enabling several organizations to support remote working, as well as manage the vast amount of data smoothly. Microsoft, for instance, has surged the benefits of Windows and extended Azure cloud credits for non-profit and critical care organizations, such as food & nutrition, public safety, and health support.

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

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Segments-

BFSI Segment to Grow Steadily Fueled by Need for Improving Consumer Experience

Based on the vertical, the IT and telecommunication segment generated 18.0% in terms of the cloud storage market share in 2020. The BFSI segment is anticipated to lead in the forthcoming years as the industry deals with large volumes of customer data on regular bases. It delivers efficient services to the customers. To serve them better, they require cloud storage technology as it poses as a transformative digital solution. This solution provides a high level of scalability, agility, and data security to the industry. These advanced systems not only improve consumer experience and revenues, but also enhance the operational efficiency. These factors are set to drive the growth of the BFSI segment in the near future.

Report Coverage-

The report involved four notable activities in projecting the current size of the cloud storage industry. Exhaustive secondary research was conducted to gather data about the parent markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size.

Drivers & Restraints-

Rising Adoption of Artificial Intelligence and Video Analytics to Accelerate Growth

The increasing adoption of various innovative technologies, such as artificial intelligence (AI), remote sensing, and advanced video systems, such as 4K resolution cameras is set to propel the demand for cloud type of storage solutions in the near future. In addition to that, the utilization of analytics-driven platforms is helping companies in the generation of a large amount of data. They are, therefore, preferring hybrid storage solutions more than conventional ones. However, government agencies are constantly deploying strict norms on the usage of cloud services because of confidentiality and data privacy issues. It may hinder growth.

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Regional Insights-

North America to Remain Dominant Owing to Rising Adoption of Various Digital Services

The market is divided into Latin America, Europe, Asia Pacific, the Middle East and Africa, and North America. Amongst these, North America procured USD 25.67 billion in terms of revenue in 2020 and is set to dominate the global cloud storage market. This growth is attributable to the rising adoption of several digital services, such as electronic signatures and e-commerce in the U.S. Also, the increasing rate of cybercrime would contribute to the growth. However, the outbreak of the COVID-19 pandemic is expected to obstruct growth by affecting the technological investments of industry giants. Asia Pacific, on the other hand, is projected to exhibit astonishing growth during the forecast period backed by the increasing usage of smartphones.

Competitive Landscape-

Key Companies Focus on Expanding Product Offerings to Surge Revenue

Microsoft, IBM, and Amazon are some of the top companies operating in the global market. They are striving to widen their product offerings by keeping up with the latest trends. They will also be able to surge their revenue this way. Below are two of the latest industry developments:

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

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Major Table of Contents:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Key Takeaways
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, 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 Key Players
  • Global Cloud Storage Key Players Market Share Insights and Analysis, 2020          
  • Key Market Insights and Strategic Recommendations
  • Companies Profiled (Covered for key 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Gross Margin
        • Geographical Share
        • Business Segment Share
    • Recent Developments

TOC Continued…!

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