The research report categorizes the cloud storage market to forecast revenues, analyze trends, component, application, organization size, deployment type, vertical, and region.
Northbrook, IL 60062 -- (SBWIRE) -- 09/26/2023 -- The global Cloud Storage Market size is projected to grow from USD 78.6 billion in 2022 to USD 183.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period, according to research report by MarketsandMarkets™.
The demand for cloud storage is driven by the rising need for providing the remote workforce with ubiquitous access to data and files, increasing data volumes across enterprises, , and cost-saving and low Total Cost of Ownership (TCO) benefits of cloud storage solutions.
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285 - Tables
49 - Figures
253 – Pages
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The services component grow at a higher CAGR during the forecast period
Services play a crucial role in the cloud storage market as these services help before and after the deployment of cloud storage solutions to the clients. Service providers assist their clients in various phases, such as planning, deploying, maintaining, and upgrading cloud storage solutions. The following chapter explains the importance of cloud storage services, such as consulting; integration and implementation; and training, support, and maintenance.
Backup and Disaster recovery segment to grow at the highest CAGR during the forecast period
Backup and disaster recovery applications protect enterprise application data during disasters. They enable customers and enterprises to store and run their systems on the cloud, reduce costs, accelerate the recovery process, and free up resources for other important tasks. These solutions are gaining popularity as they are more reliable and save enterprises the task of maintaining the costly hardware infrastructure needed for backup and disaster recovery. The use of mock drill platforms for disaster recovery enables the addition of resources that can be deployed online in the event of a disaster; this further reduces the recovery time after a major failure. The benefits offered by disaster recovery and backup solutions include data synchronization, online viewing, and easy accessibility.
Market players profiled in this report include AWS (US), Google (US), Microsoft (US), IBM (US), Alibaba Cloud (China), Oracle (US), Rackspace Technology (US), HPE (US), Dell Technologies (US), Dropbox (US), Box (US), Tencent Cloud (China), Fujitsu (Japan), VMware (US), NetApp (US), Hitachi Vantara (US), Scality (US), Citrix (US), UpCloud (Finland), Huawei (China), DigitalOcean (US), Vultr (US), MinIO (US), Zadara (US), pCloud (Switzerland), Wasabi (US), Sync (Canada), and Degoo (Sweden). These players offer various cloud storage solutions to cater to the demands and needs of the market. Major growth strategies are adopted by the players including partnerships, collaborations and agreements, and new product launches/product enhancements.
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Regional Analysis For Cloud Storage Market:
The rising awareness of data management through a common interface at reduced TCO, the growing focus on containerized applications, and the popularity of IaaS solutions are major growth drivers for the cloud storage market in the Asia Pacific. To tap such opportunities in the region global players including AWS, Google, Digital Edge, and Microsoft among others have established data centers in the region. For instance, in August 2022, Google launched its third data center in Singapore. Moreover, favorable government initiatives are also expected to further fuel the market growth in Asia Pacific. For instance, in China, the Ministry of Education partnered with the Ministry of Industry and Information Technology to upgrade the bandwidth of major online education service platforms, especially the capacity of the National Cloud Platform for Educational Resources and Public Service, to serve millions of visitors simultaneously.
Japan is always a frontrunner in adopting advanced technologies, such as cloud, edge computing, AI, and big data analytics. It has a strong base of technologically advanced manufacturing verticals that offer multiple opportunities for the growth of the cloud storage market. Japan is home to many leading cloud storage solution providers, including Hitachi Vantara and Fujitsu. Also, the country is experiencing increased investment from global and regional players present in the market. In October 2022, Google announced to open its first data center in Japan, while in December 2022, Alibaba Cloud launched its third data center in the country to support the growing digital transformation demands from customers in the country.
The Australian government has encouraged cloud adoption through initiatives like the Secure Cloud Strategy, which aims to enhance cybersecurity and promote cloud usage among government agencies. Such initiatives is expected to fuell the market growth in the country.
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