Cloud Storage Market

Market Synopsis:

The Global Cloud Storage Market was valued at USD 90.63 Billion in 2022 and is forecast to reach a value of USD 333.81 Billion by 2030. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 17.70% over the forecast period.

Cloud Storage is a cloud computing model in which information is stored on the server side and accessed via the Internet or a dedicated private network connection. Cloud Storage service companies maintain, operate, and maintain it. It provides instant automatic backup, protection from thievery and natural disasters, and lowers server planning and repair costs. Due to the need for advanced security, explicit sharing, and SSL due to an increase in the volume of data stored on the server, raising exposure, the market for cloud services is growing. Users favor economical choices.

Additionally, due to the COVID-19 epidemic, the workforce moved online, increasing the need for cloud-based solutions. For the benefit of the clients affected by the pandemic, various businesses have partnered to offer cloud-based contact Centre services. The market growth for cloud services is anticipated to be boosted by such initiatives by the marketplaces. Increased spending on cutting-edge IT solutions, knowledge of the use of cloud-based solutions, and increased acceptance of Cloud Storage gateways are additional drivers propelling the growth of the cloud service market. Since a cloud service does not require an on-premises data Centre or other maintenance or service charges, it requires a low initial investment. Due to the affordability of Cloud Storage, businesses of all sizes, including small, medium, and large ones, are quickly requesting the service and backing up their critical data.

On the other hand, a key problem that is anticipated to restrict the market's growth to some level is security issues with Cloud Storage. However, the benefits of cloud solutions will exceed these worries due to new solutions being developed to overcome these issues.

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Market Segmentation:

The Cloud Storage Market is segmented based on Components, Applications, Organization Size, Vertical, and Region. Based on the Components, the market is further segmented into Solutions and Services. Furthermore, based on Applications, the market is further bifurcated into Primary Storage, Backup & Disaster Recovery, and Archiving. In addition, based on the Organization Size, the market is further divided into Large Enterprises, Small & Medium Sized Enterprises (SMEs). Furthermore, based on the segment Verticals, the market is further segmented into Banking Financial Services & Insurance (BFSI), IT & ITeS, Telecommunications, Healthcare & Life Sciences, Media & Entertainment, Consumer Goods & Retail, Manufacturing, Government & Public Sector, Energy & Utilities and Others (Education, Travel & Hospitality).

Based on Verticals:

A sizeable portion of revenue came from the Banking, Financial Services & Insurance (BFSI) market. Due to the rising demand for secure storage models, the rapid digitization and use of channels like e-wallets, net banking, and digital payments, among others, is a crucial reason propelling this segment's revenue growth. The need for more thoughtful, more agile, adaptable, and scalable business platforms is growing as financial institutions are under increasing pressure to make data-driven choices to maintain a competitive advantage. To improve customer service and manage operating expenses for greater profitability, major corporations establishing data center's in the neighborhood are encouraging the adoption of various Cloud Storage options in the BFSI industry. As a result, the segment's growth is driven by cost-effectiveness, flexibility, and better security.

Based on Application:

Because of the high demand for reliable storage and easy access due to rapidly increasing volumes of data across various enterprises, the Primary Storage segment accounted for a significantly robust revenue share. In addition, the rising demand for Cloud Storage for improved collaboration and productivity for more efficient management, notably since the COVID-19 pandemic, resulted in increased demand for increased storage capacity for remote workforce operability. As a result, the Primary Storage segment is expected to maintain its supremacy in the forecast period.

Asia Pacific is projected to grow at the highest CAGR during the forecast period

The Asia Pacific is forecast to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. Major drivers driving the market's revenue growth include rising government initiatives for digital transformation and the quick uptake of hybrid Cloud Storage that results in lower Capital Expenditure (CAPEX) and Operating Expenditure (OPEX) costs. Due to advancements, the Asia-Pacific areas, including China and India, are anticipated to grow more quickly. India's market for public cloud services has grown extraordinarily in the past two years.

Competitive Landscape:

The key players in the Global Cloud Storage Market 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), Degoo (Sweden) and others.

Segmentation of the Global Cloud Storage Market: