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Cloud Storage Service Market

Cloud Storage Service Market Size, Share & Segmentation by Component (Solution and Services), by Deployment Type (Private, Public, and Hybrid), by User Type (Large Enterprises and Small and Medium Enterprises), by Industry Vertical (BFSI, Government & Public Sector, Healthcare, IT & Telecom, Retail, Manufacturing, Media & Entertainment, Others), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/ICT/1858 | June 2022 | Region: Global | 125 Pages

Report Scope & Overview:

The Cloud Storage Service market size was valued at USD 60.47 Bn in 2021 and is expected to reach USD 266.51 Bn by 2028, and grow at a CAGR of 23.6 % over the forecast period 2022-2028.

Cloud storage is a cloud computing concept in which data is stored on the Internet by a cloud computing provider who maintains and administers data storage as a service. It is offered on-demand with just-in-time capacity and rates, and it eliminates the need for you to purchase and manage your own data storage infrastructure. You get agility, global size, and durability, as well as "anytime, everywhere" data access.

Cloud Storage Service Market

A third-party cloud vendor owns and operates data storage capacity and delivers it over the Internet in a pay-as-you-go model. These cloud storage vendors manage capacity, security, and durability to make data accessible to your applications all around the world. Traditional storage protocols or an API are used by applications to access cloud storage. Many companies provide add-on services to aid in the collection, management, security, and analysis of large amounts of data.

Cloud storage is a next-generation technology that communicates in human language and assists specialists in making better judgments by comprehending the complexities of unstructured data. Natural language processing, machine learning, automated reasoning, and information retrieval are examples of technology employed in interpreting unstructured data to perceive, infer, and forecast optimum solutions.

MARKET DYNAMICS:

KEY DRIVERS:

  • Enterprise data volumes are increasing.

  • There is a growing requirement to offer remote workers with constant access to data and files.

  • Cost savings and low TCO advantages.

RESTRAINTS:

  • The expenses of lifetime storage and outflow related to public cloud infrastructures.

  • Issues with latency and network outages in public cloud settings.

OPPORTUNITY:

  • The proliferation of distributed storage arrays

  • AI infusion to achieve data integrity

  • Containerization is on the rise.

CHALLENGES:

  • Concerns about data privacy and security.

IMPACT OF COVID-19:

COVID-19 has led enterprises to turn to cloud environments to cope with the crisis and ease everyday data access, sharing, and work collaboration to its geographically distributed staff, owing to worldwide lockdowns, business continuity difficulties, and expanding work from home tendencies. The proliferation of cloud migration has boosted enterprise adoption of cloud storage solutions for achieving business continuity, running workloads, and storing data. Furthermore, as more businesses migrate their workloads to the cloud for the benefits of scalability, flexibility, and ubiquitous availability, the demand for services such as consulting, training, support, and maintenance, as well as integration and implementation, is increasing.

MARKET ESTIMATION:

The increasing focus of enterprises to achieve improved collaboration and productivity while managing and keeping their day-to-day data for anytime, anywhere access is largely responsible for the expansion of the file storage segment. File storage solutions are ideal for user home directories, application development, and media storage, making them an effective archiving and main storage option.

The market for cloud storage is divided into three categories: public cloud, private cloud, and hybrid cloud. The hybrid sector accounts for a bigger portion of the market. In 2021, a large percentage of businesses will have a multi-cloud approach, and businesses with a hybrid strategy will also be on the increase. Over the foreseeable time, they are also likely to promote cloud storage use

Industry verticals such as BFSI, Education, Communication and Technology, Media and Entertainment, Manufacturing, Energy and Power, Government and Public Sector, Healthcare and Life Science, Retail and Consumer Goods, and Others are quickly adopting cloud storage due to its low cost of data storage and low maintenance requirements. Because of the growing number of internet users and businesses in the BFSI sector, the technology is being implemented. Banking, Insurance, and Capital Markets, on the other hand, are using cloud services due to the lower cost of new hardware and software. In the foreseeable time, these reasons will drive the cloud service market.

KEY SEGMENTS:

On The Basis of Component

  • Solution

  • Services

On The Basis of Deployment Type

  • Private

  • Public

  • Hybrid

On The Basis of User Type

  • Large Enterprises

  • Small and Medium Enterprises

On The Basis of Industry Vertical

  • BFSI

  • Government & Public Sector

  • Healthcare

  • IT & Telecom

  • Retail

  • Manufacturing

  • Media & Entertainment

  • Others

Cloud Storage Service Market

REGIONAL ANALYSIS:

In the projection period of 2022 to 2028, North America dominates the cloud storage market due to various factors such as measures, management, excellent Information Technology (IT) support, the closeness of a large number of enterprises, and the availability of trained professional experience. Asia-Pacific, on the other hand, is predicted to increase significantly due to its location as one of the fastest-growing markets for cloud storage systems and other variables.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

The major key players are AWS, Google, Microsoft, IBM, Huawei, Alibaba Cloud, Oracle, Rackspace Technology, HPE, Dell Technologies, Dropbox

 

Cloud Storage Service Market Report Scope:
Report Attributes Details
Market Size in 2021  US$ 60.47 Bn
Market Size by 2028  US$ 266.51 Bn
CAGR   CAGR of 23.6% From 2022 to 2028
Base Year  2021
Forecast Period  2022-2028
Historical Data  2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Component (Solution and Services)
• by Deployment Type (Private, Public, and Hybrid)
• by User Type (Large Enterprises and Small and Medium Enterprises)
• by Industry Vertical (BFSI, Government & Public Sector, Healthcare, IT & Telecom, Retail, Manufacturing, Media & Entertainment, Others)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles AWS, Google, Microsoft, IBM, Huawei, Alibaba Cloud, Oracle, Rackspace Technology, HPE, Dell Technologies, Dropbox
Key Drivers • Enterprise data volumes are increasing
• Cost savings and low TCO advantages
Market Opportunities • The proliferation of distributed storage arrays
• AI infusion to achieve data integrity

 


Frequently Asked Questions (FAQ) :

Ans: - Cloud Storage Service Market Will grow at a CAGR of 23.6 % over the forecast period 2022-2028.

Ans: - The segments covered in the Cloud Storage Service are On the Basis of Component, Deployment Type, User Type, And Industry Vertical.

Ans: - The major key players are AWS, Google, Microsoft, IBM, Huawei, Alibaba Cloud, Oracle, Rackspace Technology, HPE, Dell Technologies, and Dropbox.

Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of the Ukraine- Russia war

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7. PEST Analysis

 

8. Cloud Storage Service Market Segmentation, by Component

8.1 Solution

8.2 Services

 

9. Cloud Storage Service Market Segmentation, by Deployment Type

9.1 Private

9.2 Public

9.3  Hybrid

 

10. Cloud Storage Service Market Segmentation, by User Type

10.1 Large Enterprises

10.2 Small and Medium Enterprises

 

11. Cloud Storage Service Market Segmentation, by Industry Vertical

11.1 BFSI

11.2 Government & Public Sector

11.3 Healthcare

11.4 IT & Telecom

11.5 Retail

11.6 Manufacturing

11.7 Media & Entertainment

11.8 Others

 

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Germany

12.3.2 UK

12.3.3 France

12.3.4 Italy

12.3.5 Spain

12.3.6 The Netherlands

12.3.7 Rest of Europe

12.4 Asia-Pacific

12.4.1 Japan

12.4.2 South Korea

12.4.3 China

12.4.4 India

12.4.5 Australia

12.4.6 Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1 Israel

12.5.2 UAE

12.5.3 South Africa

12.5.4 Rest

12.6 Latin America

12.6.1 Brazil

12.6.2 Argentina

12.6.3 Rest of Latin America

 

13. Company Profiles

13.1 AWS

13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

13.2 Google

13.3 Microsoft

13.4 IBM  

13.5 Huawei

13.6 Alibaba Cloud

13.7 Oracle

13.8 Rackspace Technology

13.9 Dell Technologies

13.10 Dropbox

  

14. Competitive Landscape

14.1 Competitive Benchmarking

14.2 Market Share Analysis

14.3 Recent Developments

 

15. Conclusion

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Step 1: Secondary Research:

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Secondary Research

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