The Cloud Storage Service Market size was valued at USD 74.74 Bn in 2022 and is expected to reach USD 407.10 Bn by 2030, and grow at a CAGR of 23.6% over the forecast period 2023-2030.
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.
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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.
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.
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.
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
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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
The major key players are AWS, Google, Microsoft, IBM, Huawei, Alibaba Cloud, Oracle, Rackspace Technology, HPE, Dell Technologies, Dropbox & Other Players
| Report Attributes | Details |
| Market Size in 2022 | US$ 74.74 Bn |
| Market Size by 2030 | US$ 407.10 Bn |
| CAGR | CAGR of 23.6% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| 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 |
Ans: - Cloud Storage Service Market Will grow at a CAGR of 23.6% over the forecast period 2023-2030.
Ans: - Concerns about data privacy and security.
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 Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
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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