IMARC Group has recently released a new research study “Cloud Storage Market Research Report : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the Cloud Storage Industry ?
The global cloud storage market size reached US$ 83.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 247.5 Billion by 2028, exhibiting a growth rate (CAGR) of 19.5% during 2023-2028.
What is a Cloud Storage?
Cloud storage represents a cloud computing model wherein data is stored on remote servers and accessed over the internet or via a dedicated private network connection. It is operated, maintained, and managed by cloud storage service providers. Cloud storage provides protection from theft and natural disasters and instant automatic backup. In addition to this, it reduces costs for maintenance and management of the servers. Furthermore, it delivers a cost-effective and scalable alternative to store files on on-premises hard drives or storage networks. Consequently, cloud storage finds extensive applications in various industries, such as manufacturing, telecommunications, media and entertainment, information technology (IT), etc., across the globe.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major market drivers in the cloud storage market ?
The emerging trend of automation is primarily driving the cloud storage market. Additionally, the growing utilization of serverless cloud that does not need leasing servers or paying for fixed amounts of storage and bandwidth is also catalyzing the market growth.
Besides this, the expanding banking, financial services and insurance (BFSI) sector is acting as another significant growth-inducing factor. Moreover, the escalating demand for cloud storage solutions that offer real-time backup of medical information by allowing healthcare providers to quickly restore the data in the event of power loss, hardware failure, data breaches ensuring minimal disruption or interruption to patient care, etc., is augmenting the global market. Apart from this, the rising adoption of the remote working model, on account of the sudden outbreak of the COVID-19 pandemic, is anticipated to fuel the cloud storage market over the forecasted period.
Who are the leading players in the Cloud Storage Market ?
Alibaba Group Holding Limited
Amazon Web Services Inc. (Amazon.com Inc.)
Dell Technologies Inc.
Dropbox Inc., Google LLC (Alphabet Inc.)
Hewlett Packard Enterprise Development LP
Huawei Technologies Co. Ltd.
international Business Machines Corporation
Microsoft Corporation, NetApp Inc.
and VMware Inc (Broadcom Inc.).
The report has been segmented the market into following categories:
Breakup by Component:
Breakup by Deployment Type:
Breakup by User Type:
· Large Enterprises
· Small and Medium-sized Enterprises
Breakup by Industry Vertical:
· Government and Public Sector
· IT and Telecom
· Media and Entertainment
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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