Pune, July 25, 2024 (GLOBE NEWSWIRE) -- Cloud Storage Service Market Size:
“According to SNS Insider Research, The Cloud Storage Service Market size was estimated at US$ 99 Billion in 2023 & is projected to reach US$ 477.32 billion by 2032 with a growing CAGR of 19.1% over the forecast period of 2024-2032.”
The intense growth of the cloud storage service market has been caused by a combination of circumstances.
Scalable and cheap storage solutions must be provided because of the increasing generation of data which is generated exponentially through IoT devices, social media, and digital transformation initiatives. The adoption of cloud storage service by businesses is growing to simplify workflow, promote teamwork, and bring down IT infrastructure expenses in firms.
In addition, remote work patterns have grown while hybrid models are being adopted thus necessitating the need for easily available secure cloud-based data stores. Besides these trends, the relevance of data security as well as compliance rules has led to the adoption of cloud storage service where providers are spending heavily on robust security measures.
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Major Players Analysis Listed in this Report are:
- AWS
- Microsoft
- IBM
- Huawei
- Alibaba Cloud
- Oracle
- Rackspace Technology
- HPE
- Dell Technologies
- Dropbox
The crossroads between AI and IoT among others with cloud storage service market present an imperative chance.
By developing intelligent data storage solutions that can independently manage information, predict its future needs for space allocation or discard it at optimal prices will give providers an upper hand over their competitors.
Furthermore, there is an increasing call for very specific specialized industry-based kinds of this kind of technology which go beyond general ideas concerning them all together. For instance, healthcare practitioners require solid platforms which comply with various rules used in handling sensitive patient data such as those obtained from other sources. Again, companies dealing with media entertainment need high performing storage for managing large-scale content creation and distribution.
Cloud Storage Service Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 99 Bn |
| Market Size by 2032 | US$ 477.32 Bn |
| CAGR | CAGR of 19.1% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Enterprise data volumes are increasing • Cost savings and low TCO advantages |
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Solutions segment dominated the market in 2023 with 62% share, which includes primary storage, data archiving, cloud storage gateways, back up and disaster recovery.
That is where technological innovation is at its highest with improvements in storage capacity, speed and durability shaping the landscape on all sides. Also, there is an equally important services component that often goes unnoticed. It encompasses a galaxy of offerings including training, installation, and support as well as maintenance without which smooth cloud storage service uptake would not be possible. Therefore, it is apparent that these two sub-sectors are interdependent since strong solutions require effective services to achieve maximum performance for customers.
Cloud Storage Service Market Key Segmentation:
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
The APAC region has seen a rise in adoption of cloud storages service driven by evolving digital transformation processes.
This demand has been promoted by rapidly emerging startups and high volumes of enterprise data have been created. Consequently, such countries as China, India and South Korea have become revolutionaries in this sphere due to improved infrastructure development accompanied by supportive government policies to enhance cloud sourcing.
However, different levels of digital maturity among countries within the region make the market a mix bag of opportunities and challenges for investors/organizations alike. Nevertheless, developed APAC economies like Singapore and Australia boast advanced cloud ecosystems, emerging markets offer immense untapped potential.
Key Trends:
- The cloud storage market is changing quickly as data volume expands rapidly and the dependence on cloud-based solutions grow.
- The integration of artificial intelligence and machine learning enhances data management, facilitates intelligent classification of data, and optimizes storage usage.
- Edge computing is increasingly vital as it reduces latency by processing information near its source. They also understand that cyber security is crucial, which is why they are investing heavily in strong encryption, authentication mechanisms and threat detection systems for safeguarding sensitive data.
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Key Takeaways:
- One of these trends is public cloud storage service which has seen various players entering into the market with different service options, including those relating to object files and archival solutions.
- At the same time, new technologies such as artificial intelligence (AI) and Internet of things (IoT) have been pushing for advanced storage needs by coming up with new use cases.
- Cybersecurity however remains an important issue; therefore, providers are continuously spending significant sums on measures aimed at securing data from unauthorized persons or use contrary to its intended purpose.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Cloud Storage Service Market Segmentation, By Component
8. Cloud Storage Service Market Segmentation, By Deployment Type
9. Cloud Storage Service Market Segmentation, By User Type
10. Cloud Storage Service Market Segmentation, By Industry Vertical
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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