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Cloud Storage Market Scenario & Industry Outlook 2022-2028 |AWS, IBM, Microsoft, Google, Oracle, HPE, Dell & EMC
The Brainy INsights
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The big enterprises in the emerging economies of the region have now realized that as the data volume is increasing because of their growing customer base, this factor is driving the cloud storage market in the region.
Cloud Storage Market Size by Component (Solution, Services), Deployment Type (Private, Public, Hybrid), User Type, Industry Vertical, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028
Key players for the global Cloud Storage market include AWS, IBM, Microsoft, Google, Oracle, HPE, Dell EMC, VMware, Rackspace and Dropbox, among others.
The component segment is divided into solution and services. Solution segment is accounted for the highest market value of USD 39.78 Billion in 2020. This is because of the low-cost cloud storage. The customer can save the confidential document in it and then can access it from any place at any time.The deployment type segment includes private, public and hybrid. The hybrid segment accounts for 47.9% of market share in 2020. This owes to the fact that with the experience of time the organization has realized that public storage can't be the solution for everything as some time there is a need for faster access of data and some data is required more frequently.
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So, therefore, there should be a requirement of the system for well-balanced data storage according to the requirement. The user type segment consist of large enterprises and SMEs. The large enterprise segment accounted for USD 42.02 Billion of market value in 2020. The big organizations are looking for the most advanced solution, which reduces their daily operational cost, reduce their capital expenses and increases the profit margin. The industry vertical segment includes BFSI, Government & Public Sector, Healthcare, IT & Telecom, Retail, Manufacturing, Media & Entertainment and others. The BFSI segment accounts for 32.13% of market share in 2020. This is because of their increasing customer base and also the increasing data volume, which is growing at a faster pace. All these factors are creating a requirement for a data storage system which would be highly secured. This will drive the cloud storage market.
The major restraint for the market is the data security. All the health care industries, insurance and big bank firms are now connected to the cloud. So all the data and information of these organizations are now stored in the cloud, which means all the personal data of the clients and the confidential data of the client are stored in the cloud. And no system is completely hackproof, which means, in case of any hacker got successful in hacking even some part of data, many personal information can be leaked of the customer, which could be used against these industries and against the customer whose data got leaked.
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The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
Avinash D
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