Cloud Storage Market Forecast Report 2022-2027: Global Size, Share, Trends, Growth

The latest research study "Cloud Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" by IMARC Group, finds that the Global Cloud Storage Market size reached US$ 69.76 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 231.26 Billion by 2027 exhibiting a CAGR of 20.50% during 2022-2027.

Covid-19 Impact:

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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Industry Definition and Application:

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.

Cloud Storage Market Trends and Drivers:

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.

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Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Component:
• Solution
• Services

Breakup by Deployment Type:
• Private
• Public
• Hybrid

Breakup by User Type:
• Large Enterprises
• Small and Medium-sized Enterprises

Breakup by Industry Vertical:
• BFSI
• Government and Public Sector
• Healthcare
• IT and Telecom
• Retail
• Manufacturing
• Media and Entertainment
• Others

Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

List of Major Key Players:

The major players in the market are 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., Oracle Corporation and VMware Inc (Broadcom Inc.).

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This release was published on openPR.