At a CAGR of 19.5% Cloud Storage Global Market to be Worth US$ 247.5 Billion by 2028 : IMARC Group

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$ 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 CAGR of 19.50% during 2022-2027.

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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚𝐧𝐝 𝐠𝐞𝐭 𝐚 𝐬𝐚𝐦𝐩𝐥𝐞 𝐛𝐫𝐨𝐜𝐡𝐮𝐫𝐞 𝐟𝐨𝐫 𝐟𝐫𝐞𝐞:

https://www.imarcgroup.com/cloud-storage-market/requestsample

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.

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 ?

The competitive landscape of the industry has
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.)

𝐀𝐬𝐤 𝐀𝐧𝐚𝐥𝐲𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐁𝐫𝐨𝐰𝐬𝐞 𝐟𝐮𝐥𝐥 𝐫𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐓𝐎𝐂 & 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐅𝐢𝐠𝐮𝐫𝐞:
https://www.imarcgroup.com/cloud-storage-market

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

Based on the Industry Vertical sector, the report finds that the utility sector dominates the market. There are many ongoing development projects undertaken by various nations, which require a continuous flow of electricity. Owing to this, there is a rising demand for power inverters in this sector.

Regional Insights:

• Asia Pacific
• North America
• Europe
• Middle East and Africa
• Latin America

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

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.

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𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝗨𝘀:

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𝗔𝗯𝗼𝘂𝘁 𝗨𝘀:

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.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.