Press release
Cloud Storage Gateways Market Giants Spending is going to Boom
Cloud storage gateways are software or hardware networking devices that facilitate connectivity and protocol translation between cloud storage service providers and local customer applications. The market is expanding due to the increasing adoption of cloud storage and the rising need for data encryption in organizations.
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The prevalence of cloud storage gateways has been steadily increasing in recent years. The global cloud applications market had a value of USD 133.6 billion in 2021 and is expected to reach USD 168.6 billion by 2025, with a compound annual growth rate of 4.8 percent. Amazon Web Services (AWS) holds the largest market share in the cloud infrastructure services market, followed by Microsoft Azure and Google Cloud. These three cloud vendors accounted for 65% of total spending in the fourth quarter of 2022.
Data encryption in organizations is another significant factor driving the growth of the cloud storage gateways market. The technology and software industry has been the heaviest adopter of encryption solutions, with 72% of respondents indicating that their enterprise employs an enterprise-wide encryption solution. The United States has the highest level of encryption adoption, followed by the Netherlands and Germany.
Increased spending on cutting-edge IT solutions and rising government initiatives in virtualization are expected to create lucrative growth opportunities for the market. However, the high cost of cloud storage gateways may hinder market growth during the forecast period.
In terms of regional analysis, North America dominated the market in terms of revenue, primarily due to the presence of key market players and rapid technological advancements. The revenue in the public cloud market in North America is projected to reach USD 273.40 billion in 2023, with Software as a Service being the largest segment.
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Asia Pacific is expected to grow at the highest compound annual growth rate during the forecast period, driven by the rising adoption of cloud-based technology by the IT and telecom industry.
The major players in the global cloud storage gateways market include Agosto, Inc., Amazon Web Services Inc., Ctera Networks Inc., Dell Inc., Emulex Corporation, Hewlett Packard Enterprise, Maldivica Inc., Microsoft Corporation, NetApp Inc., and Oracle Corporation.
In terms of the market scope, the report covers historical data from 2019 to 2021 and provides a forecast period from 2022 to 2029. The report includes revenue forecasts, company rankings, competitive landscape analysis, growth factors, and trends. It categorizes the market based on deployment, organization size, type, industry verticals, and region.
Overall, the report aims to define market sizes, forecast future values, identify driving factors and challenges, highlight potential opportunities, and provide a detailed analysis of the competitive landscape and product offerings of key players in the global cloud storage gateways market.
The global Smart market report answers questions such as:
• What is the market size and forecast of the Global Smart airport Market?
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