The cloud storage market size is projected to grow from USD 78.6 billion in 2022 to USD 183.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period. In the current era, cloud storage offers the most convenient and efficient methods to store data online. Better usability and accessibility, security-driven technology ingrained, cost efficiency, convenience in file sharing, automation are few driving forces that forge the growth of cloud storage market.
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The solutions component to hold a larger market size during the forecast period
Cloud storage solutions, including block, file, and object, are offered differently for different applications. These solutions are crucial in offering end-users reliable, cost-efficient, time-saving, maximize accessibility, effective recovery management, advanced security, and scalable cloud storage features. These solutions offer high Performance Computing (HPC). Cloud storage vendors offer customized cloud storage solutions to meet property managers’ real-time and complex requirements. These solutions also assist corporates and property managers in aligning business strategies with the enterprises’ long-term growth strategies.
Data archiving segment to have significant growth during the forecast period
Cloud storage archiving plays a vital role but frequently accessed data and may be optimized for security and compliance purposes. Cloud storage-based archiving applications assist enterprises in reducing the overall primary storage consumption and costs required for primary storage while moving the inactive data to separate storage simultaneously. Major players offering cloud storage archiving solutions include Oracle, IBM, Microsoft, Google, among others. The archive holds data that is not-so-frequently accessed and may be optimized for security and compliance with data regulation policies, which largely assists enterprises (clients) transacting with larger and intricate data volumes.
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Europe to showcase significant growth during the forecast period
This region is a forerunner in the IT industry worldwide. A larger presence of large enterprises and SMEs, growing data volumes across geographically dispersed teams, and the adoption of the latest technologies that drive the demand for robust, low-cost storage solutions are major driving forces that have necessitated the adoption of cloud storage diligently. As an effect of the pandemic outbreak, mostly all organizations have shifted their workforce to remote and cloud services have become a definite requirement for continuation of functional and operational work. As one among the major economies, Europe holds significant market shares due to technological advancements and vendors in the country willing to adopt innovations and nascent technologies. Several governments have adopted cloud-based initiatives to boost the utilization of the cloud, resulting in higher demand and growth of cloud storage market. Furthermore, this region is home to some of the leading, well-established, giant players in the global cloud storage market. Growing data volume in the region seeks higher adoption and robust implementation of cloud storage solutions, eventually aid the region to hold the largest market share.
Market players profiled in this report include AWS (US), Google (US), Microsoft (US), IBM (US), Alibaba Cloud (China), Oracle (US), Rackspace Technology (US), HPE (US), Dell Technologies (US), Dropbox (US), Box (US), Scality (US), Citrix (US), Tencent Cloud (China), Fujitsu (Japan), VMware (US), NetApp (US), Hitachi Vantara (US), UpCloud (Finland), Huawei (China), DigitalOcean (US), Vultr (US), MinIO (US), Zadara (US), pCloud (Switzerland), Wasabi (US), Sync (Canada), and Degoo (Sweden). These players offer various cloud storage solutions to cater to the demands and needs of the market. Major growth strategies are adopted by the players including partnerships, collaborations and agreements, and new product launches/product enhancements.
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