How Big is The cloud storage market?
The global cloud storage market size reached US$ 83.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 247.5 Billion by 2028, exhibiting a growth rate (CAGR) of 19.5% during 2023-2028.
What is cloud storage?
Cloud storage refers to a cloud computing model that involves storing data on remote servers and accessing it through a dedicated private network connection or internet. It is operated, maintained, and managed by cloud storage service providers. It provides immediate automatic backup, theft and natural disaster protection, and reduced costs of maintaining and managing the servers. It also offers a scalable and affordable alternative for storing files on on-premises hard drives or storage networks. As a result, cloud storage finds extensive applications in the telecommunications, media and entertainment, manufacturing, and information technology (IT) industries across the globe.
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What are the growth prospects and trends in the cloud storage industry?
The global cloud storage market is primarily driven by the rising volumes of data created, copied, and consumed, coupled with the rapid expansion of the banking, financial services, and insurance (BFSI) sector. Moreover, the rising use of cloud storage solutions in the healthcare industry, as they provide easier access to electronic medical records (EMR) that are essential for the treatment and diagnosis of patients, is positively influencing the market growth.
Additionally, these solutions provide real-time medical data backup by helping healthcare providers restore the data in the case of hardware failure, power cuts, and data breaches, ensuring minimal interruption or disruption to patient care. In line with this, the rising automation in numerous industry verticals is catalyzing market growth. Furthermore, the surging adoption of remote working due to the sudden coronavirus disease (COVID-19) outbreak and the consequent imposition of lockdowns in various countries is propelling the market growth. Other factors, including the rising adoption of serverless cloud, an escalating volume of unstructured data, and increasing integration of artificial intelligence (AI) technology, are also anticipated to drive the market further.
Who are the key players operating in the industry?
- 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.).
What is included in market segmentation?
The report has segmented the market into the 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
Market 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
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