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The Global Cloud Storage Market is estimated to grow at a CAGR of more than 21% during the forecast period 2021-2027. The market growth is attributed to the introduction of IoT, remote sensing technologies and advanced video systems such as 4K resolution cameras has led to the generation of high-volume data. As a result, there is a growing demand for cloud storage technologies and networking.
Increasing penetration of IoT connected devices led to generation of huge volumes of IoT data which led to increased adoption of cloud storage platforms such as Google Drive, OneDrive, Dropbox, iCloud etc. Machine learning and autonomous systems such as autonomous vehicles are expected to drive the adoption of cloud computing services including data storage. Recent market trends have given rise to the digitalization of businesses and Industry 4.0. Trends such as hosted cloud storage and integration of social media with cloud storage are expected to fuel up the growth of the market. Moreover, the cloud enables storage scalability with nominal cost as compared to on-premise data centres or servers which in turn, boosts its adoption among small and medium enterprises (SMEs) across the globe.
The development in the cloud computing concept has been a substantial factor influencing the storage landscape in recent years. Public cloud providers such as Microsoft Azure, AWS, and Google Cloud have redefined the storage market by offering highly scalable architectures that are increasingly becoming an integral part of businesses’ overall storage strategies.
The Global Cloud Storage Market is segmented on the basis of component, application, enterprise size, deployment and industry vertical. These major market segments are further categorized into various sub-segments to study the market in detail.
By Enterprise Size:
By Industry Vertical:
Geographically, the global cloud storage market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. As per the studies, the North America cloud storage market is already reaping the benefits of mature stage; in the region, the US holds the highest regional share owing to presence of key companies and well-established players of different industry verticals that continuously adapt to newer technologies for improved work efficiency and business productivity along with high flexibility and scalability and low maintenance costs.
Key Players Insights
Amazon Web Services, Inc., Dell Technologies Inc., Google, Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, Rackspace Hosting, Inc., Alibaba Cloud, and VMware, Inc. among others are some major players included in the research study of the global cloud storage market.
Research Report on the Global Cloud Storage Market Include: