Global Cloud Storage Market Projects Substantial Growth, Set to Reach $206.61 Billion by 2027

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, GREATER LONDON , UK, December 11, 2023 /EINPresswire.com/ -- The global cloud storage market is strategically segmented based on type, component, mode, organization size, and vertical. With a compound annual growth rate (CAGR) of 19.9%, the market size is poised to increase from $83.55 billion in 2022 to $100.2 billion in 2023. This growth trajectory is expected to persist, reaching a market size of $206.61 billion by 2027 with a CAGR of 19.8%.

Key Segments Shaping the Cloud Storage Landscape
1. Type Segmentation: The cloud storage market is categorized into Object Storage, File Storage, and Block Storage. These segments represent different methods and models for storing and managing data in the cloud, catering to diverse enterprise needs.
2. Component Breakdown: The market components include Storage Model and Services. Storage models define how data is stored, while services cover a range of offerings that complement cloud storage, such as security, backup, and data migration.
3. Mode Differentiation: Cloud storage modes include Private Cloud, Public Cloud, and Hybrid Cloud. These options cater to varying security, customization, and scalability requirements of businesses.
4. Organization Size Classification: The market addresses the cloud storage needs of both Large Enterprises and Small and Medium-sized Enterprises (SMEs). Tailored solutions are designed to accommodate the storage demands of organizations of different sizes.
5. Vertical Diversification: The cloud storage market serves various verticals, including BFSI, IT and Telecommunication, Government and Public Sector, Manufacturing, Healthcare and Life Science, Retail and Consumer Goods, Media and Entertainment, and Other Verticals such as Energy & Utilities, Chemical, Travel & Hospitality.

Driving Forces: Exponential Growth in Data Volumes
The significant growth in data volumes acts as a primary driver for the cloud storage market. As organizations increasingly adopt digital technologies, the volume of data generated has risen exponentially. Cloud storage offers an efficient solution by storing data over the internet, alleviating the need for organizations to maintain physical data centers. A report by the World Economic Forum predicts that by 2025, 463 exabytes of data will be generated globally each day. This exponential growth in data volumes is a key factor fueling the demand for cloud storage solutions.

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Major Market Players: Innovations Driving Technological Advancements
Key players shaping the cloud storage market include Google LLC (Alphabet, Inc.), Amazon Web Services, Inc., Dropbox, Inc., Dell EMC Corporation, Hewlett Packard Enterprise Company, IBM Corporation, Microsoft Corporation, Oracle Corporation, Alibaba Cloud (Alibaba Group), Rackspace Hosting Inc., VMware Inc., Dropbox Inc., NetApp Inc., Cisco Systems Inc., and Salesforce.com. These industry leaders are at the forefront of driving innovation and advancing the capabilities of cloud storage solutions.

Trends in Cloud Storage: Embracing Technological Advancements
A key trend gaining prominence in the cloud storage market is the focus on technological advancements. Major companies are investing in technologies to enhance the protection of enterprise data, meet organizations' workloads, and reduce costs. For example, Google introduced Filestore Enterprise and Backup for Google Kubernetes Engine, adding new features to its cloud storage capacity.

Regional Dynamics: North America Leads, Asia-Pacific Emerges as the Fastest-Growing Region
In 2022, North America dominated the cloud storage market. However, Asia-Pacific is expected to emerge as the fastest-growing region in the forecast period, reflecting a significant shift in the global market landscape. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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Cloud Storage Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Cloud Storage Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on cloud storage market size, cloud storage market drivers and cloud storage market trends, cloud storage market major players, cloud storage market competitors' revenues, cloud storage market positioning, and cloud storage market growth across geographies. The cloud storage market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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