IMARC Group has recently released a new research study “Cloud Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” offers a comprehensive analysis of the industry, which comprises insights on the cloud storage market share. The global market size reached US$ 100.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 428.7 Billion by 2032, exhibiting a growth rate (CAGR) of 17.2% during 2024-2032.
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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Key Factors Driving In The Cloud Storage Market Trends:
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.
Key Players/Companies In Cloud Storage Market:
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.).
Report Segmentation:
The report has been segmented the market into 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
By Geography:
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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