Cloud Storage Market worth $234.9 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 6, 2024 /PRNewswire/ -- Driven by trends including growing use of hybrid and multi-cloud solutions, increasing need for edge computing, and an emphasis on data privacy and security, the Cloud Storage Market is expected to continue growing and innovating in the future. Future shaping the market's evolution to meet changing corporate needs and propel future advancements in cloud storage solutions will be emerging technologies such as AI and analytics, object storage, sustainability initiatives, and integration with blockchain and quantum computing.
The Cloud Storage Market size is expected to grow from USD 99.2 billion in 2023 to USD 234.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 18.8% during the forecast period, according to a new report by MarketsandMarkets™. Enhanced data resilience, accessibility, collaboration, seamless integration between solutions offered by key Cloud Storage vendors, cloud ecosystem maturity, and transition towards OpEx models are a few fundamental driving forces to leverage Cloud Storage adoption across verticals and regions.
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Scope of the Report
The content delivery & distribution segment will record the highest CAGR during the forecast period by use cases.
Content Delivery & Distribution applications represent a critical facet of the digital landscape, serving as the backbone for delivering digital content to end-users across the globe efficiently and reliably. In the era of cloud storage, these applications have undergone a transformative evolution, leveraging cloud storage solutions to enhance their agility, scalability, and performance. Traditionally, Content Delivery & Distribution relied on centralized, hardware-intensive architectures. However, cloud storage has ushered in a new era where content providers can harness the power of distributed, containerized environments, such as Kubernetes, to optimize content delivery strategies. This shift empowers organizations to dynamically allocate resources, auto-scale to accommodate fluctuating demand, and seamlessly distribute content across multiple edge locations and cloud regions.
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Based on offering, Storage type holds a higher market share in the Cloud Storage Market during the forecast period.
Cloud storage types, including block, file, and object, are offered differently for different applications. These storage types provide end-users with reliable, cost-efficient, time-saving, and scalable cloud storage features. Cloud storage vendors offer customized cloud storage types to meet property managers' real-time and complex requirements. These storage types also assist corporates and property managers align business strategies with the enterprises' long-term growth strategies. Cloud storage types enable optimal maintenance throughout the asset life cycle, leading to high asset utilization and cost optimization.
By region, the Asia Pacific region recorded the highest CAGR during the forecast period.
Due to the rising uptake of cutting-edge technologies like cloud computing and the Internet of Things, the Asia Pacific area is anticipated to witness substantial growth prospects. Rising rates of urbanization, technical developments, and government backing for the digital economy are significant drivers of technological advancements in the region. Many firms are using cloud-based strategies due to the quick developments in cloud computing, IoT, and telecommunications. Throughout the projected period, the region is anticipated to increase significantly. The use of cloud storage solutions has risen considerably due to the growing number of business activities and the growing use of cloud technology. The complexity of managing workloads and applications manually results from the increasing usage of cloud technologies and massive data volumes. This is the primary driver driving the adoption of cloud Cloud Storage solutions among organizations in this region. The primary motivators for cloud technology adoption among businesses would be the low cost and simple implementation of cloud storage solutions. The region's Cloud Storage Market is anticipated to rise rapidly due to the growing trend toward cloud-based solutions.
Top Key Companies in Cloud Storage Market:
Some of the key players operating in the Cloud Storage Market are IBM (US), AWS (US), Google (US), Microsoft (US), Alibaba Cloud (China), Huawei Cloud (China), Oracle (US), Rackspace Technology (US), HPE (US), Dell (US), VMware (US), among others.
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Cloud Storage Market Advantages:
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