“Cloud Storage Market Size, Share & Industry Analysis, By Component (Storage Model, and Services), By Deployment (Private, Public, and Hybrid), By Enterprise Size (SMEs, and Large Enterprises), By Vertical (BFSI, IT and Telecommunication, Government and Public Sector, Manufacturing, Healthcare and Life Sciences, Retail and Consumer Goods, Media and Entertainment, and Others), and Regional Forecast, 2020-2027
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The global cloud storage market is set to gain traction from the rising adoption of autonomous systems and machine learning. Besides, the introduction to unique video systems, internet of things (IoT), and remote sensing technologies are driving the market growth. This information is provided byFortune Business Insights™in a recent study, titled, “Cloud Storage Market” Size, Share and Industry Analysis, By Component (Storage Model, and Services), By Deployment (Private, Public, and Hybrid), By Enterprise Size (SMEs, and Large Enterprises), By Vertical (BFSI, IT and Telecommunication, Government and Public Sector, Manufacturing, Healthcare and Life Sciences, Retail and Consumer Goods, Media and Entertainment, and Others), and Regional Forecast, 2020-2027.” The study further mentions that the cloud storage market size wasUSD 49.13 billionin 2019 and is projected to reachUSD 297.54 billionby 2027, exhibiting a CAGR of 25.3% during the forecast period.
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Cloud Storage Market Landscape and Market Scenario Includes:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Regional Analysis-
North America to Remain Dominant Owing to Rising Adoption of Various Digital Services
Regionally, the market is divided into Latin America, Europe, Asia Pacific, the Middle East and Africa, and North America. Amongst these, North America procured USD 19.85 billion revenue in 2019 and is set to dominate the market. This growth is attributable to the rising adoption of several digital services, such as electronic signatures and e-commerce in the U.S. Also, the increasing rate of cybercrime would contribute to the growth. However, the outbreak of Covid-19 pandemic is expected to obstruct growth by affecting the technological investments of industry giants. Asia Pacific, on the other hand, is projected to exhibit an astonishing growth during the forecast period backed by the increasing usage of smartphones.
Highlights of the Cloud Storage Market Report
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Segmentation
1. By Component
2. By Deployment
3. By Enterprise Size
4. By Vertical
5. By Region
Drivers and Restraints-
Covid-19 Pandemic to Boost Growth Backed by Rising Usage of Cloud Storage Solutions
Cloud storage solutions are gaining more popularity at present as workforces are inclining towards a distributed work environment. These solutions aid workforces in collaborating and staying connected. The outbreak of Covid-19 pandemic is enabling several organizations to support remote working, as well as manage the vast amount of data smoothly. Microsoft, for instance, has surged the benefits of Windows and extended Azure cloud credits for non-profit and critical care organizations, such as food and nutrition, public safety, and health support. In addition to that, the utilization of analytics-driven platforms is helping companies in the generating a large amount of data. They are therefore, preferring hybrid cloud storage solutions more than the conventional ones. However, the occurrence of data breaches may hamper the cloud storage market growth in the coming years.
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Queries Addressed In Market Report:
Segment-
BFSI Segment to Grow Steadily Fueled by Need for Improving Consumer Experience
Based on vertical, the banking, financial services and insurance (BFSI) segment generated 22.4% cloud storage market share in 2019. The industry deals with large volumes of customer data on regular bases. It delivers efficient services to the customers. To serve them better, they require cloud storage technology as it poses as a transformative digital solution. This solution provides a high level of scalability, agility, and data security to the industry. Cloud storage systems not only improve consumer experience and revenues, but also enhance the operational efficiency. These factors are set to drive the growth of the BFSI segment in the near future.
Key Features of Market Research Report:
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
Competitive Landscape-
Key Companies Focus on Expanding Product Offerings to Surge Revenue
Microsoft, IBM, and Amazon are some of the top companies operating in the global market. They are striving to widen their product offerings by keeping up with the latest trends. They will also be able to surge their revenue this way. Below are two of the latest industry developments:
For more information in the analysis of this report, visit:https://www.fortunebusinessinsights.com/cloud-storage-market-102773#
Fortune Business Insights™ presents a list of all the companies operating in the global market. They are as follows:
Table of Content
5.Global Cloud Storage Market Analysis, Insights and Forecast, 2016-2027
5.1.Key Findings / Summary
5.2.Market Size Estimates and Forecasts
5.2.1.By Component (Value)
5.2.1.1.Storage Model
5.2.1.1.1.Object Storage
5.2.1.1.2.File Storage
5.2.1.1.3.Block Storage
5.2.1.2.Services
5.2.1.2.1.Professional services
5.2.1.2.2.Managed Services
5.2.2.By Deployment (Value)
5.2.2.1.Public
5.2.2.2.Private
5.2.2.3.Hybrid
5.2.3.By Enterprise Size (Value)
5.2.3.1.Small and Mid-sized Enterprises (SMEs)
5.2.3.2.Large Enterprises
5.2.4.By Vertical (Value)
5.2.4.1.BFSI
5.2.4.2.IT and Telecommunication
5.2.4.3.Government and Public Sector
5.2.4.4.Manufacturing
5.2.4.5.Healthcare and Life Science
5.2.4.6.Retail and Consumer Goods
5.2.4.7.Media and Entertainment
5.2.4.8.Others
5.2.5.By Geography (Value)
5.2.5.1.North America
5.2.5.2.Europe
5.2.5.3.Asia Pacific
5.2.5.4.Middle East and Africa
5.2.5.5.Latin America
6.North America Cloud Storage Market Analysis, Insights and Forecast, 2016-2027
6.1.Market Size Estimates and Forecasts
6.1.1.By Component (Value)
6.1.1.1.Storage Model
6.1.1.1.1.Object Storage
6.1.1.1.2.File Storage
6.1.1.1.3.Block Storage
6.1.1.2.Services
6.1.1.2.1.Professional services
6.1.1.2.2.Managed Services
6.1.2.By Deployment (Value)
6.1.2.1.Public
6.1.2.2.Private
6.1.2.3.Hybrid
6.1.3.By Enterprise Size (Value)
6.1.3.1.Small and Mid-sized Enterprises (SMEs)
6.1.3.2.Large Enterprises
6.1.4.By Vertical (Value)
6.1.4.1.BFSI
6.1.4.2.IT and Telecommunication
6.1.4.3.Government and Public Sector
6.1.4.4.Manufacturing
6.1.4.5.Healthcare and Life Science
6.1.4.6.Retail and Consumer Goods
6.1.4.7.Media and Entertainment
6.1.4.8.Others
6.1.5.By Country (Value)
6.1.5.1.U.S.
6.1.5.2.Canada
7.Europe Cloud Storage Market Analysis, Insights and Forecast, 2016-2027
7.1.Market Size Estimates and Forecasts
7.1.1.By Component (Value)
7.1.1.1.Storage Model
7.1.1.1.1.Object Storage
7.1.1.1.2.File Storage
7.1.1.1.3.Block Storage
7.1.1.2.Services
7.1.1.2.1.Professional services
7.1.1.2.2.Managed Services
7.1.2.By Deployment (Value)
7.1.2.1.Public
7.1.2.2.Private
7.1.2.3.Hybrid
7.1.3.By Enterprise Size (Value)
7.1.3.1.Small and Mid-sized Enterprises (SMEs)
7.1.3.2.Large Enterprises
7.1.4.By Vertical (Value)
7.1.4.1.BFSI
7.1.4.2.IT and Telecommunication
7.1.4.3.Government and Public Sector
7.1.4.4.Manufacturing
7.1.4.5.Healthcare and Life Science
7.1.4.6.Retail and Consumer Goods
7.1.4.7.Media and Entertainment
7.1.4.8.Others
7.1.5.By Country (Value)
7.1.5.1.U.K.
7.1.5.2.Germany
7.1.5.3.France
7.1.5.4.Italy
7.1.5.5.Spain
7.1.5.6.Rest of Europe
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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