According to the report by Expert Market Research (EMR), the global cloud storage market is projected to grow at a CAGR of 21.8% between 2024 and 2032. Aided by the surging demand for scalable storage solutions and the widespread adoption of cloud technology across various industries, the market is expected to grow significantly by 2032.
Cloud storage, offering remote data storage and management over the internet, has become an indispensable part of modern business and personal data handling. Its advantages include scalability, reliability, and cost-effectiveness, alongside enhancing data accessibility and collaboration efficiency.
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The cloud storage market growth is primarily driven by the digital transformation of businesses, increasing internet penetration, and the growing volume of data generated by both individuals and organisations. Furthermore, the rise of remote working models and the need for efficient data backup and recovery solutions have significantly contributed to the adoption of cloud storage services.
The growing awareness and compliance with various international data protection regulations like GDPR also present an opportunity for cloud storage providers to differentiate themselves by offering compliant and secure solutions, further boosting the cloud storage market size.
Cloud storage has found extensive applications across various sectors. In the healthcare industry, it facilitates the secure storage and sharing of patient data, enhancing healthcare delivery. The financial sector relies on cloud storage for managing sensitive financial data, while the IT and telecommunications sector utilises it for managing large volumes of data and ensuring seamless operations.
As per the cloud storage market analysis, continuous technological advancements in cloud computing, such as enhanced security features, artificial intelligence integration, and improved data analytics capabilities, have broadened the scope and efficiency of cloud storage. These developments cater to a wide array of applications, from enterprise data management to personal storage needs. The advent of edge computing is also playing a pivotal role in reshaping the market, offering faster data processing and reduced latency.
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North America holds a dominant position in the global cloud storage market, attributed to the presence of major cloud service providers and advanced IT infrastructure. The Asia-Pacific region is experiencing rapid growth, fuelled by increasing digitalisation, growing small and medium-sized enterprises (SMEs), and supportive government policies promoting cloud adoption.
Cloud Storage Market Segmentation
The market can be divided based on component, deployment type, organisation size, industry, and region.
Market Breakup by Component
- Solutions
- Service
Market Breakup by Deployment Type
- Private
- Public
- Hybrid
Market Breakup by Organisation Size
- Large Enterprise
- Small and Medium Enterprise
Market Breakup by Industry
- BFSI
- Government and Public Sector
- Healthcare
- IT and Telecom
- Retail
- Manufacturing
- Media and Entertainment
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global cloud storage market. Some of the major players explored in the report by Expert Market Research are as follows:
- Alibaba Group Holding Limited
- Amazon Web Services, Inc.
- Dell Inc.
- Google LLC
- Hewlett Packard Enterprise Development LP
- IBM Corporation
- Microsoft Corporation
- Others
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