Key Companies Covered in Cloud Storage Market Research Report Are Amazon Web Services, Inc., Dell Technologies Inc., Dropbox, Fujitsu Ltd, Inc., Google, Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle, pCloud AG, Rackspace, Inc., VMware, Inc.
PUNE, India, May 18, 2020 /PRNewswire/ -- 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 by Fortune Business Insights™ in a recent study, titled, "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." The study further mentions that the cloud storage market size was USD 49.13 billion in 2019 and is projected to reach USD 297.54 billion by 2027, exhibiting a CAGR of 25.3% during the forecast period.
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.
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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 & 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.
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.
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.
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:
February 2020: Amazon Web Services, Inc. was chosen by Carrier to be its preferred cloud provider. Carrier will utilize AWS machine learning, analytics, and warehouse services to point out efficiencies in its supply chains and manufacturing processes. It would also use the latter's IoT services to support a new range of networked, intelligent products and services for the refrigerated, workplace, and home logistics chain.
January 2020: Dell Technologies unveiled various new portfolio advancements, reference architectures, and solutions designed to accelerate and simplify the consumers' AI and high performance computing (HPC) efforts.
Fortune Business Insights™ presents a list of all the companies operating in the global Cloud Storage Market. They are as follows:
Alibaba Cloud (China)
Amazon Web Services, Inc. (United States)
Dell Technologies Inc. (United States)
Dropbox (United States)
Fujitsu Ltd, Inc. (Japan)
Google, Inc. (United States)
Hewlett Packard Enterprise Development LP (United States)
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