Cloud Storage Services Market, 38% of Growth to Originate from North America, Technavio

NEW YORK, May 22, 2024 /PRNewswire/ -- The global cloud storage services market size is estimated to grow by USD 123.84 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 19.56% during the forecast period.

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Region Outlook

1. North America
2. Europe
3. APAC
4. South America
5. Middle East and Africa

1. North America - North America is set to drive 38% of global market growth, with key factors including high data generation rates, robust investment in data centers, and a plethora of vendors like IBM, Google, Microsoft, and AWS. Additionally, the rollout of 5G and increased deployment of IoT devices are bolstering demand. Investments in telecommunication infrastructure are further fueled by surging data traffic and the emergence of big data analytics. These dynamics are set to fuel market expansion in North America throughout the forecast period.

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Segmentation Overview

1. Component 
• 1.1 Solutions
• 1.2 Services
2. End-user 
• 2.1 Large enterprises
• 2.2 SMEs
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Fastest growing segment: The solutions segment is poised for significant growth, driven by its ability to meet diverse customer needs and deliver value. Services like data security, file syncing, disaster recovery, and backup are driving this growth. Valued at USD 25.94 billion in 2018, the segment offers various solutions including file sharing and primary storage. SMEs favor these solutions for their scalability and flexible accessibility. The pay-as-you-go model is popular among individuals and businesses, further boosting market expansion in the forecast period.

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Research Analysis

The Cloud Storage Services Market is experiencing significant growth due to the increasing adoption of agile business models and the integration of Artificial Intelligence (AI) and automation in various industries. The ability to handle big data, ensure data integrity, and prioritize data security are key considerations for businesses seeking cloud storage solutions. These offerings come in various forms, including Block storage, Cloud archival storage, Cloud object storage, and Cloud-based storage.

Flexible options such as edge computing and database sharing cater to the diverse needs of connected devices and IoT applications. Cloud applications, EC2 Console, and file storage are essential components of these services, providing businesses with the flexibility and scalability they require for their data management needs. Cloud technologies continue to evolve, offering innovative solutions for business continuity and data volume concerns.

Market Overview

The Cloud Storage Services market is a significant segment of the technology industry, offering businesses and individuals secure and scalable solutions for data management. These services enable users to store, manage, and access data from anywhere, at any time, using the internet. Cloud storage solutions are essential for businesses undergoing digital transformation, as they offer cost savings, flexibility, and enhanced security features.

The market is witnessing rapid growth due to the increasing adoption of cloud technologies, the need for data backup and disaster recovery, and the proliferation of IoT devices generating massive data volumes. Additionally, advancements in artificial intelligence and machine learning technologies are driving the demand for more sophisticated cloud storage solutions.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio