Cloud Storage Services Market is driven by the growth in data generation - Technavio

NEW YORK, Nov. 15, 2023 /PRNewswire/ -- In a recent Technavio report titled Cloud Storage Services Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, China, Japan, Germany, UK - Size and Forecast 2024-2028, the dynamic landscape of the cloud storage services market comes to light. The study forecasts an increase in the CAGR growth rate of 19.56% in the market size between 2023 and 2028, with an estimated increase of USD 123.84 billion during this period. Request sample report

The growth of the cloud storage services market is driven by several key factors. The exponential surge in data generation, with the demand for low CAPEX and OPEX on IT hardware, plays a significant role. The market also witnesses significant growth due to the expanding realms of IoT and big data. Cloud storage services offer a flexible and scalable model for data storage on the Internet, managed and operated by service providers. This model provides enterprises with advantages such as fast deployment, scalability, reduced CAPEX, and uninterrupted business continuity.

North America is anticipated to contribute significantly to the global market growth, with 38% contribution during the forecast period. Factors such as high data generation rates, investments in data centers, and the presence of major vendors like IBM, Google, Microsoft, and AWS are identified as key drivers in the region.

Technavio highlights the emerging trends of Cloud Storage Service Market:

• High Adoption by SMEs: SMEs are prominently adopting cloud storage services, indicating a strong market preference from smaller enterprises. This adoption is driven by the need for efficient data storage solutions.
• Cost Reduction Focus: Enterprises, irrespective of size, are strategically leveraging cloud storage services to curtail overall CAPEX. This focus on cost reduction aligns with the financial objectives of businesses.
• Viable Option for Enterprises: Cloud storage services have become a practical choice for a diverse range of enterprises. The emphasis is particularly on SMEs, where limited IT resources and budget constraints make cloud solutions an attractive option.
• Cross-Platform Solutions: Cloud storage services offer cross-platform solutions, allowing businesses to develop applications for web, desktop, and mobile use. This versatility addresses the diverse technological landscape of modern enterprises.
• Scalability Advantage: The scalability feature of cloud storage services is a significant advantage for SMEs. It allows them to adjust their storage and computing capabilities based on changing business requirements, ensuring optimal resource utilization.

Prominent companies are actively immersing themselves in the trend.

Alibaba Group Holding Ltd. provides a range of cloud storage services, including storage management, hybrid cloud storage, and data migration solutions. Alphabet Inc., through its cloud storage services, offers solutions that streamline on-premises data centers, facilitate workload migration, modernize applications, and enable crafting tailored cloud migration solutions for businesses. Similarly, Amazon.com Inc. contributes to the cloud storage services market by providing solutions that enhance data storage, accessibility, protection, and analysis. These services contribute to increased agility, cost reduction, and accelerated innovation for businesses leveraging cloud storage. The combined offerings from these tech giants signify a robust and competitive landscape in the cloud storage services market, where innovative solutions and diverse functionalities are expected to shape the industry's growth during the forecast period.

This cloud storage services market report extensively covers market segmentation by component (solutions and services), end-user (large enterprises and SMEs), and geography (North America, APAC, Europe, South America, and Middle East and Africa).

According to the findings of Technavio, the cloud storage services market presents a landscape of growth, driven by factors like data generation, SME adoption, and regional dynamics. However, challenges such as migration issues and network connectivity disparities should be carefully navigated. As industries continue to embrace cloud solutions, the market is expected to witness significant growth during the forecast period.

For a more in-depth understanding of the Cloud Storage Services Market, including detailed analyses of major companies, market segmentation, and growth opportunities, the complete Technavio report is available for purchase. Buy the full report here

Coverage

Related reports:

High End Server Market

Backend-as-a-Service (BaaS) Market

Companies Covered

• Cloud Software Group Inc.
• Dell Technologies Inc.
• Fujitsu Ltd.
• Hewlett Packard Enterprise Co.
• Hitachi Ltd.
• Huawei Technologies Co. Ltd.
• International Business Machines Corp.
• InterVision Systems LLC
• Microsoft Corp.
• NetApp Inc.
• Nutanix Inc.
• Oracle Corp.
• Pure Storage Inc.
• Rackspace Technology Inc.
• ServiceNow Inc.
• Tencent Holdings Ltd.
• Toshiba Corp.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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.

Contact

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: [email protected]

Website: www.technavio.com/

SOURCE Technavio