US Cloud Storage Market (2023-2028)

RESEARCH METHODOLOGY

The study covered four main actions to estimate the current market size of the cloud storage market. We conducted a significant amount of secondary research to gather data on the market, the competing market, and the parent market. The following stage involved conducting primary research to confirm these conclusions' hypotheses and sizing with industry experts throughout the value chain. A combination of top-down and bottom-up methods was used to assess the overall market size. We then estimated the market sizes of the leading Cloud Storage segments using the market breakup and data triangulation techniques.

Secondary Research

A wide range of secondary sources, directories, and databases were employed in this research project, including product demos, vendor data sheets, D&B Hoovers, DiscoverOrg, Factiva, Vendor Surveys, Cloud Computing Association (CCA), Asia Cloud Computing Association, and The Software Alliance. We referred to sources to locate and gather important data for this technical, commercial, and market-focused analysis of the cloud storage market.

Primary Research

Several industry experts from the core and related industries and providers of preferred software, hardware manufacturers, distributors, service providers, technology developers, alliances, and organisations connected to every link in the industry value chain were the primary sources of information. Key industry participants, subject-matter experts, C-level executives of major market players, and industry consultants were among the primary respondents with whom in-depth interviews were conducted to gather and validate crucial qualitative and quantitative data and evaluate the market's potential.

To obtain information, we conducted primary interviews on market statistics, the most recent trends that are upending the industry, newly implemented use cases, data on revenue generated by goods and services, market segmentation, market size estimations, market forecasts, and data triangulation. Understanding different technological developments, segmentation types, industry trends, and geographical areas was also aided by primary research. To understand the buyer's perspective on suppliers, products, service providers, and their current use of services, which would affect the overall Cloud Storage market, demand-side stakeholders, such as Chief Executive Officers (CEOs), Chief Information Officers (CIOs), Chief Technology Officers (CTOs), Vice Presidents (VPs), and Chief Security Officers (CSOs), as well as the installation teams of governments/end users using cloud storage, and digital initiatives project teams, were interviewed.

Market Size Estimation

We employed top-down and bottom-up methodologies to estimate and forecast the Cloud Storage market and other associated submarkets. Using the revenues and product offerings of the major market players, the bottom-up approach assisted in determining the overall market size. This research ascertained and validated the precise value of the total parent market size through data triangulation techniques and primary interview validation. Using percentage splits of the market segments, we were able to estimate the size of other specific markets using the overall market size via the top-down approach.

The bottom-up approach identified the trend of Cloud Storage adoption among industry verticals in critical countries that contribute the most to the market. The adoption trend of cloud storage and varying cases of use concerning their business segments were identified and extrapolated for cross-validation. We gave weightage to the use cases identified in different solution areas for the calculation. We prepared an exhaustive list of all vendors offering Cloud Storage. We estimated the revenue contribution of all vendors in the market through annual reports, press releases, funding, investor presentations, paid databases, and primary interviews. We evaluated each vendor based on its service offerings across verticals. We extrapolated the aggregate of all companies' revenue to reach the overall market size. Each subsegment was studied and analyzed for its market size and regional penetration. We determined the region split through primary and secondary sources based on these numbers.

The top-down approach prepared an exhaustive list of all vendors in the Cloud Storage market. We estimated the revenue contribution of all vendors in the market through their annual reports, press releases, funding, investor presentations, paid databases, and primary interviews. We estimated the market size from revenues generated by vendors from different Cloud Storage offerings. Using secondary and primary sources, we located additional vendors and the income produced by each service type, which we then aggregated to calculate the market size. Additionally, the procedure included a regional penetration analysis of the cloud storage market. The investigation was utilized to ascertain and validate the precise values of the market sizes for Cloud Storage and its sectors, using the data triangulation process and primary data validation. The main procedure to gather essential insights was conducting in-depth interviews with CEOs, CTOs, CIOs, VPs, directors, and marketing executives. To confirm, we further triangulated market numbers using the current MarketsandMarkets repository.

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Data Triangulation

The market was divided into several segments and subsegments using the previously described market size estimation procedures once the overall market size was determined. When required, market breakdown and data triangulation procedures were employed to complete the market engineering process and specify the exact figures for every market segment and subsegment. The data was triangulated by examining several variables and patterns from government entities' supply and demand sides.

Market Definition

Considering the views of various sources and associations on Cloud Storage, MarketsandMarkets defines Cloud Storage as "a cloud computing service model that allows end-users to store and access the data through the internet from various distributed and connected resources. Enterprises use cloud storage solutions to store, manage, and maintain enterprise data while leveraging cloud benefits, such as simplified accessibility, reliability, rapid deployment, secured data protection, and reduced infrastructure costs. Companies provide cloud storage solutions with three basic underlying architectures: object storage, block storage, and file storage".

Key Stakeholders

Report Objectives

Note 1. Micromarkets are defined as the further segments and subsegments of the market included in the report.
Note 2. The companies' Core competencies are captured in terms of their key developments and essential strategies to sustain their position in the market.

Available Customizations

With the given market data, MarketsandMarkets offers customizations per the company's specific needs. The following customization options are available for the report:

Product Analysis

Geographic Analysis

Company Information