According to a research report "Cloud Storage Market by Component (Solutions and Services), Application (Primary Storage, Backup and Disaster Recovery, and Archiving), Deployment Type (Public and Private Cloud), Organization Size, Vertical and Region - Global Forecast to 2027" published by MarketsandMarkets, the cloud storage market size is projected to grow from USD 78.6 billion in 2022 to USD 183.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period. The demand for cloud storage is driven by the rising need for providing the remote workforce with ubiquitous access to data and files, increasing data volumes across enterprises, , and cost-saving and low Total Cost of Ownership (TCO) benefits of cloud storage solutions.
Browse 285 market data Tables and 49 Figures spread through 253 Pages and in-depth TOC on "Cloud Storage Market by Component (Solutions and Services), Application (Primary Storage, Backup and Disaster Recovery, and Archiving), Deployment Type (Public and Private Cloud), Organization Size, Vertical and Region - Global Forecast to 2027"
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The services component grow at a higher CAGR during the forecast period
Services play a crucial role in the cloud storage market as these services help before and after the deployment of cloud storage solutions to the clients. Service providers assist their clients in various phases, such as planning, deploying, maintaining, and upgrading cloud storage solutions. The following chapter explains the importance of cloud storage services, such as consulting; integration and implementation; and training, support, and maintenance.
Backup and Disaster recovery segment to grow at the highest CAGR during the forecast period
Backup and disaster recovery applications protect enterprise application data during disasters. They enable customers and enterprises to store and run their systems on the cloud, reduce costs, accelerate the recovery process, and free up resources for other important tasks. These solutions are gaining popularity as they are more reliable and save enterprises the task of maintaining the costly hardware infrastructure needed for backup and disaster recovery. The use of mock drill platforms for disaster recovery enables the addition of resources that can be deployed online in the event of a disaster; this further reduces the recovery time after a major failure. The benefits offered by disaster recovery and backup solutions include data synchronization, online viewing, and easy accessibility.
Middle East and Africa to grow at the highest CAGR during the forecast period
The demand for IT infrastructure is expected to rise as the African countries will develop, thus contributing to the higher growth rate of the cloud storage market. An increase in the number of investments for developing new technologies, such as cloud, AL, big data, and Business Intelligence (BI), would also lead to the growth of the cloud storage market in Middle East & Africa. Cloud storage providers in this region are increasingly using this technology to control costs and improve business operations. The Middle East has an excellent geographic location and infrastructure, and the gradual rise in income levels in Africa makes the Middle East & Africa region expect growth in the cloud storage market in the coming years. The BFSI, IT, media and entertainment, and energy and utilities sectors rapidly contribute to cloud-based storage solutions and services in this region. AWS, a subsidiary of Amazon and provider of on-demand cloud computing platforms and APIs, is expanding its global footprints in the Middle East & Africa region to speed up the digital transformation.
Market players profiled in this report include AWS (US), Google (US), Microsoft (US), IBM (US), Alibaba Cloud (China), Oracle (US), Rackspace Technology (US), HPE (US), Dell Technologies (US), Dropbox (US), Box (US), Tencent Cloud (China), Fujitsu (Japan), VMware (US), NetApp (US), Hitachi Vantara (US), Scality (US), Citrix (US), UpCloud (Finland), Huawei (China), DigitalOcean (US), Vultr (US), MinIO (US), Zadara (US), pCloud (Switzerland), Wasabi (US), Sync (Canada), and Degoo (Sweden). These players offer various cloud storage solutions to cater to the demands and needs of the market. Major growth strategies are adopted by the players including partnerships, collaborations and agreements, and new product launches/product enhancements.
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