Cloud Storage Market to Reach USD 236.4 Billion by 2028 owing to its Prompt On-demand Access Feature
The cloud storage market value was estimated to be worth US$ 78.7 billion by 2021 and is projected to witness exponential growth to cross USD 236.4 billion by 2028, exhibiting a CAGR of 17.2% during the forecast period (2022-2028).
Westford, USA, Jan. 13, 2023 (GLOBE NEWSWIRE) — Data is kept on distant servers and accessed over the Internet or a specialized private network connection under the cloud storage model of cloud computing. In addition to providing immediate automatic backup and defense against burglary and natural disasters, it also lowers server management and maintenance costs. The cloud storage market is anticipated to grow significantly due to factors including the rising number of IT and software companies, the production of an increasing amount of data, and the advantages of portable storage and network-compatible access.
According to SkyQuest’s research insights, the total volume of data/information generated, transferred, stored, and consumed globally is anticipated to increase from 76 zettabytes in 2021 to 185 zettabytes by 2025. As a result, the growing demand for low-cost data backup, storage, and protection across all enterprises, combined with the need to handle data generated by the increased use of mobile technologies, will fuel the growth of the cloud storage market.
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Large Enterprises Segment to Dominate the Market Thanks to Rising Need for Cloud Storage to Manage Heavy Business Operations
As per SkyQuest’s market analysis, 70% of businesses have a multi-cloud model, while 50% have a hybrid model for remote work monitoring, governance, and operations management, making the cloud the primary driver of firm growth in an unpredictable business environment. Data security and accessibility are critical factors for large enterprises to run their business successfully. As a result, large corporations frequently seek reliable and secure services such as cloud solutions. In addition, private cloud server solutions are becoming popular among small and medium-sized businesses because they provide round-the-clock support without needing a professional IT specialist. North America, followed by Europe, accounts for the larger share in the cloud storage market, owing to the presence of renowned IT organizations and banking institutions that primarily prefer cloud solutions to ensure the safety of their vital data.
The cloud storage market report includes information on recent developments, market share, trade laws, import-export analysis, value chain optimization, production analysis, the effects of domestic and regional market participants, and an analysis of potential in new revenue streams. The report also discusses the performance of the fastest-growing segments to help market participants make strategic decisions concerning product launches, regional expansions, and investment plans.
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Private Cloud Deployment Segment to Witness Traction due to Increased Adoption of Data and Protection Services
According to SkyQuest, the private cloud deployment segment is anticipated to account for 21% of the market share by 2028. Increased security and data protection services are expected to drive substantial growth for the private cloud segment in the coming years. A private cloud server can be the best option when complete environmental control is required, and businesses have dynamic computing needs. As the workforce grows, companies are increasingly relying on mobile workforces. Businesses are forced to build a private cloud server as the mobile workforce grows, as does the demand for quick access to computing resources and apps.
The research report is a product of extensive quantitative and qualitative research on market segments and sub-segments. As a result, the report provides comprehensive coverage of key dominant and potential segments and an overview of competitiveness in changing market scenarios. This information is critical for players to get a head start on planning and gain a competitive advantage in the market. In addition, the research report’s industry insights will help participants identify untapped markets and expand their businesses in such areas to attract more customers.
Key Developments in Cloud Storage Market
- Microsoft announced the acquisition of Fungible, a startup that provides data centers with disaggregated infrastructure solutions. The business intends to strengthen the Microsoft Azure cloud infrastructure using the Fungible team and technologies. The Fungible team will join Microsoft’s own data center infrastructure engineering teams as part of the agreement, the company claims. The company already uses DPUs in Azure, but this new acquisition ought to enhance network and storage efficiency in the infrastructure of data centers.
- Shadow is now a legitimate IT business with two different products. First, the business is introducing Shadow Drive, a cloud storage solution built on Nextcloud, and its cloud computing offering, which is excellent for games. The company also intends to introduce WebDAV support to add a cloud storage account as a network drive in Windows File Explorer or Mac Finder.
- The cloud storage business, Wasabi Technologies, declared that it had become a unicorn after receiving $250 million in new funding. Wasabi raised $125 million in Series D equity under the leadership of L2 Point Management, with support from Cedar Pine, an affiliate of Cerberus Capital Management, and returning investors Fidelity Management & Research Company and Forestay Capital. This investment increased the company’s valuation to over $1.1 billion. Additionally, Wasabi increased its financing facility with MGG Investment Group to $125 million.
- Paige announced a partnership with Microsoft to use artificial intelligence (AI) to analyze digital pathology pictures to design and deliver a new generation of clinical applications and computational biomarkers that revolutionize patient care and cancer diagnosis. For the Paige Platform, a comprehensive solution to support a lab’s digital pathology workflow that includes data management, cloud storage choices, and FullFocus®, an FDA-cleared whole-slide image viewer, Paige will leverage Microsoft Azure as its cloud provider.
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Some of the market’s most prominent players have further developed the technology through strategic partnerships, mergers and acquisitions, and research and development. Such factors will eventually drive the cloud storage market over the forecast period. The research report tracks all the latest happenings in the industry that will directly or indirectly impact the target market.
Prominent Players in the Cloud Storage Market
- Amazon Web Services, Inc.
- Dell Technologies Inc.
- Alibaba Cloud
- Hewlett Packard Enterprise Development LP
- Google, Inc.
- Microsoft Corporation
- IBM Corporation
- Rackspace Hosting, Inc.
- Oracle Corporation
- VMware, Inc.
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