The cloud storage market size is expected 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 emerging data volumes across enterprises, evolving requisite for provision of the remote workforce with ubiquitous access to data and files, and cost-saving and low Total Cost of Ownership (TCO) benefits of cloud storage solutions.
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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.
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Cloud Storage Market Regional Analysis:
The rising awareness of data management through a common interface at reduced TCO, the growing focus on containerized applications, and the popularity of IaaS solutions are major growth drivers for the cloud storage market in the Asia Pacific. To tap such opportunities in the region global players including AWS, Google, Digital Edge, and Microsoft among others have established data centers in the region. For instance, in August 2022, Google launched its third data center in Singapore. Moreover, favorable government initiatives are also expected to further fuel the market growth in Asia Pacific. For instance, in China, the Ministry of Education partnered with the Ministry of Industry and Information Technology to upgrade the bandwidth of major online education service platforms, especially the capacity of the National Cloud Platform for Educational Resources and Public Service, to serve millions of visitors simultaneously.
Japan is always a frontrunner in adopting advanced technologies, such as cloud, edge computing, AI, and big data analytics. It has a strong base of technologically advanced manufacturing verticals that offer multiple opportunities for the growth of the cloud storage market. Japan is home to many leading cloud storage solution providers, including Hitachi Vantara and Fujitsu. Also, the country is experiencing increased investment from global and regional players present in the market. In October 2022, Google announced to open its first data center in Japan, while in December 2022, Alibaba Cloud launched its third data center in the country to support the growing digital transformation demands from customers in the country.
The Australian government has encouraged cloud adoption through initiatives like the Secure Cloud Strategy, which aims to enhance cybersecurity and promote cloud usage among government agencies. Such initiatives is expected to fuell the market growth in the country.
Unique Features in the Cloud Storage Market:
Numerous distinctive characteristics offered by the cloud storage market have revolutionised how firms store and manage their data. The ability to scale is exceptional because it enables businesses to easily adapt their storage resources to suit shifting needs while assuring cost-effectiveness. Strong data protection against hardware failures is provided by redundancy and backup systems spread over many data centres, and automatic backup and recovery options give an added degree of security.
A key feature for remote workforces, cloud storage solutions excel in data synchronisation, enabling smooth data sharing and access across devices and locations. Encryption, access limits, and multi-factor authentication are essential security measures that protect sensitive data. With real-time document access and change tracking, collaborative solutions expedite teamwork and increase productivity.
Users may access earlier file iterations thanks to version control and content versioning features, which is useful for tracking changes and undoing accidental deletions. Secure data access and cooperation are guaranteed by file sharing features with fine-grained authorization settings. Tools for data lifecycle management make it easier to define policies, archive data, and delete it automatically to comply with regulations.
For flexibility and reliability, hybrid cloud integration combines on-premises infrastructure with cloud storage. Locating specific material within sizable repositories is made easier by powerful search and discovery features. Organisations can reduce storage costs with the use of cost management tools and dashboards. Remote work is encouraged by global accessibility, and data transfer acceleration improves performance, particularly for large files.
Major Highlights of the Cloud Storage Market:
Pay-as-you-go approaches enable businesses to manage their data effectively without making substantial upfront investments. A distinguishing feature is scalability, which enables seamless storage capacity extension as data needs change, liberating enterprises from the limitations of physical infrastructure.
With cloud storage providers implementing redundancy across many data centres to maintain data integrity and reduce the risk of data loss due to hardware failures, data redundancy and dependability have been significant areas of focus. Another significant benefit is global accessibility, which enables users to access data from any location with an internet connection, facilitating remote work and international cooperation.
Data safety has been greatly improved by security techniques like encryption and multi-factor authentication, making cloud storage a safe option. Data protection and catastrophe recovery are made easier by automated backup and recovery methods. Collaboration capabilities included into cloud storage platforms have made it possible to share and modify documents simultaneously in real time, improving remote teamwork.
Increased productivity is achieved by streamlining data retrieval from large storage repositories using advanced search and discovery capabilities. Organisations are able to effectively monitor and optimise storage expenses thanks to cost management tools and dashboards. Features that accelerate data transfers increase upload and download speeds, especially for large files. Options for serverless storage make it easier to design applications by removing the need to manage underlying infrastructure.
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Top Key Companies in the Cloud Storage Market:
The major players in the cloud storage market are AWS (US), Google (US), Microsoft (US), IBM (US), Alibaba Cloud (China), Huawei (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), and Citrix (US). These players have adopted various growth strategies, including new product launches, partnerships, agreements, mergers and acquisitions, and business expansions. Product enhancements, business expansions, and partnerships were the major strategies adopted by these players to achieve a strong foothold in the cloud storage market.
IBM is one of the leading providers of cloud platform services and cognitive solutions, which works across domains such as cloud, IT infrastructure, security, services, and research. The company operates in more than 175 countries and caters to industries worldwide. The company functions through six main segments: Global Technology Services, Cloud and Cognitive Software, Global Business Services, Systems, Global Financing, and Other. IBM offers infrastructure, hosting, and consulting services in customer relationship management, business analytics optimization, outsourcing, software, and security. The company is focused on developing solutions and products powered by the latest technologies, including AI and ML, analytics, big data, and IoT. The company also offers services to help clients transform their businesses, and the service portfolio comprises application services, security, Business Processes and Operations (BPO), cloud services, digital workplace services, and more.
Microsoft’s, one among the leading Cloud storage solutions and service providers, major cloud offerings include SaaS (Microsoft Dynamics Online [Enterprise Resource Planning (ERM) + CRM] and O365 Online), and IaaS and PaaS (Microsoft Azure [compute, integration, and networking]). Microsoft has invested heavily in managed services for hybrid cloud, IoT, and edge computing platforms. Innovations, such as Azure Sphere, Digital Twins, and Azure IoT Central, have placed Microsoft ahead of its competition in the IIoT and edge computing industries. The company introduced Azure Edge Zones, a convergence of cloud managed services, hardware, and high-speed 5G networks. In the cloud storage market, Microsoft offers the Microsoft Azure Storage platform, a cloud storage solution that encompasses various data storage services, including Azure Blobs, a scalable object store for text and binary data; Azure Files, a managed file sharing service for cloud deployments; Azure Queues, a messaging store for messaging between application components; Azure Tables: a NoSQL store for schema-less storage of structured data; Azure Disks, block storage volumes for Azure VMs.
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