The growth in data generation to drive the market growth - Technavio
NEW YORK, NY, November 21, 2023 /24-7PressRelease/ -- The Cloud Storage Services Market is set to grow by USD 123.84 billion, progressing at a CAGR of 19.56% from 2023 to 2028. The rapid increase in data from various sources like IoT devices and social media is a major driver for the growth of cloud storage services. This growth is driven by the constant generation of data due to interconnected devices and increased digital operations. Cloud storage provides a scalable and cost-effective solution for managing this expanding data, benefiting both businesses and consumers by offering flexibility and accessibility. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Buy the report now
Cloud Storage Services Market 2024-2028: Segmentation
• Component
o Solutions
o Services
• End-user
o Large Enterprises
o SMEs
• Geography
o North America
o APAC
o Europe
o South America
o Middle East And Africa
The solutions segment is expected to experience notable expansion during the forecast period. The growth is driven by its ability to address individual customer requirements and deliver added value. Moreover, within this segment, services such as data security, file synchronization and sharing, disaster recovery, and data backup and recovery are among the diverse offerings provided.
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Cloud Storage Services Market 2024-2028: Company Analysis and Scope
Some of the major companies of the cloud storage services market industry include Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., 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., and Toshiba Corp. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 25 companies operating in the market.
The report also covers the following areas:
• Cloud Storage Services Market size
• Cloud Storage Services Market trends
• Cloud Storage Services Market industry analysis
Market trends such as high adoption of cloud storage services by SMEs is likely to emerge as one of the primary drivers of the market. However, factors such as Vendor lock-in issues may threaten the growth of the market.
Cloud Storage Services Market 2024 – 2028: Market dynamics
Leading trends influencing the market
• Rising adoption of cloud storage services by SMEs drives market growth, aiding in reducing overall CAPEX and offering scalable IT resources.
• SMEs increasingly opt for cloud solutions due to limited IT resources, benefiting from on-demand access to storage and servers.
• Cloud storage services cater to SMEs' needs for cross-platform solutions, facilitating app development and flexible scalability, fostering market expansion.
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Cloud Storage Services Market 2024-2028: Key Highlights
• CAGR of the market during the forecast period 2024-2028
• Detailed information on factors that will assist cloud storage services market growth during the next five years
• Estimation of the cloud storage services market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the cloud storage services market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of cloud storage services market vendors
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Related Reports:
Cloud Discovery Market: The cloud discovery market share is expected to increase by USD 1.27 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 16.26%.
Hybrid Cloud Market: The hybrid cloud market size is estimated to grow at a CAGR of 19.48% between 2022 and 2027. The market size is forecast to increase by USD 127 billion.
TOC
1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Component
7. Market Segmentation by End-User
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix
About US
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. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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