The cloud storage market is anticipated to expand at a Compound Annual Growth Rate (CAGR) of 18.8% from USD 99.2 billion in 2023 to USD 234.9 billion in 2028 over the course of the forecast period. An urge for convenient deployment in disaster-prone areas, adherence to regulatory compliance and government-led reporting standards across verticals and regions, and demand for enterprise service management across verticals are expected to drive the growth of the global Cloud Storage market.
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The content delivery & distribution segment will record the highest CAGR during the forecast period by use cases.
Content Delivery & Distribution applications represent a critical facet of the digital landscape, serving as the backbone for delivering digital content to end-users across the globe efficiently and reliably. In the era of cloud storage, these applications have undergone a transformative evolution, leveraging cloud storage solutions to enhance their agility, scalability, and performance. Traditionally, Content Delivery & Distribution relied on centralized, hardware-intensive architectures. However, cloud storage has ushered in a new era where content providers can harness the power of distributed, containerized environments, such as Kubernetes, to optimize content delivery strategies. This shift empowers organizations to dynamically allocate resources, auto-scale to accommodate fluctuating demand, and seamlessly distribute content across multiple edge locations and cloud regions.
Based on offering, Storage type holds a higher market share in the Cloud Storage market during the forecast period.
Cloud storage types, including block, file, and object, are offered differently for different applications. These storage types provide end-users with reliable, cost-efficient, time-saving, and scalable cloud storage features. Cloud storage vendors offer customized cloud storage types to meet property managers’ real-time and complex requirements. These storage types also assist corporates and property managers align business strategies with the enterprises’ long-term growth strategies. Cloud storage types enable optimal maintenance throughout the asset life cycle, leading to high asset utilization and cost optimization.
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Unique Features in the Cloud Storage Market
Without the need for actual hardware changes, cloud storage solutions offer flexible storage capacities that let businesses quickly scale up or down in response to their storage requirements.
Cloud storage facilitates remote work, communication, and data sharing among dispersed teams by providing easy access to data from any location with an internet connection.
Pay-as-you-go and subscription-based plans are only two of the affordable pricing options that cloud storage offers. These plans eliminate the need for upfront hardware purchases and let businesses only pay for the storage they really use.
To ensure high availability and data durability, cloud storage companies deploy data replication techniques and redundant storage structures across geographically dispersed data centres.
Strong security features like data isolation, access limits, and encryption are all included in cloud storage systems to safeguard data from illegal access and guarantee compliance with data protection laws.
Major Highlights of the Cloud Storage Market
Because cloud storage is scalable, businesses may adjust their storage needs without being constrained by physical hardware limits.
Organisations may pay for only the storage they use using cloud storage solutions, which provide affordable pricing models that do away with the need for upfront hardware purchases.
Strong security measures are put in place by cloud storage providers to guard against illegal access to data and guarantee that privacy laws are followed. These procedures include data separation, encryption, and access limits.
High availability and data durability are ensured by cloud storage systems, which provide redundant storage structures and data replication mechanisms across geographically dispersed data centres.
Cloud storage solutions give enterprises flexibility in terms of deployment patterns, access methods, and storage kinds, enabling them to customise storage solutions to match their unique needs.
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Top Key Companies in the Cloud Storage Market
Major vendors in this market are based in North America, Asia Pacific, and Europe. Some of the key players operating in the Cloud Storage market are – AWS (US), IBM (US), Google (US), Microsoft (US), Alibaba Cloud (China), and Oracle (US), among others. These companies have strengthened their positions in the market by implementing a variety of growth tactics. In order to increase their market share in cloud storage, they can do things like product launches, agreements, collaborations, mergers and acquisitions, and the creation of new products.
IBM
Leading the way in cloud platform services and cognitive solutions, IBM operates in a variety of industries including cloud, IT infrastructure, security, services, and research. IBM provides infrastructure, hosting, and consulting services in the areas of software, security, outsourcing, business analytics optimization, and customer relationship management. The company’s main goal is to create products and solutions that utilise cutting-edge technology, such as big data, analytics, IoT, AI and ML, and analytics. The business also provides clients with services to assist them transform their businesses. Application services, security, cloud services, business process outsourcing (BPO), digital workplace services, and other services are included in the service portfolio.
Oracle
Oracle offers the Oracle Cloud in the cloud domain, further categorized into Oracle Cloud PaaS, Oracle Cloud SaaS, and Oracle Cloud Infrastructure (OCI). OCI encompasses compute, storage, network, container services, and migration tools. In the cloud storage market, OCI offers low-cost cloud storage options, including Block Volumes, high-performance block storage that uses Non-Volatile Memory Express (NVMe) SSDs and provides nonblocking network connectivity; Object Storage, flexible object storage that enables customers to store any type of data; File storage, a fully managed NFS for automatic scaling; All-Flash Local Storage, a local NVMe SSD storage for VMs; and Archive Storage, a long-term, low-cost data storage.
The company serves a variety of industry verticals, including automotive, financial services, healthcare, hospitality, public sector, retail, and utilities, and operates in key geographic regions, such as North America, Latin America, Europe, Middle East & Africa, and Asia Pacific.
Microsoft
Microsoft is a prominent enterprise that engages in the development, production, maintenance, and distribution of various software products and services. The company offers a range of productivity, mobility, and cloud solutions. Major cloud products from Microsoft include IaaS and PaaS, as well as SaaS (Microsoft Dynamics Online [Enterprise Resource Planning (ERP) Plus Customer Relationship Management (CRM)] and O365 Online) (Microsoft Azure [compute, integration, and networking]). Microsoft has made significant investments in managed services for edge computing, IoT, and hybrid cloud platforms. Microsoft now leads its competitors in the IIoT and edge computing sectors because to innovations like Azure Sphere, Digital Twins, and Azure IoT Central. The business unveiled Azure Edge Zones, an amalgam of hardware, fast 5G networks, and cloud-managed services. Azure provides a cloud storage platform called Microsoft Azure Storage, which includes a number of data storage services. These services include Azure Blobs, which is a scalable object store for text and binary data; Azure Files, which is a managed file sharing service for cloud deployments; Azure Queues, which is a messaging store for messaging between application components; Azure Tables, which is a NoSQL store for schema-less storage of structured data; and Azure Disks, which are block storage volumes of Azure virtual machines. It serves a number of industries, including manufacturing, education, BFSI, healthcare, retail, and government. The business serves a wide range of clients in more than 100 nations in North America, the Middle East & Africa, Asia Pacific, Latin America, and Europe.
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