Cloud Storage Market to Witness Demand Uptick Due to COVID -19 Crisis

Market Research Future has published a Half-Cooked Research Report on the Global Cloud Storage Market.

Market Overview

The use of the cloud is the next biggest thing for data storage, and this is estimate to fortify the growth of the cloud storage market.  The ICT industry reports are produced by Market Research Future, which highlights market options for expansion. An income worth USD 111.75 Billion by 2032 is predicted at a 21.56% CAGR in the forecast period.

The escalated demand level for hybrid cloud storage is estimated to play a crucial role in the development of the cloud storage market. Moreover, the increased occurrence of remote working patterns in organizations due to the ongoing COVID- 19 pandemic is estimated to benefit the long-term growth of the cloud storage market.

Segmental Analysis

The segmental assessment of the cloud storage market is carried out on the basis of component, deployment model, vertical, and region. Based on the component, the cloud storage market is segmented into solution and service. The solution sub-segment includes primary storage, data archiving, cloud storage gateway, disaster recovery & back up storage. The service sub-segment includes cloud integration & migration, training and consulting, managed services, and support & maintenance. Based on the deployment model, the cloud storage market is segmented into the hybrid cloud, private cloud, and public cloud. On the basis of vertical, the cloud storage market is segmented into IT & telecommunication, government, retail & e-commerce, BFSI, Travel & hospitality, healthcare, education, and others. Based on the regions, the cloud storage market is segmented into Asia Pacific, North America, Europe, and the rest of the regions.

Regional Analysis

The regional examination of the cloud storage market is being considered for regions such as Asia Pacific, North America, Europe, and the rest of the global regions.  The North American regional market is anticipated to be responsible for the principal share of the global market it has been noted. The maximum market share is credited to the early use of pioneering technologies and superior funding in cloud-based solutions in the North America region. At the same time, the Asia-Pacific regional market is probable to develop at the best ever rate for the phase of the forecast.

Competitive Analysis

The support provided by regulations is estimated to stave off the effects of the downturn considerably in the coming period. Current disequilibrium in the market forces has led to the market players adopting a more cautious approach to growth and development strategies. The expansion of the market has currently come close to a standstill with government agencies and trade bodies, introducing a stimulus to pick up the pace of development in the global market. The planning and forecasting for human capital in the market is estimated to be a crucial area for focus in the years ahead. Advances in production style and technologies are estimated to gain precedence in the coming years as areas of innovation. The recalibration of the supply chain is estimated to be another area for market expansion in the upcoming period. The currency inflow is estimated to be restricted in the upcoming period, which may create further problems for the overall market growth.

The eminent contenders in the cloud storage market are IBM Corporation (U.S.), Amazon Web Services (U.S.), Microsoft Corporation (U.S.), HP Enterprise Company (U.S.), Google, Inc. (U.S.), Oracle Corporation (U.S.), Rackspace Hosting, Inc. (U.S.), EMC Corporation (U.S.), VMware, Inc. (U.S.), Dropbox, Inc. (U.S.) among others.

Industry Updates:

May 2020 Backblaze, a cloud backup vendor, has launched cheaper and more customer-friendly storage solutions. The company has launched beta versions of S3-compatible APIs that permit customers to forward data workflows from S3 to Backblaze’s B2 Cloud Storage. The company states that due to its services, customers will have much scalable, secure offsite storage at a reduced price as compared to Azure, S3, and Google Cloud Storage.