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Global Cloud Storage Services Market: About this market
cloud storage services market analysis considers sales from both large enterprises and SMEs end-users. Our study also finds the sales of cloud storage services in APAC, Europe, MEA, North America, and South America. In 2018, the large enterprise's segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as growing internet traffic will play a significant role in the large enterprises' segment to maintain its market position. Also, our global cloud storage services market report looks at factors such as rising enterprise mobility and need to improve efficiency, need for low CAPEX and OPEX on IT hardware, and significant growth in IoT and big data. However, vendor lock-in issues, migration, latency, and compatibility issues, and stringent government regulations may hamper the growth of the cloud storage services industry over the forecast period.
Global Cloud Storage Services Market: Overview
Significant growth in IoT and big data
With the growing adoption of digitization, the amount of data being generated has increased exponentially in recent years. As a result, enterprises need servers with high storage and computation power. This has led to an increase in the adoption of cloud storage services. Furthermore, enterprises are increasingly using advanced technologies, including IoT, AI, Big Data, and Machine Learning, for analyzing and interpreting large volumes of data. Some of the prominent technology giants in the market are offering high-performance storage and distributed storage options while enhancing their service capabilities to support big data analytics. Thus, with adoption of IoT and Big Data among enterprises, the demand for cloud storage services which will lead to the expansion of the global cloud storage services market at a CAGR of over 28% during the forecast period.
High adoption of cloud data services by SMEs
Enterprises across the globe are focusing on minimizing their overall CAPEX by deploying innovative technologies. SMEs are increasingly adopting cloud solutions as they can avail IT resources as and when required. As a result, the demand for cloud storage services is increasing as they help SMEs with cross-platform solutions to build web, desktop, and mobile apps for any device and application architecture. Furthermore, cloud storage solutions enable the deployment of applications without the necessity for provisioning hosting capabilities. This, in turn, aid the SMEs in saving costs incurred in buying, upgrading, and managing the existing hardware and software. Thus, the growing benefits of cloud data services are boosting their adoption by SMEs, in turn, driving the market growth during the forecast period.
For the detailed list of factors that will drive the global cloud storage services market during the forecast period 2020-2024, click here.
With the presence of several major players, the global cloud storage services market is highly fragmented. robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading cloud storage services manufacturers, that include Alibaba Cloud, Amazon Web Services Inc., Dell Technologies Inc., Fujitsu Ltd., Google LLC, Hewlett Packard Enterprise Co., Hitachi Ltd., International Business Machines Corp., Microsoft Corp., and Oracle Corp.
Also, the cloud storage services market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
cloud storage services market analysis considers sales from both large enterprises and SMEs end-users. Our study also finds the sales of cloud storage services in APAC, Europe, MEA, North America, and South America. In 2018, the large enterprise's segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as growing internet traffic will play a significant role in the large enterprises' segment to maintain its market position. Also, our global cloud storage services market report looks at factors such as rising enterprise mobility and need to improve efficiency, need for low CAPEX and OPEX on IT hardware, and significant growth in IoT and big data. However, vendor lock-in issues, migration, latency, and compatibility issues, and stringent government regulations may hamper the growth of the cloud storage services industry over the forecast period.
Global Cloud Storage Services Market: Overview
Significant growth in IoT and big data
With the growing adoption of digitization, the amount of data being generated has increased exponentially in recent years. As a result, enterprises need servers with high storage and computation power. This has led to an increase in the adoption of cloud storage services. Furthermore, enterprises are increasingly using advanced technologies, including IoT, AI, Big Data, and Machine Learning, for analyzing and interpreting large volumes of data. Some of the prominent technology giants in the market are offering high-performance storage and distributed storage options while enhancing their service capabilities to support big data analytics. Thus, with adoption of IoT and Big Data among enterprises, the demand for cloud storage services which will lead to the expansion of the global cloud storage services market at a CAGR of over 28% during the forecast period.
High adoption of cloud data services by SMEs
Enterprises across the globe are focusing on minimizing their overall CAPEX by deploying innovative technologies. SMEs are increasingly adopting cloud solutions as they can avail IT resources as and when required. As a result, the demand for cloud storage services is increasing as they help SMEs with cross-platform solutions to build web, desktop, and mobile apps for any device and application architecture. Furthermore, cloud storage solutions enable the deployment of applications without the necessity for provisioning hosting capabilities. This, in turn, aid the SMEs in saving costs incurred in buying, upgrading, and managing the existing hardware and software. Thus, the growing benefits of cloud data services are boosting their adoption by SMEs, in turn, driving the market growth during the forecast period.
For the detailed list of factors that will drive the global cloud storage services market during the forecast period 2020-2024, click here.
Competitive Landscape
With the presence of several major players, the global cloud storage services market is highly fragmented. robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading cloud storage services manufacturers, that include Alibaba Cloud, Amazon Web Services Inc., Dell Technologies Inc., Fujitsu Ltd., Google LLC, Hewlett Packard Enterprise Co., Hitachi Ltd., International Business Machines Corp., Microsoft Corp., and Oracle Corp.
Also, the cloud storage services market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
