Cloud Storage Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1773
Cloud Storage Market size is expected to gain substantial traction through 2027 as adoption of cloud storage continues to be a strategic direction for majority of enterprises. Massive amounts of data being uploaded on the servers of enterprises has created a need for reliable data storage and data protection with high-end security.
Considering the increasing demand for cloud based and online services, Cisco had predicted that cloud data centers will house nearly 92% of applications and workloads by 2020. The rapid rate of cloud acceptance will certainly provide the industry a boost over 2021-2027.
Cloud storage is among the most convenient and efficient ways to store data online today. It enables storage scalability with minimal costs, leading to its widespread adoption across small and medium enterprises (SMEs). Cloud storage is experiencing robust demand among data-specific enterprises as an authentic, secure, flexible, mode of data storage.
Retail, BFSI, IT and telecom, manufacturing, healthcare and entertainment industries are among the leading users of cloud platforms. The healthcare sector is poised to create a substantial demand for cloud storage solutions in the future. Healthcare systems generate and manage large amounts of sensitive information that is vital to patient care and positive health outcomes. In an already complex and data intensive environment, the coronavirus pandemic has brought new challenges for the healthcare community as it ramps up support for more patients.
The cloud storage market in North America will record commendable growth in the forthcoming years led by hefty R&D investments, a well-established IT infrastructure, and early acceptance of new technologies. The region has witnessed an increase in the number of mobile workers in organizations and workplaces, leading to a rise in the data generated and managed. The usage of cloud storage will grow significantly as secure and cheap storage would aid in rapid industrial development. Moreover, North America is home to some of the biggest cloud service providers in the world who are making constant R&D efforts to further cloud storage technology.
Amazon Web Services, Microsoft Corporation, IBM Corporation, Google, HP Enterprise Company, Oracle Corporation, AT&T, Dropbox, EMC Corporation (Dell Technologies), SkyDrive (Microsoft), and Rackspace Hosting are among the leading cloud storage service providers worldwide.
Amid the worldwide outbreak of the COVID-19 pandemic, collaborating with clients and colleagues remotely and securely has become the new normal for almost every business. To support organizations in remote location management, cloud service providers are offering storage services.
For instance, in July 2020, Google Cloud had formed a strategic alliance with cloud content management company Box Inc. to enable customers to transform the way they work during the pandemic.
Impact of COVID-19 on cloud storage market trends
Globally, cloud-based solutions are empowering the workforce to stay connected and collaborate as more and more organizations shift towards a distributed work environment. Companies in the cloud business are offering various cloud storage solutions to enable organizations to securely managed stored data, support remote working amid the pandemic, and better deal with the current unprecedented situation.
For instance, in April 2020, Microsoft Corporation started offering extended Microsoft Azure cloud credits along with other services such as increased Windows benefits for non-profit organizations and critical care providers such as public safety, health support and food & nutrition, among others. This would support remote working and training and enable organizations to securely use data analysis in their COVID-19 response programs by freeing up scarce resources.
Similarly, Amazon had teamed up with Salesforce in March 2020 to provide customers with cloud-based contact center services and enable them to stay connected to their stakeholders under the challenging circumstances of the pandemic.
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