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Cloud Storage Market to Reach USD 297.54 Billion by 2027; Higher Adoption of Machine Learning to Boost Growth, Says Fortune Business Insights™
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Cloud storage solutions are gaining more popularity at present as workforces are inclining towards a distributed work environment. These solutions aid workforces in collaborating and staying connected. The outbreak of Covid-19 pandemic is enabling several organizations to support remote working, as well as manage the vast amount of data smoothly. Microsoft, for instance, has surged the benefits of Windows and extended Azure cloud credits for non-profit and critical care organizations, such as food & nutrition, public safety, and health support. In addition to that, the utilization of analytics-driven platforms is helping companies in the generating a large amount of data. They are therefore, preferring hybrid cloud storage solutions more than the conventional ones. However, the occurrence of data breaches may hamper the cloud storage market growth in the coming years.
Based on vertical, the banking, financial services and insurance (BFSI) segment generated 22.4% cloud storage market share in 2019. The industry deals with large volumes of customer data on regular bases. It delivers efficient services to the customers. To serve them better, they require cloud storage technology as it poses as a transformative digital solution. This solution provides a high level of scalability, agility, and data security to the industry. Cloud storage systems not only improve consumer experience and revenues, but also enhance the operational efficiency. These factors are set to drive the growth of the BFSI segment in the near future.
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Regionally, the market is divided into Latin America , Europe , Asia Pacific , the Middle East and Africa , and North America . Amongst these, North America procured USD 19.85 billion revenue in 2019 and is set to dominate the market. This growth is attributable to the rising adoption of several digital services, such as electronic signatures and e-commerce in the U.S. Also, the increasing rate of cybercrime would contribute to the growth. However, the outbreak of Covid-19 pandemic is expected to obstruct growth by affecting the technological investments of industry giants. Asia Pacific , on the other hand, is projected to exhibit an astonishing growth during the forecast period backed by the increasing usage of smartphones.
Microsoft, IBM, and Amazon are some of the top companies operating in the global market. They are striving to widen their product offerings by keeping up with the latest trends. They will also be able to surge their revenue this way. Below are two of the latest industry developments:
Fortune Business Insights™ presents a list of all the companies operating in the global Cloud Storage Market. They are as follows:
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