New York, Jan. 04, 2024 (GLOBE NEWSWIRE) -- In a recent Technavio report titled Cloud Storage Services Market, it is projected that the market will grow at a rapid pace in the coming years. The market size is estimated to increase by USD 123.84 billion, accelerating at a CAGR of 19.56% during the forecast period. North America is anticipated to contribute 38% to the overall market growth. Request Sample Report
The expansion of the cloud storage services market is significantly driven by the increase in data production. This growth is driven by the indispensable role of data centers in facilitating efficient storage and management across diverse cloud environments—public, private, and hybrid. Moreover, the demand for seamless disaster recovery, data synchronization, and resource optimization, with the rising significance of edge computing and cybersecurity, further solidifies the market's expansion.
Factors driving North America's market expansion include the substantial data generation rate, investments in data centers, and the presence of major companies like IBM, Google, Microsoft, and AWS. Additionally, the increasing adoption of advanced technologies like 5G in the telecommunications sector is expected to boost the demand for cloud storage services. Furthermore, investments in the region's telecommunication network infrastructure are stimulated by increasing data traffic from IoT device adoption and the emergence of big data analytics. These factors collectively drive the market growth in North America during the forecast period. Download the sample report
Technavio highlights the emerging trends and challenges of Cloud Storage Services Market:
Trend - The prevailing trend influencing the cloud storage services market is the substantial adoption among SMEs. This shift is emphasized by the increased utilization of Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) models. SMEs gravitate toward cloud storage due to its robust encryption, seamless API integration, and virtualization capabilities. They also harness technologies like Artificial Intelligence (AI), Machine Learning (ML), and Big Data Analytics for heightened efficiency and a competitive edge.
Challenge - Migration hurdles, latency concerns, and compatibility obstacles are significant challenges impeding the expansion of the cloud storage services market. These issues revolve around scalability limitations, ensuring data redundancy, navigating compliance and regulations, and addressing multi-tenancy challenges. Additionally, managing various storage types like object, file, and block storage, alongside optimizing Content Delivery Networks (CDNs) for seamless accessibility, especially on mobile devices, requires effective cloud management platforms to mitigate these impediments.
Companies like Hewlett Packard Enterprise Co., Dell Technologies Inc., and Huawei Technologies Co. Ltd. are major players in the Cloud Storage Services Market. For more details on the companies and their offerings, download the sample report here
Technavio has segmented the market based on Component (solutions and services), End-user (large enterprises and SMEs), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).
The solutions segment is expected to witness notable expansion during the forecast period. Its ability to cater to individual customer requirements and generate value drives its growth in the global cloud storage services market. Moreover, within this segment, services such as data security, file synchronization, sharing, disaster recovery, and backup are major factors that help in meeting diverse consumer needs.
The cloud storage services market is experiencing rapid growth, anticipated to accelerate significantly from 2023 to 2028. Factors driving this expansion include high data generation, increased adoption by SMEs, and the widespread use of cloud storage by large enterprises. However, challenges related to migration and latency are set as challenges to this growth. The solutions segment, offering services such as data security and disaster recovery, plays a crucial role in driving market development. North America stands out in this growth due to factors like high data generation and the adoption of advanced technologies. Major companies employ various strategies like alliances and product launches to strengthen their market presence. Overall, the cloud storage services market holds substantial growth potential globally. Buy the report now
Related Reports:
Cloud Discovery Market: The cloud discovery market share is expected to increase by USD 1.27 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 16.26%.
Hybrid Cloud Market: The hybrid cloud market size is estimated to grow at a CAGR of 19.48% between 2022 and 2027. The market size is forecast to increase by USD 127 billion.
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