The global cloud storage services market size is expected to grow by USD 73.21 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global cloud storage services market 2020-2024 (Graphic: Business Wire)
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 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 is likely to surge considerably in the forthcoming years.
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As per Technavio, high adoption of cloud data services by SMEs will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Cloud Storage Services Market: 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.
“Rising enterprise mobility and need to improve efficiency, increasing partnerships and collaborations, and emerging advanced storage technologies are some of the other factors expected to boost the cloud storage services market growth during the forecast period,” says a senior analyst at Technavio.
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Cloud Storage Services Market: Segmentation Analysis
This market research report segments the cloud storage services market by end-users (large enterprises and SMEs) and geography (APAC, Europe, MEA, North America, and South America).
North America led the cloud storage services market share in 2019, followed by APAC, Europe, South America, and MEA respectively. The cloud storage services market growth in the region can be attributed to the rate of data generated, investment in data centers, and the presence of numerous vendors, including IBM, Google, Microsoft, and AWS. Also, increasing adoption of enterprise mobility and deployment of advanced technologies such as AI, IoT, and Big Data will lead North America to contribute to the highest incremental growth during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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