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Global Cloud Storage Market to Grow at a CAGR of 21.9% During 2021-2026, Aided by Rapid Digitisation

According to a new report by EMR titled, ‘Global Cloud Storage Market Report and Forecast 2021-2026’, the market attained a value of about USD 56 billion in 2020. The industry is further expected to grow at a CAGR of 21.9% in the forecast period of 2021-2026 to reach a value of nearly USD 182 billion by 2026.

North America holds a significant share of the cloud storage industry owing to rapid digitisation. The rapid adoption of the latest technologies in the United States is also driving the market growth. Moreover, the increasing research and development (R&D) activities due to the presence of the leading companies to develop advanced cloud storage systems and solutions are augmenting the industry growth. Various organisations in the United States government are increasingly adopting cloud storages to improve their operational flexibility and enhance their services. This is anticipated to fuel the growth of the cloud storage industry. Apart from this, the Asia Pacific region is witnessing robust growth owing to the rising adoption of technologies in India, China, Japan, and South Korea. The emergence of India as an IT hub is increasing the demand for cloud storage, which is expected to further bolster the growth of the cloud storage industry.

Dell Inc. (NYSE: DELL), along with Google Cloud, launched Dell Technologies Cloud OneFS for Google Cloud to aid organisations in controlling exponential data and application growth while easing the flow of files across their private clouds and Google Cloud in May 2020. The cloud storage delivers a native cloud experience combining the scalability and performance of scale-out-network-attached storage. This would enable companies to move and access high-performance computing during demanding workloads without changing or adjusting their applications.  This would also diversify consumers’ choice for consuming cloud infrastructure at approximately half the cost, as well as a smaller footprint. Consumers will be able to move workloads across public and private clouds with greater flexibility to adopt a hybrid cloud approach ideal for their demands. Such innovations are anticipated to fuel the market growth.

Market Analysis by Component, Deployment Type, Organisation Size, Industry, and Region:

  • The market, on the basis of component, can be divided into service and solutions.
  • Based on deployment type, the industry can be divided into private, public, and hybrid.
  • The organisation sizes of cloud storage include large enterprises, and medium and small-sized enterprises.
  • By industry, the market for cloud storage is classified as BFSI, government and public sector, healthcare, IT and telecom, retail, manufacturing, and media and entertainment, among others.
  • The regional markets for cloud storage include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising adoption of cloud storage by various government organisations and the increasing launches of cloud storage services by governments are propelling the market growth.
  • The market is being driven by the increasing use of cloud storage in the healthcare industry to improve operational flexibility.
  • The trend of remote work and growing reliance on technology owing to the COVID-19 pandemic is augmenting the growth of the cloud storage industry.
  • The integration of the latest technologies such as artificial intelligence in cloud storage is expected to boost the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global cloud storage market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the components, deployment types, organisation sizes, industries, and regions of cloud storage.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for cloud storage are Alibaba Group Holding Limited, Amazon Web Services, Inc., Dell Inc., Google LLC, Hewlett Packard Enterprise Development LP, IBM Corporation, and Microsoft Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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