Cloud storage is a next-generation system that interconnects human language and helps professionals to make better decisions by knowing the complication of unstructured data. Cloud storage is a logical data storage pool that is frequently utilized in cloud computing. It offers real-time data-based applications such as information backup, big data analytics, data archive, data warehouse, and the Internet of Things (IoT).
According to a research report by Astute Analytica, the Global Cloud Storage Market growing at a compound annual growth rate (CAGR) of 21% over the projection period from 2021 to 2027.
Faster data accessibility, rise in demand for low-cost data storage substantial switch to hybrid cloud as the main deployment model, increase in cloud adoption across several industry verticals, security concerns over cloud storage, and growth in cloud adoption among medium and small enterprises are the significant factors that impact the growth of the global cloud storage market.
Due to the low cost of data storage and maintenance, a number of industry verticals, including BFSI, healthcare, manufacturing, retail, telecommunication & IT, and media & entertainment, are quickly embracing cloud services.
Due to an increasing customer base and several internet users, the BFSI industry is observing technological deployment in the cloud storage market. In the upcoming years, the market for cloud storage is anticipated to be driven by decreased investment costs for new hardware and software in banking, insurance, and capital markets.
The use of cloud storage platforms like OneDrive, Google Drive, Dropbox, and iCloud was a result of the expansion of IoT-connected devices, which generated enormous volumes of IoT data. The use of cloud computing services, such as data storage, is anticipated to increase as a result of machine learning and autonomous systems, such as autonomous vehicles. Business digitalization and Industry 4.0 are the results of recent market trends. Market expansion is anticipated to be fueled by trends including hosted cloud storage and social media integration with cloud storage.
The necessity for hybrid storage, which allows users to transition between private and public storage space, has been caused by the high cost of private clouds and the risk of open threats in public cloud storage among end users in the banking, healthcare, and government sectors. Also, cloud storage makes data access quicker regardless of where a data center is located. While there is no need for an on-site data center or additional service or maintenance charges, cloud storage also has a minimal initial cost. This in turn accelerates the market's expansion.
North America is a dominant market for cloud storage and major companies offering modern solutions. Microsoft Corporation, a significant player in North America's cloud storage sector, is making significant investments in local solutions. Moreover, factors like improved customer service, greater business continuity, and replacement of conventional IT infrastructure are anticipated to generate sufficient space for market expansion among SMEs in global regions like Africa, Asia-Pacific, Latin America, and the Middle East.
