Cloud Storage Market Size Worth $353.81 Billion by 2028: The Brainy Insights

NEWARK, N.J., Aug. 18, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the Global cloud storage market seems to reach USD 353.81 billion by 2028, at a CAGR of 24.48% from 2021 to 2028. The North American region has the highest market value of USD 25.22 Billion in 2020. This is due to the better IT infrastructure in the region. APAC had the second-largest market value of USD 17.34 Billion in 2020. The big enterprises in the emerging economies of the region have now realized that as the data volume is increasing because of their growing customer base, this factor is driving the cloud storage market in the region.

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The solution segment is accounted for the highest market share of 64.81% in 2020

The component segment is divided into solution and services. The solution segment has the highest market share of 64.81% in 2020. This is because the solution provides the primary storage facilities and the backup facilities of data. It is used for data archiving and is majorly used by customers. The customer can save the confidential document and then access it from any place at any time.

The hybrid segment accounted for USD 29.4 Billion of market value in 2020

The deployment type segment includes private, public, and hybrid. The hybrid segment accounted for USD 29.4 Billion of market value in 2020. The organization has realized with the experience that public storage can't be the solution for everything as sometimes there is a need for faster access to data, and some data is required more frequently. This created the requirement for hybrid storage in organizations. 

The large enterprise segment accounts for 68.47% of the market share in 2020

The user type segment consists of large enterprises and SMEs. The large enterprise segment accounts for 68.47% of the market share in 2020. This is because of their increasing customer base. Also, the big organizations are looking for the most advanced solution which reduces their daily operational cost, reduce their capital expenses, and increases the profit margin.

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The BFSI segment accounted for USD 19.72 Billion of market value in 2020

The industry vertical segment includes BFSI, Government & Public Sector, Healthcare, IT & Telecom, Retail, Manufacturing, Media & Entertainment, and others. The BFSI segment accounted for USD 19.72 Billion of market value in 2020. It is because of their expanding data volume, which requires a highly secured data storage system, driving the cloud storage market.

Cloud Storage Market Scope:

Regional Segmentation Analysis: 

The regions analyzed for the Cloud Storage market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region had the highest market share of 41.10% in 2020. It is due to the better IT infrastructure in the region and the presence of many enterprises looking for a more advanced solution for their problem, and as the market is mature here, all the advanced solutions to the latest problem are firstly implemented in this region. So the increasing data volume problems of the organization are now solved by the cloud storage market. APAC had the second-largest market share of 28.25 % in 2020. The big enterprises in emerging economies like India and China of the region have now realized that as the data volume is increasing because of their growing customer base, it is better to opt for the solutions which are secured and also reduce the capital expenses of the companies in daily operations, this factor is propelling the cloud storage market in the region. Also, with technological advancement, the IT infrastructure is improving in the region.

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About the report:

The global Cloud Storage market is analysed on the basis of value (USD Billion).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.

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