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“The Cloud Storage Services Market is expected to increase by USD 79.89 billion during 2022-2026, accelerating at a CAGR of 18.43% during the forecast period”
The cloud storage services market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by end-user (large enterprises and SMEs) and geography (North America, APAC, Europe, South America, and Middle East and Africa).
The market report also offers information on several market vendors, including Alibaba Cloud, Alphabet Inc., Amazon.com Inc., Citrix Systems Inc., Dell Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., Hitachi Ltd., Huawei Technologies Co. Ltd., International Business Machines Corp., InterVision Systems LLC, Microsoft Corp., NetApp Inc., Nutanix Inc., Oracle Corp., Pure Storage Inc., Rackspace Technology Inc., ServiceNow Inc., Tencent Holdings Ltd., and Toshiba Corp. among others.
Alibaba Cloud is a privately held company headquartered in China. It is a global company, with limited information regarding its financials and limited information regarding its employee strength is available. Its revenue from the global cloud storage services market is a key component of its overall revenues. The company offers services for cloud storage which are used to store and protect any amount of data for use cases, such as backup and restore, content distribution, data lakes, websites, mobile applications, data archives and IoT devices.
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Technavio categorizes the global cloud storage services market as a part of the global Internet services and infrastructure market within the global IT services market. Our research report extensively covers external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the cloud storage services market during the forecast period.
Technavio Research categorizes the global Cloud Storage Services Market belonging to the Software and Services Industry. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market is extremely competitive with all sizes of businesses, including large, medium, and small-sized companies vying to monopolize the market. The tremendous development in various fields such as product innovations and new product launches by manufacturers operating in the market will drive the growth further.
Key Market Driver
Key Market Trend
Key Market Challenge
Our In-house experts produce extensive information on the value chain and parent market of the cloud storage services market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies. The players across the value chain include selective data and analysis from entire research findings as per the scope of the report.
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37% of the market’s growth will originate from North America during the forecast period. The US is the key market for cloud storage services in North America. Market growth in this region will be slower than the growth of the market in APAC.
The cloud storage services market in North America was valued at USD 21.92 billion in 2021 and is expected to reach USD 51.21 billion by 2026, growing at a CAGR of 18.5% during the forecast period. This growth can be attributed to the high rate of data generated, investment in data centres, and the presence of numerous vendors such as IBM, Google, Microsoft, and AWS. Increasing deployment and launch of next-generation technologies such as 5G in the telecommunications industry are expected to drive the demand for cloud storage services in the region.
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The market share growth by the large enterprises segment will be significant during the forecast period. Large enterprises that are operational in different industries across various geographical locations are increasingly opting for cloud services to store, manage, and process data efficiently. Storing data on on-site servers is complex and expensive for organizations with numerous offices, stores, or plants due to the high cost of hardware and physical space. Cloud-based solutions make it easy and convenient for organizations to access tools and information remotely and enhance the efficiency of document sharing between multiple workplaces. The rising demand for cloud services will drive the adoption of cloud storage services during the forecast period. Real-time access to files at multiple locations and devices is the primary factor driving large enterprises to adopt cloud storage solutions. Other factors include backup and recovery, collaboration, email large files, and additional storage space. Large enterprises face uncertainties as continual industry disruption drives them to stay competitive in the market. However, the adoption of cloud storage services increases their flexibility by reducing the time to market and expanding business operations.
This report provides an accurate prediction of the contribution of all the segments to the growth of the cloud storage services market size and actionable market insights on the post-COVID-19 impact on each segment.
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Cloud Storage Services Market Scope |
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Report Coverage |
Details |
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Page number |
148 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 18.43% |
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Market growth 2022-2026 |
$ 79.89 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
18.07 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 37% |
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Key consumer countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Alibaba Cloud, Alphabet Inc., Amazon.com Inc., Citrix Systems Inc., Dell Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., Hitachi Ltd., Huawei Technologies Co. Ltd., International Business Machines Corp., InterVision Systems LLC, Microsoft Corp., NetApp Inc., Nutanix Inc., Oracle Corp., Pure Storage Inc., Rackspace Technology Inc., ServiceNow Inc., Tencent Holdings Ltd., and Toshiba Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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