The worldwide cloud storage market is set to acquire footing from the rising selection of self-governing frameworks and AI. Additionally, the prologue to extraordinary video frameworks, the web of things (IoT), and far-off detecting advancements are driving the market development. This data is given by Fortune Business Insights(TM) in a new report, named, "Distributed storage Market" Size, Share and Industry Analysis, By Component (Storage Model, and Services), By Deployment (Private, Public, and Hybrid), By Enterprise Size (SMEs, and Large Enterprises), By Vertical (BFSI, IT and Telecommunication, Government and Public Sector, Manufacturing, Healthcare and Life Sciences, Retail and Consumer Goods, Media and Entertainment, and Others), and Regional Forecast, 2021-2027." The examination further notices that the distributed storage market size was USD 49.13 billion in 2021 and is projected to arrive at USD 297.54 billion by 2027, showing a CAGR of 25.3% during the conjecture time frame.
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North America to Remain Dominant Owing to Rising Adoption of Various Digital Services
Regionally, the market is divided into Latin America, Europe, Asia Pacific, the Middle East and Africa, and North America. Amongst these, North America procured USD 19.85 billion revenue in 2021 and is set to dominate the market. This growth is attributable to the rising adoption of several digital services, such as electronic signatures and e-commerce in the U.S. Also, the increasing rate of cybercrime would contribute to the growth. However, the outbreak of the Covid-19 pandemic is expected to obstruct growth by affecting the technological investments of industry giants. The Asia Pacific, on the other hand, is projected to exhibit astonishing growth during the forecast period backed by the increasing usage of smartphones.
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Drivers & Restraints-
Covid-19 Pandemic to Boost Growth Backed by Rising Usage of Cloud Storage Solutions
Cloud storage solutions are gaining more popularity at present as workforces are inclining towards a distributed work environment. These solutions aid workforces in collaborating and staying connected. The outbreak of the Covid-19 pandemic is enabling several organizations to support remote working, as well as manage the vast amount of data smoothly. Microsoft, for instance, has surged the benefits of Windows and extended Azure cloud credits for non-profit and critical care organizations, such as food & nutrition, public safety, and health support. In addition to that, the utilization of analytics-driven platforms is helping companies in generating a large amount of data. They are, therefore, preferring hybrid cloud storage solutions more than conventional ones. However, the occurrence of data breaches may hamper the cloud storage market growth in the coming years.
BFSI Segment to Grow Steadily Fueled by Need for Improving Consumer Experience
Based on vertical, the banking, financial services, and insurance (BFSI) segment generated a 22.4% cloud storage market share in 2021. The industry deals with large volumes of customer data on regular basis. It delivers efficient services to the customers. To serve them better, they require cloud storage technology as it poses as a transformative digital solution. This solution provides a high level of scalability, agility, and data security to the industry. Cloud storage systems not only improve consumer experience and revenues but also enhance operational efficiency. These factors are set to drive the growth of the BFSI segment in the near future.
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Key Companies Focus on Expanding Product Offerings to Surge Revenue
Microsoft, IBM, and Amazon are some of the top companies operating in the global market. They are striving to widen their product offerings by keeping up with the latest trends. They will also be able to surge their revenue this way. Below are two of the latest industry developments:
List Of Key Companies Profiled in Cloud Storage Market Are:
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Table of Content
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