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The increasing volume of data being uploaded on the servers of the enterprises has resulted in the need for high-end security, SSL, well-defined sharing, along with cost-effective options within the organization.For instance, on an average of approximately 60 million photos are uploaded daily by Instagram users, globally, and is rapidly increasing, owing to the company’s new policy associated with multiple uploads. Cloud storage is based on highly virtualized infrastructure and is like broader cloud computing in terms of interfaces, near-instant elasticity and scalability, multi-tenancy, and metered resources. Google’s Cloud Platform is estimated by Gartner to command a public cloud market share of 4%, with annual revenues of $1.3 billion and growth of 60% in 2018. What will be the market size and growth rate in the forecast year? A recent market research report added to repository of Credible Markets is an in-depth analysis of “Global Cloud Storage Services Market… What are the key outcomes of Porter’s five forces model? The global cloud storage market size stood at USD 49.13 billion in 2019 and is projected to reach USD 297.54 billion by 2027, exhibiting a CAGR of 25.3% during the forecast period. This has resulted in a massive surge in the generation of data which is propelling such institutions to have cloud storage in place. Market Study Report, LLC. This report is a valuable asset for the existing players, new entrants, and future investors. Growth rate estimates for all product types over the forecast duration. Moreover, cheap and secure storage options result in rapid industrial development. Cloud storage enables the user to store the data on the Internet through a cloud computing provider that manages and operates data storage as a service. According to RightScale 2018 State of the Cloud Survey Report, 81% of enterprises have a multi-cloud strategy and 51% of the enterprises with a hybrid strategy. This is expected to boost the cloud storage market’s growth over the forecast period. Basic business information, along with product portfolio comprising detailed specifications and top applications. Report scope can be customized per your requirements. Global Storage as a Service (STaaS) market expected to surge at a whopping CAGR of 16.4% between 2020 and 2030 Demand for STaaS will see an explosion as a third of companies’ IT budget is for cloud services Storage as a Service to be the backbone of companies as cloud computing becomes mainstream with 90% business opting for better solutions Their ability to continually innovate their offerings has allowed them to gain a competitive advantage over others. Through strategic partnerships, research and developments, and mergers & acquisition these players have been able to gain a greater footprint in the market. The global cloud storage services market size is expected to grow by USD 73.21 billion during 2020-2024, according to Technavio. A survey by Cisco reported that 69% of the IT decision makers favor BYOD as an optimistic addition to workplace policy as it saves workers time. The data which is stored in and is accessible from multiple distributed and connected resources. Some of the prominent players in the region through research and development have been able to further the technology. Additionally, the impact of the COVID-19 pandemic at the global and regional level has been outlined in the report. Market share of each application segment, together with their projected growth rate over the evaluation period. Click here. The study provides historical market data with the revenue predictions and forecast from 2020 to 2026. The public cloud deployment model held over 50% of the Europe cloud computing market share in 2018 as this deployment model supports resource sharing by multiple enterprises to … © 2020 aeresearch.net. Who are the key vendors in the Global Consumer Cloud Storage Services Market? The Global Cloud Storage Market is Segmented by Solution (Cloud Storage Gateway, Primary Storage, Backup Storage, Data Archiving), Service (Managed Services, Professional Services), Deployment (Private Cloud, Public Cloud, Hybrid Cloud), End-User, and Geography. This year could see the Google overtake Alibaba, with Google CEO Sundar Pichai reporting cloud revenues!, market growth, etc need solutions like cloud storage Services market model, sales graph, returns, expansion... Is occupying a continuously increasing share in the cloud storage Services market complete market Research, growth! Middle East & Africa, South East Asia the adoption of the and. 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