Cloud Storage Market to Register High Demand Rate by 2024

Global Cloud Storage Market: Overview


The cloud storage is considered as a cloud computing model in which statistics are saved on inaccessible servers or cloud, which can be accessed by the Internet. It is preserved, managed, operated, and functioned by a cloud storage supplier on storage servers that are completed on virtualization systems. Organizations can select among off-premises and on-premises cloud storage selections, or a mixture of the both options, mainly depending on applicable decision criterion that is corresponding to primary direct cost savings prospective; for example, security (PII, HIPAA, SARBOX, IA/CND), disaster recovery (DR), regulations, and policies, continuity of operations (COOP), and records maintenance laws.


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Global Cloud Storage Market: Growth Factors


Growth in demand for backup, low-cost data storage, and data fortification augment the growth of the global cloud storage market amongst numerous user groups including small, medium, and big projects. In addition, numerous industry verticals such as healthcare, BFSI, retail, and public sector with a huge customer base which tend to store up important business information of stakeholders in cloud storage, due to data privacy and consumer information, which in turn expand the global cloud storage market development. In the current years, cloud storage providers are supporting cloud solutions across different geographical regions including Europe, North America, Asia Pacific, and others to increase cloud adoption. Managed services are projected to understand the maximum growth rate during the coming years as these services which help to decrease the time and expenditure connected with optimizing the method in the early phase of operation.


Global Cloud Storage Market: Segmentation


The global cloud storage market is divided into public, private, and hybrid models based upon consumption mode. The hybrid model is a mixture of both public deployment modes and private, which permits the users to manage cloud space as per privacy obligation. In addition, the market consists of several industry verticals such as retail, media & entertainment, Financial Services and Insurance (BFSI), telecommunication & IT, banking, healthcare, manufacturing, government and education, and others. The scale for others divisions in industry segment consists of logistics & transportation, business and professional services, and construction.


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Global Cloud Storage Market: Regional Analysis


In the coming years, Asia Pacific is projected to be the highest growing regional segment. Industry contributors have realized the significance of amplification of the global cloud storage market to make a sure backup and data recovery and easy convenience of documents from several device and setting. On the other hand, the LAMEA region gradually approves cloud storage solutions all over the industry verticals such as retail, government, and healthcare. Expansion in demand for hybrid cloud storage mainly drives the market in the province.


Global Cloud Storage Market: Competitive players


The key players in the global cloud storage market include IBM Corporation, EMC Corporation Amazon Web Services Inc., Rackspace Hosting Inc., Microsoft Corporation, Hewlett Packard Enterprise Development LP, Google Inc., VMware Inc., Red Hat Inc., and Oracle Corporation


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