The cloud storage market is growing at a rapid pace,
due to the introduction of IoT, remote sensing technologies, and advanced video
systems like 4K resolution cameras has led to the generation of high-volume
data. As a result, there is an increasing need for cloud storage networking and
technologies.
In addition, the Global Cloud Storage Market is estimated to grow
at a CAGR of more than 21% during the analysis period 2021-2027.
Growing penetration of IoT-connected devices led to
the generation of huge volumes of IoT data which led to a rise in the use of cloud
storage platforms like OneDrive, Google Drive, iCloud, Dropbox, etc. Machine
learning and autonomous systems like autonomous vehicles are anticipated to
propel the use of cloud computing services such as data storage.
Current market trends have given an increase to the
digitalization of businesses and Industry 4.0. Trends like hosted cloud storage
and the involvement of social media with cloud storage are anticipated to drive
the growth of the market.
In addition, the cloud allows storage scalability
with nominal cost as compared to on-premise data centers or servers which in
turn, drives its adoption among small and medium businesses across the globe.
The growth of the cloud computing idea has been an
important factor affecting the storage landscape in recent years. Public cloud
providers like AWS, Microsoft Azure, and Google Cloud have redefined the
storage market by delivering highly scalable architectures that are
increasingly becoming an integral part of businesses’ overall storage
strategies.
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Regional Overview
As per the studies, the North American cloud storage
market is already reaping the advantages of the mature stage in the region, the
US maintains the highest regional share due to the existence of key players and
well-established players of various industry verticals that continuously adapt
to newer technologies for improved work efficiency and business productivity
along with high scalability and flexibility and low maintenance costs.
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