Cloud Storage Services Market To Grow by $123.84 Billion Between 2023-28 By CIOTechOutlook Team

Cloud Storage Services Market To Grow by $123.84 Billion Between 2023-28

CIOTechOutlook Team | Friday, 05 January 2024, 06:02 IST

Cloud Storage Services industry, the industry is expected to grow rapidly in the future years. During the projection period, the market is expected to grow by USD 123.84 billion at a CAGR of 19.56%. North America is expected to contribute 38% of total market growth.

The expansion of the cloud storage services market is significantly driven by the increase in data production. This growth is driven by the indispensable role of data centers in facilitating efficient storage and management across diverse cloud environments—public, private, and hybrid. Moreover, the demand for seamless disaster recovery, data synchronization, and resource optimization, with the rising significance of edge computing and cybersecurity, further solidifies the market's expansion, as per Technavio.

The significant data generation rate, investments in data centers, and the presence of key corporations including as IBM, Google, Microsoft, and AWS are driving North America's market expansion. Furthermore, the increasing use of new technologies such as 5G in the telecommunications sector is likely to increase demand for cloud storage services. Furthermore, increased data traffic from IoT device adoption and the emergence of big data analytics fuel investments in the region's telecommunication network infrastructure.

The significant adoption of cloud storage services by SMEs is the dominant trend impacting the cloud storage services market. The rising use of Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) models emphasizes this trend. Because of its strong encryption, simple API connection, and virtualization features, SMEs prefer cloud storage. They also use technology such as Artificial Intelligence (AI), Machine Learning (ML), and Big Data Analytics to improve productivity and gain a competitive advantage.