Pune, India, May 04, 2021 (GLOBE NEWSWIRE) — The global cloud storage market is set to gain traction from the rising adoption of autonomous systems and machine learning. Besides, the introduction to unique video systems, internet of things (IoT), and remote sensing technologies are driving the market growth. This information is provided by Fortune Business Insights™ in a recent study, titled, “Cloud Storage Market, 2021-2028.” The study further mentions that the market size is projected to grow from USD 76.43 billion in 2021 to USD 390.33 billion in 2028 at a CAGR of 26.2% in the forecast period. It stood at USD 61.15 billion in 2020.
COVID-19 Pandemic to Boost Growth Stoked by Surging Usage of 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 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.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
BFSI Segment to Grow Steadily Fueled by Need for Improving Consumer Experience
Based on the vertical, the IT and telecommunication segment generated 18.0% in terms of the cloud storage market share in 2020. The BFSI segment is anticipated to lead in the forthcoming years as the industry deals with large volumes of customer data on regular bases. 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. These advanced systems not only improve consumer experience and revenues, but also enhance the operational efficiency. These factors are set to drive the growth of the BFSI segment in the near future.
The report involved four notable activities in projecting the current size of the cloud storage industry. Exhaustive secondary research was conducted to gather data about the parent markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size.
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Drivers & Restraints-