Cloud Video Storage Market Size, Share & COVID-19 Impact Analysis, By Deployment (Public, Private, and Hybrid), By Application (BFSI, IT & Telecom, Government and Public Sector, Manufacturing, Healthcare and Life Science, Retail and Consumer Goods, Media and Entertainment, and Others), and Regional Forecasts, 2021-2028

The global cloud video storage market size was valued at USD 6.15 billion in 2020. The market is projected to grow from USD 7.37 billion in 2021 to USD 20.93 billion in 2028 at a CAGR of 16.1% during the 2021-2028 period. The global COVID-19 pandemic has been unprecedented and staggering, with cloud video storage witnessing a positive impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a higher growth of 19.7% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

Video has penetrated all organizational divisions from information to communication. Video is unlike any other type of digital data. Depending on the quality, duration, and other parameters, it takes up more space. Cloud storage services are ideal for all forms of digital media. On the other hand, video stands out like a sore thumb among them, with its unique set of sharing, security, and management requirements. Videos have extremely high storage requirements, which can reach terabytes. For many use cases, videos are constantly shared and seen internationally by their employees, upper management, and external viewers such as clients, investors, and other stakeholders.

Globally, connected devices and connections are growing faster than both the population and internet users. This trend increases the average number of connections and devices in the organizations. Numerous machine-to-machine applications, such as video surveillance, smart camera solutions, healthcare monitoring, are contributing in a major way to the growth of devices and connections. The ever-increasing amount of data generated from these connected devices requires flexible and scalable video storage locations. Therefore, companies deploy cloud solutions and bring added value to the business and upgrade their existing IT infrastructure. For instance,

• In September 2020, TikTok, a video-focused social networking service, collaborated with Oracle Corporation's Cloud platform for a secured video meeting solution. The company selected Generation 2 Cloud infrastructure to run its video meeting, and for this, Oracle is investing in TikTok. It is a highly secured cloud storage platform as it offers isolated running applications and anonymously tracks security.

COVID-19 IMPACT

Increased Adoption of Cloud among SMBs to Accelerate Market Growth

The COVID-19 pandemic has accelerated the adoption of cloud technology to transition the on-premise business operations to the cloud in response to the new normal remote work culture. In response to the pandemic, organizations shifted their workload to the cloud to remotely manage IT operations.

Further, the growing adoption of video conferencing services increased the demand for extended storage, which is likely to contribute directly in the cloud video storage market growth. For instance, in August 2021, Zoom partnered with Seagate's Lyve Cloud to store video meetings recordings. The partnership aims to offer Zoom's customers to store and record meetings on Seagate's S3 storage-as-a-service (STaaS) platform. Thus, the growing adoption of meeting platforms, such as Zoom, Google Meet, and Microsoft Teams, will likely increase the demand for cloud storage solutions with a high storage limit.

Cloud has become a vital tool to support business continuity in these challenging times. Enterprises are continuously embracing hybrid cloud and multi-cloud strategies and increasing spending on cloud, citing a higher-than-expected cloud usage due to COVID-19 pandemic restrictions.

LATEST TRENDS

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Rising Adoption of Hybrid Multi-Cloud to Boost Market Growth

Organizations adopt a hybrid multi-cloud approach for data storage to improve data mobility between the public, private cloud, and on-premises. Hybrid cloud allows enterprises to collect, isolate, and store data as per their choice, on public, private, hybrid, or on-premise. It allows organizations to connect several storage options such as object storage, file storage, backup systems, and block storage. Thus, organizations adopt hybrid cloud storage due to data security, flexibility, and agility. According to Flexera's State of the Cloud Report 2021, currently, 92% of companies have a multi-cloud strategy in place or the ongoing process, and about 82% of large enterprises have already deployed hybrid cloud infrastructure.

Thus, increased hybrid multi-cloud among enterprises will likely create new market opportunities for video cloud storage.

DRIVING FACTORS

Growing Demand for Digital Video Streaming to Boost Market Growth

The rising adoption of smartphones and increasing network connectivity enable consumers to watch digital content or media, entertainment, information, and others as per their preferences from anywhere and anytime. Today's consumers expect the availability of streamed audio or video content. Increasing video streaming subscribers are likely to drive cloud video storage adoption.

The streaming service providers adopt cloud storage to deliver high resolution and low latency video content to users. The pay-as-per-use pricing model helps service providers to reduce infrastructure costs. Cloud storage providers offer backup of video files, which allows retaining deleted files. Also, cloud storage providers such as Sync.com, Google Drive, pCloud, and Microsoft OneDrive provide excellent security and protect the privacy of video content, which is likely to drive the adoption of cloud storage for video.

RESTRAINING FACTORS

Limited Network Bandwidth to Inhibit Product Demand

Video files of 4K and 8K resolution need high network bandwidth to upload and download files. Low internet and computer speed impact the uploading and downloading of video files over the cloud. The limited video uploading and downloading speed restrict the proliferation of cloud storage. Video files such as movies, shows, high-resolution videos, documentaries, and others require a massive amount of storage. Hence, limited storage offered by cloud service providers may impede the adoption of cloud storage by video producers.

However, the major market players such as Box Inc., Dropbox Inc., Sync.com, and OpenDrive offer unlimited storage to users, which is expected to overcome this restraint and increase the demand for cloud storage in the coming years.

SEGMENTATION

By Deployment Analysis

Hybrid Cloud's Flexibility and Scalability to Fuel Market Growth

Based on deployment, the market share is categorized into public, private, and hybrid.

The public segment is anticipated to hold the dominant share in the market during 2021-2028. Public cloud is one of the most extensively utilized technique of implementing cloud computing services. A third-party cloud service provider (CSP) oversees and owns the cloud infrastructure and provides it via the internet. App Engine from Google Inc. and Azure from Microsoft Corp. are both examples of cloud storage. Further, public cloud is commonly used for web-based emails, testing apps, storage & development along with online office applications.

• In January 2018, Forbes projected that by 2020, 41% of business workload would be running on public cloud platforms. Another 20% will use a private cloud, with 22% relying on hybrid cloud adoption. Further, it is predicted that on-premise workloads will decrease from 37% to 27% by 2020.

During the cloud video storage market forecast period, hybrid cloud is expected to rise rapidly. Hybrid cloud allows businesses to take advantage of both public and private cloud deployment. Businesses could utilize public clouds with low-security requirements and large data volumes. AWS hybrid cloud storage, for example, can connect customers' on-premises systems and applications to cloud storage, reducing administration effort, lowering costs, and enabling data innovation. The present unstructured storage market is developing to accommodate hybrid cloud operations and functionalities as IT leaders seek to use public cloud agility, efficiency, and cloud computing capabilities.

By Application Analysis

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Increasing Online Trade Demand to Significantly Boost BFSI Market Share

• Based on application, the market is divided into BFSI, IT & telecom, manufacturing, media and entertainment, government and public sector, retail and consumer goods, healthcare and life science, and others.

The manufacturing, healthcare and life science, IT & telecommunication, and retail consumer goods sectors are expected to generate and maintain a significant market share during the projection period. Since cloud-based solutions have become increasingly popular for large enterprises and small and medium-sized enterprises (SMB). As a result, manufacturing, retail and consumer products, healthcare and life science, and other industries are all investing severely in cloud data management services.

• According to 2019, Nutanix's Enterprise Cloud Index research, hybrid cloud use in the production and manufacturing industries surpassed 19% in 2019. Manufacturers expect to quadruple their hybrid cloud deployments to over 45% in the next two years.

Also, security continues to be a primary focus in these industries. As a result, the increasing use of video security surveillance could boost the demand for cloud video storage to ensure that video data are kept in a secure and adaptable location. For instance, a manufacturer may opt for a cloud video-based warehouse activity tracking system that combines visual verification, access control, and inventory tracking into a single platform.

Further, the growing popularity of over-the-top (OTT) services, user-generated content (UGC), and other digital services has prompted the adoption of cloud video storage services among media, entertainment, and telecom service providers.

REGIONAL INSIGHTS

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By region, the market share is divided into North America, Asia Pacific, Europe, Latin America, the Middle East & Africa.

North America is expected to hold a significant market share during 2021-2028. It is anticipated to generate the most cloud traffic among other regions. The governmental sector and businesses are among the many consumers of cloud computing in this region. The federal government's current fiscal restrictions have prompted a quick migration to cloud computing. The North American government is keen on integrating cost-effective cloud solutions from creating a "cloud-first" IT policy to migrating all programs to the cloud.

• According to March 2020 report published by Congressional Research Service, since 2009, the Federal government of the United States has shifted its data storage needs away from agency-owned, in-house data centers and toward cloud-based providers. This transition is meant to accomplish two goals, lower the federal government's overall IT investment, which is now around USD 90 billion per year and achieve other supposed benefits of cloud adoption, including efficiency, accessibility, cooperation, quick innovation, reliability, and security.

Europe is expected to gain notable share of the market during the forecast period of 2021 to 2028. Cloud computing services in the region are seeing rapid growth in the region. Companies in Europe deploy public cloud technologies to build a digital foundation for future transformations. For instance,

• In September 2020, for the benefit of European research communities, the French Alternative Energies and Atomic Energy Commission (CEA) installed fresh computing and storage capabilities and services in its TGCC computing center. These systems offer features such as object storage, sovereign cloud computing, and interactive computing in addition to traditional HPC resources. As part of the Fenix e-infrastructure, these systems will be federated with other locations around Europe.

Asia Pacific is likely to grow rapidly during the forecast period. Evolving economies such as China and India have made significant contributions in facilitating the region's adoption of cloud-driven technologies. The expanding popularity of cloud computing in Asia Pacific has prompted vendors to increase their investments in the region. For instance, Google Cloud is looking into new cloud region opportunities in Southeast Asia while in the second half of 2022, Amazon Web Services (AWS) will open a new cloud region in Melbourne, increasing its investment and footprint in the country.

During the forecast period, the market in Middle East & Africa is expected to grow steadily. The demand for cloud video storage is driven by increased public cloud investments by market players in the region. Also, the pandemic is expected to fuel the cloud computing market in the region, which is likely to accelerate this market.

Similarly, Latin America is also projected to exhibit a steady growth during the forecast period as it is a promising market for public cloud providers. According to the February 2020 study report by Information Services Group, major public cloud providers such as Amazon Web Services, Microsoft, and Google are looking for Latin American partners to help them expand in the region. To grow or improve cloud services, providers are establishing data centers in Brazil, Argentina, Chile, Costa Rica, Columbia, Mexico, and Peru.

KEY INDUSTRY PLAYERS

Key Players to Diversify their Product Portfolio through Strategic Acquisitions and Collaborations

Key players of the market such as Oracle Corporation, Alphabet Inc. (Google LLC), Dropbox, Inc., Amazon.com, Inc., Microsoft Corporation, pCloud AG, Box, Inc., Dell Technologies Inc., VMware, Inc., and IBM Corporation are into continuous partnerships and collaborations with different business models to expand their storage offering. These partnership strategies are helping in gaining new customers and partners for its cloud storage market. This also offers market players opportunities to design, innovate, and build advanced storage solutions. The companies investing in new storage systems offer a better option for secured data storage than the competitors. These players are focused on targeting new customers through the new launch to boost the market position and share. For instance,

• November 2021-Interra Systems, a quality assurance and monitoring service provider joined the Google cloud partner advantage program. The program allows Interra Systems to leverage Google cloud offerings such as virtual servers, cloud storage, and advanced media services. Further, it helps to provide better quality audio and video to customers and enables users to monitor content efficiently.


• May 2021- Dell Technologies Inc. announced a partnership with Equinix, a digital infrastructure company, to expand its offering of Dell Technologies APEX through partners' data centers. By subscribing through Equinix data centers, organizations can access Dells' storage and unique IT solutions. Using Dells' APEX Data Storage and its partner's business solutions, organizations can get a public cloud experience by still controlling their data.

List of the Key Companies Profiled:

• Google LLC (California, U.S.)


• Dropbox, Inc. (San Francisco, U.S.)


• Amazon Web Services, Inc. (Washington, U.S.)


• Oracle Corporation (Texas, U.S.)


• Microsoft Corporation (Washington, U.S.)


• pCloud AG (Baar, Switzerland)


• BOX, Inc. (California, U.S.)


• Dell Technologies Inc. (Texas, U.S.)


• VMware, Inc. (California, U.S.)


• IBM Corporation (New York, U.S.)

KEY INDUSTRY DEVELOPMENTS:

• July 2020: VMware, Inc. acquired disaster recovery-as-a-service provider, Datrium, to expand its own Site Recovery DRaaS. This allows the customers with combined infrastructure and offers a more secure path to the cloud. The acquisition also brought deep experience in networking, storage, virtualization, data protection, and more.


• November 2019: Frame.io, a cloud video collaboration platform, raised USD 50 million in Series C Funding with Insight Partners, Shasta Ventures, SignalFire, FirstMark, and Accel. The company leveraged the capital to improve its cloud-based video workflows.

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