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The global cloud storage market size is expected to grow significantly by reaching USD 376.37 Billion by 2029. Fortune Business Insights™ in its report titled “Cloud Storage Market Size, Share & COVID-19 Impact Analysis, By Type (Private, Public, and Hybrid), By Component (Storage Model (Object Storage, File Storage, Block Storage), Services and Services), By Enterprise Size (SMEs, and Large Enterprises), By Vertical (BFSI, IT and Telecommunication, Government and Public Sector, Manufacturing, Healthcare and Life Sciences, Retail and Consumer Goods, Media and Entertainment, and Others), and Regional Forecast, 2022-2029” observes that the market size in 2021 stood at USD 70.19 billion and reached USD 83.41 billion in 2022. The market is expected to exhibit a CAGR of 24.0% during 2022-2029. The rising demand for advanced technologies and increasing unstructured data volume are expected to fuel market growth.
Dell Announced Novel Features and Product Portfolios to Boost Brand Image
Dell announced novel functions, architectures, and portfolio advancements to enable artificial intelligence and high-performance computing (HPC) services. Further, Dell’s EMC solutions for HPC storage, along with ThinkParQ’s parallel file system, provide the ability to provide access to extensive workloads. This development may enable Dell to boost its brand image globally.
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Increasing Dependence on Digital Infrastructure to Bolster Growth
This market may be positively impacted during the COVID-19 pandemic due to the rising dependence upon digital services. The alarming spike in COVID infections facilitated work-from-home adoption across businesses, thereby increasing cloud storage service adoption. Further, increasing demand for smartphones from consumers and the extensive adoption of digitization by manufacturers may enhance cloud infrastructure. These factors may facilitate market growth globally.
Rapid Growth in Data Volumes to Boost Industry Growth
Cloud storage is a platform for the storage of data using servers. The integration of analytics, machine learning (ML), artificial intelligence (AI), and internet-of-things (IoT) in cloud storage facilities may enable manufacturers to attract consumers. For example, NextBillion AI, a California-based start-up, collaborated with Google Cloud in February 2021 to improve time-to-time market solutions. It utilizes storage and SQL services to offer top-of-the-line cloud services. The company aims to offer NextBillion artificial intelligence with a 99% uptime through this partnership. Furthermore, the shift to online mediums by manufacturers and the increasing volume of data created may boost sales. These factors are likely to drive the cloud storage market growth.
Major Companies Focus on Upgrading their Services to Enhance Brand Image
Prominent companies operating in the market focus on advancing their services to boost brand image. For example, Hewlett Packard Enterprise Company focused on advancing its HPE storage for the transformation of cloud-native software-defined data services (SDDS) in May 2021. The software is available with GreenLake and offers data services cloud console, HPE Alletra, and cloud data services. This development may help Hewlett Packard Enterprise Company enhance its brand image globally. Furthermore, companies devise expansions, research and development, acquisitions, collaborations, and mergers to enhance their market position globally.
Key Industry Development
List of Key Players Profiled in this Market Report
Further Report Findings
Table of Segmentation-
Value (USD billion)
Component; Type; Enterprise Size; Vertical; and Geography
By Enterprise Size