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The global cloud storage market size is projected to grow from USD 76.43 billion in 2021 to USD 390.33 billion by 2028. It is anticipated to be driven by the increasing demand for additional storage space. It is occurring because of the rising computing power. Hence, storage is necessary to support big volumes of data. This information is given by Fortune Business Insights™ in a recent report, titled, “Cloud Storage Market Size, Share & COVID-19 Impact Analysis, By Component (Storage Model, and Services), By Deployment (Private, Public, and Hybrid), 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, 2021-2028.” The report further mentions that the market stood at USD 61.15 billion in 2020. It is set to exhibit a CAGR of 26.2% during the forecast period between 2021-2028.
Rackspace Plans to Expand its Footprint in the Middle East and Europe
In March 2020, Rackspace, a managed cloud computing company headquartered in Texas, announced its plan to invest hefty amounts of money across the Middle East and Africa and Europe in 2020. It is a part of the company’s strategy to become one of the best technology services companies worldwide. With the help of this investment, the company will be able to broaden its reach across all the above-mentioned regions to serve the local consumers better.
The expansion consists of the opening of a hub in Dubai and a multi-million-dollar investment. The hub will offer marketing support, as well as employ strong professional services consultants and salesforce. The recruitment process will check cloud skills gaps locally. It would further improve consumer experience in this region. The company currently possesses over 500 consumers in the Middle East. Such initiatives by prominent companies would augment the demand for cloud storage systems.
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Increasing Adoption of Machine Learning to Accelerate Growth
The emergence of state-of-the-art video systems, such as 4K resolution cameras, internet of things (IoT), and remote sensing technologies is generating high capacity data at a fast pace. Therefore, the demand for cloud type of storage technologies and networking is surging across the globe. Coupled with this, autonomous systems and machine learning are propelling the utilization of these systems. Additionally, cryptocurrency, distributed ledgers, and other associated systems are likely to contribute to the cloud storage market growth in the near future.
Apart from that, the current outbreak of the COVID-19 pandemic is bolstering the market growth as cloud storage is required to aid people in staying connected with their workplaces. However, confidentiality and data privacy may not always happen with such storage systems. It is likely to obstruct market growth.
Key Players Aim to Widen their Presence by Investing Huge Sums
Renowned companies present in the market are persistently striving to keep up with the needs of the consumers. They are then developing novel products equipped with the latest technologies to fulfil their demand. Most of the companies are also investing huge sums in specific regions to broaden their reach.
Fortune Business Insights™ presents a list of reputed companies operating in this market. They are as follows:
A Notable Industry Development-
Further Report Findings-
The global market is segmented in the following way:
Value (USD Billion)
Component; Deployment; Enterprise Size; Vertical; and Geography
By Enterprise Size