Global Cloud Storage Market for Communications and Technology Industry: Market Analysis by Knowledge Sourcing Intelligence
The global cloud storage market for communication and technology industry is anticipated to grow at a CAGR of 29.32% during the forecast period to reach a market size of US$21.347 billion by 2023, increasing from US$4.564 billion in 2017. Rising demand for flexible and scalable data storage solutions is driving the cloud storage market across the globe. These solutions have a wide range of applications in various sectors such as communication technology, media and entertainment, BFSI, healthcare, and retail among others. Huge investments by various market players to improve the performance and security of the cloud storage solutions has resulted in the increasing adoption of these solutions, thereby driving the market growth.
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| Sample view of global Cloud Storage market for Communication and Technology industry forecast, US$ Billion, 2017 To 2023 |
Global cloud storage market for communication and technology industry by Solution:
By solution, cloud storage market for communication and technology industry is segmented as primary storage and backup storage. Primary cloud storage market will grow at the fastest rate owing to the rising use of these solutions in various industries as a measure to reduce cost while overcoming the storage limitations of conventional storage solutions. Backup storage solutions held the largest market share and will continue to dominate the market over the projected period as enterprises continue to drift towards cloud for data and environment backup to ensure business continuity. The market research provides a detailed analysis of global cloud storage market for communication and technology industry on the basis of various segment like- by solution, by geography, by services etc.
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| Sample view of global Cloud Storage market for Communication and Technology industry by Solution |
Global cloud storage market for communication and technology industry by Geography:
The Asia Pacific cloud storage market for communication and technology industry is segmented as China, Japan, India, Australia, Malaysia, and others. Japan is dominating the market with XX.XX% share in 2017 and is projected to continue to have a major share in the Asia Pacific region during the forecast period on account of the growing number of firms based out of Japan seeking to expand globally and thus, requiring additional storage capacity. Simultaneously, China is projected to grow at highest CAGR of XX.XX% with growing migration of small and medium businesses to cloud based solutions while the growing number of internet users is significantly driving the cloud storage market in India.
global cloud storage market size for communication and technology industry
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In addition, consulting services also assist an enterprise to choose the type of cloud storage solution which would be best suited for them in terms of volume, bandwidth, government regulation in that respective region, and presence of existing IT infrastructure among many others.
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