Pune, India, April 27, 2022 (GLOBE NEWSWIRE) — The global cloud storage market size was USD 70.19 billion in 2021 and will rise to USD 83.41 billion in 2022. The market is expected to reach USD 376.37 billion by 2029, exhibiting a CAGR of 24.0% during the forecast period. The rising demand for advanced technologies and the increasing volume of unstructured data is expected to boost the market growth. Fortune Business Insights™ provides this information in its report titled “Cloud Storage Market, 2022-2029.”
Key Industry Development
March 2020- Microsoft Corporation and Kubota Corporation entered a strategic alliance to facilitate Kubota Corporation’s digital transformation. This development may allow the company to incorporate its IT infrastructure on Microsoft’s Azure cloud platform.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 24% |
| 2029 Value Projection | USD 376.37 Billion |
| Base Year | 2021 |
| Cloud Storage Market Size in 2021 | USD 70.19 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Type, Component, Enterprise Size, Vertical and Geography |
| Cloud Storage Market Growth Drivers | Rising Dependence upon Digital Infrastructure to Enhance Growth |
| Increasing Data Volumes to Bolster Market Growth | |
| Presence of Major Cloud Service Providers to Enhance Market Growth in North America | |
| Major Players Focus on Upgrading Services to Enhance Brand Image |
Rising Dependence upon Digital Infrastructure to Enhance Growth
This market is expected to be positively impacted during the COVID-19 pandemic because of the rising dependence upon digital services. The alarming spike in COVID infections led to the adoption of work-from-home culture, thereby increasing reliance upon data management software and cloud services. Further, the rising…
