Cloud-Based Storage Valued at $124 Billion by 2026

A market study published by Global Industry Analysts Inc., (GIA), a market research company, released its report titled Cloud-based Storage – Global Market Trajectory & Analytics (120 pages). The report fresh perspectives on opportunities and challenges in a significantly transformed post Covid-19 marketplace.

Global Cloud-based Storage Market to Reach $124 Billion by 2026
Amid the Covid-19 crisis, the global market for cloud-based storage estimated at $41.8 billion in the year 2020, is projected to reach a revised size of $124 billion by 2026, growing at a CAGR of 19.2% over the analysis period.

Basic services, one of the segments analyzed in the report, is projected to record a 21.7% CAGR and reach $106.7 billion by the end of the analysis period. After an analysis of the business implications of the pandemic and its induced economic crisis, growth in the advanced services segment is readjusted to a revised 13.8% CAGR for the next 7-year period.

US Market Estimated at $13.8 Billion in 2021, While China Forecasted to Reach $28.1 Billion by 2026
The cloud-based storage market in USA is estimated at $13.8 billion in the year 2021. China, the world’s second largest economy, is forecast to reach a projected market size of $28.1 billion by the year 2026 trailing a CAGR of 24.6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 14.7% and 17.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 16.5% CAGR.

Players covered include ADrive LLC, Amazon Web Services, Inc., Apple Inc., Arcserve, AT&T, Inc., Axcient, Inc., Barracuda Networks, Inc., Box Inc., Carbonite, Inc., Dell EMC, DigitalOcean, LLC, Dropbox, Inc., Egnyte, Inc., Google, Inc., Hitachi Vantara Corporation, IBM Corp., Microsoft Corp., Nasuni Corporation, Oracle Corporation, OVH Group, pCloud AG, SugarSync, Inc., Vembu Technologies Pvt. Ltd., and Virtustream.