In a recent Technavio report titled Cloud Storage Services Market, it is projected that the market will grow at a rapid pace in the coming years. The market size is estimated to increase by USD 123.84 billion, accelerating at a CAGR of 19.56% during the forecast period. North America is anticipated to contribute 38% to the overall market growth. Request Sample Report
The expansion of the cloud storage services market is significantly driven by the increase in data production. This growth is driven by the indispensable role of data centers in facilitating efficient storage and management across diverse cloud environments—public, private, and hybrid. Moreover, the demand for seamless disaster recovery, data synchronization, and resource optimization, with the rising significance of edge computing and cybersecurity, further solidifies the market's expansion.
Factors driving North America's market expansion include the substantial data generation rate, investments in data centers, and the presence of major companies like IBM, Google, Microsoft, and AWS. Additionally, the increasing adoption of advanced technologies like 5G in the telecommunications sector is expected to boost the demand for cloud storage services. Furthermore, investments in the region's telecommunication network infrastructure are stimulated by increasing data traffic from IoT device adoption and the emergence of big data analytics. These factors collectively drive the market growth in North America during the forecast period.