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NEW YORK, June 5, 2024 /PRNewswire/ -- The globalstand alone cloud storage marketsize is estimated to grow by USD 97.40billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 30.08% during the forecast period.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 - 2022

Segment Covered

End-user (Large enterprises and SMEs), Type (Public, Private, and Hybrid), and Geography (North America, APAC, Europe, South America, and Middle East and Africa)

Region Covered

North America, APAC, Europe, South America, and Middle East and Africa

Key companies profiled

Alphabet Inc., Amazon.com Inc., AT and T Inc., Atos SE, Cloudian Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., Egnyte Inc., Fidelity National Information Services Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., International Business Machines Corp., Iron Mountain Inc., Lumen Technologies Inc, Microsoft Corp., Navisite LLC, Quantum Corp., Rackspace Technology Inc., Samsung Electronics Co. Ltd., and Unitied Internet AG

Key Market Trends Fueling Growth

Hybrid stand-alone cloud storage systems offer organizations the ability to manage data effectively by combining the benefits of in-house and public cloud storage. These systems provide improved data management, enhanced IT infrastructure flexibility, and better security and compliance.

As businesses continue to adopt cloud computing, hybrid systems will become increasingly popular due to their cost-effectiveness and seamless workload transition capabilities. With a focus on modernizing applications and retaining business functionalities, the hybrid stand-alone cloud storage market is expected to experience significant growth during the forecast period.

The stand-alone cloud storage market is experiencing significant growth, with technologies like object storage and compression playing key roles. Companies are investing in secure, cost-effective solutions for data management. The use of advanced technologies such as artificial intelligence and machine learning is increasing, enabling automatic data classification and retrieval.

The demand for scalability and flexibility is driving the adoption of cloud storage solutions. Additionally, the trend towards remote work and digital transformation is accelerating the shift towards cloud-based storage systems. Overall, the market for stand-alone cloud storage is expected to continue growing, offering businesses innovative and efficient ways to manage their data.

MarketChallenges

The Stand Alone Cloud Storage Market faces restrictions due to data privacy regulations. These laws require financial firms to protect personal data and allow regulatory authorities access. However, the cloud model's inability to clearly identify and locate physical data storage hinders compliance with some regulations, such as the German Federal Data Protection Act. This limitation may hinder market growth during the forecast period.

The Stand Alone Cloud Storage market faces several challenges. Data security is a major concern, as companies need to ensure their information is protected from unauthorized access and cyber attacks. Cost is another challenge, as businesses must balance the need for affordable storage solutions with the requirement for high levels of security and reliability.

Scalability is also important, as companies need to be able to easily increase or decrease their storage capacity as their needs change. Additionally, interoperability between different cloud storage providers can be a challenge, making it difficult for businesses to seamlessly move data between systems. Finally, compliance with various regulations, such as HIPAA and GDPR, adds complexity to the use of cloud storage.

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Segment Overview

1.1Large enterprises- The Stand Alone Cloud Storage market is experiencing significant growth due to increasing business demand for secure and flexible data management solutions. Companies are adopting stand-alone cloud storage systems to store and manage their data, enabling remote access and collaboration. This shift is driven by the need for scalability, cost savings, and enhanced security features. Businesses of all sizes are embracing stand-alone cloud storage as a strategic tool to streamline operations and improve overall efficiency.

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Research Analysis

In the current economic climate, the stand-alone cloud storage market continues to experience robust adoption among business enterprises. This trend is driven by the proliferation of data generation and the need for secure, scalable, and seamless monitoring of data. Cloud storage offers convenience and customization, making it an attractive option for enterprise users seeking to reduce their CAPEX and OPEX compared to traditional on-premises storage. Cloud resources, including those from Alibaba Cloud and Microsoft, provide low-cost solutions for data storage, enabling revenue growth for businesses.

The cloud storage market also caters to the increasing demand for technology development in sectors such as gaming and entertainment, remote work, IoT, big data, and agile environments. Edge computing further enhances cloud storage capabilities, ensuring efficient and secure handling of malware and other cybersecurity threats. Overall, the stand-alone cloud storage market offers a cost-effective, flexible, and secure solution for managing and protecting data in today's digital landscape.

Market Research Overview

The Stand Alone Cloud Storage market refers to on-demand digital storage services provided over the internet without the need for local servers or personal computers. This technology offers numerous benefits such as scalability, accessibility, and cost-effectiveness. Companies and individuals can store and manage large volumes of data securely and retrieve it from anywhere at any time.

The market is witnessing significant growth due to the increasing adoption of digital transformation and the need for remote work solutions. Additionally, advancements in technology, such as artificial intelligence and machine learning, are driving innovation in the field, enabling more efficient and automated data management. The market is expected to continue expanding as more businesses and individuals recognize the benefits of cloud storage solutions.

Table of Contents:

1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation

7Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email:[emailprotected] Website:www.technavio.com/

SOURCE Technavio

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Stand Alone Cloud Storage Market size is set to grow by USD 97.40 billion from 2024-2028, Reduced capital and ... - PR Newswire