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The global cloud video storage market size was USD 6.15 billion in 2020. The market size is expected to rise from USD 7.37 billion in 2021 to USD 20.93 billion by 2028 at a CAGR of 16.1% during the forecast period. The market is expected to grow in the coming years, owing to increasing demand for digital video streaming. The rising demand lead the market to grow at 19.7% in 2020 s compared to the average growth from 2017 to 2019. Fortune Business Insights™ publishes this information in a report titled, "Cloud Video Storage Market Share, 2021-2028".
Video files take up more space than other data due to their various parameters such as quality, duration, format, and others. Cloud storage is considered a prominent alternative to store video data where security and sharing parameters can be easily maintained. Also, videos can take upto terabytes of memory space to store on the cloud system. Ease of accessibility is one of the major advantages of cloud video storage.
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Drivers & Restraints:
Rising Popularity of OTT Platforms to Drive Market
· The Cloud Video Storage Market is expected to exhibit significant growth in the coming years owing to the increasing demand for high security and scalable storage alternatives. Also, remote working activities and data sharing are likely to boost the market. Rising popularity of OTT streaming services bolsters cloud storage demand in the entertainment sector.
· This storage ensures flexibility and availability of the video content with easy accessibility that is likely to increase the demand in various sectors. These factors are expected to ensure the cloud video storage market growth during the forecast period.
However, limited network bandwidth may hinder the market growth in the coming years.
COVID-19 Impact:
Remote Working Situation Bolsters Product Demand
The outbreak of COVID-19 pandemic has restricted the employees to work remotely to limit the virus spread and maintain social distancing norms imposed by the government. This fueled the market growth for cloud video storage systems as many organizations used cloud storage to store and share their data and perform IT operations. Also, the meetings were conducted remotely using virtual platforms for employees, which increased the demand for cloud storage and bolstered the market growth during the pandemic.
Regional Insights:
North America Dominates Market Due to Rising Demand
North America holds the most prominent global cloud video storage market share owing to the generation of most cloud traffic among other regions. Also, the region is expected to hold its market position due to increasing government and consumer businesses in various sectors.
Europe is anticipated to hold the second-largest market share due to increasing cloud computing services in the region. The region is expected to gain momentum in the coming years due to key players in the industry.
Segments:
Hybrid Cloud Storage Dominates Market Due to High Scalability and Flexibility
By deployment, the market is trifurcated into public, private, and hybrid.
Based on application, the Cloud Video Storage Market is segregated into BFSI, IT & Telecom, government & public sector, manufacturing, healthcare & life science, retail & consumer goods, media & entertainment, and others.
Finally, by region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The market report includes insightful information regarding recent regional and global market developments. Also, key trends in the market are highlighted further in this report. Furthermore, the report offers drivers and restraints affecting market growth development during the forecast period. The global impact of the COVID-19 pandemic on market expansion and profitability is given further in this report.
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Companies Profiled in the Cloud Video Storage Market Report:
· Google LLC
· Dropbox, Inc.
· Amazon Web Services, Inc.
· Oracle Corporation
· Microsoft Corporation
· pCloud AG
· BOX, Inc.
· Dell Technologies Inc.
· VMware, Inc.
· IBM Corporation
Competitive Landscape:
Strategic Alliances Allows Key Players to Maintain Market Position
Key players in the market focus on implementing various business development strategies such as mergers, partnerships, and strategic alliances to expand business globally. Also, implementing innovation strategies allows the key players to enhance their product portfolio and attract global customers.
Industry Developments:
· May 2021: LucidLink, a cloud storage startup, raised USD 12 million in a series of funding through industry player participation in Adobe, Bright Cap Ventures, and Baseline Ventures. The company aims to leverage capital to improve its customer experience and expansion of business.
· July 2019: Amazon, Inc. acquired E8 Storage, an Israel-based flash cloud storage. The company focuses on offering cloud computing solutions and expanding in Israel through the acquisition. It also introduced E8 talent to AWS.
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