The Latin American cloud storage services market was valued at $2,381.48 million in 2021 and is expected to reach $145 billion by 2026, with a CAGR of 27.8% from 2022 - 2027.
The cloud storage market has grown primarily due to increasing data volumes in enterprises, the growing need to provide the remote workforce with ubiquitous access to data and files, and cost-effective, low-total-cost benefits ownership (TCO) of cloud storage solutions.
The increasing demand for low-cost data storage, backup and protection has increased market growth among various user groups, including small, medium and large enterprises. Additionally, various verticals such as BFSI, retail, healthcare, and public sector with a large customer base tend to store critical business information of stakeholders in cloud storage, due to the confidentiality of stakeholder data and information. .
With global lockdowns, business continuity challenges, and growing trends at home, COVID-19 has forced organizations to move to cloud environments to cope with the crisis and facilitate daily data access, sharing, and work on. collaboration with your geographically dispersed teams. The proliferation of the shift to the cloud has further driven the adoption of cloud storage solutions in enterprises to ensure business continuity, run their workloads, and store their data. Additionally, the demand for services, including consulting, training, support and maintenance, as well as integration and deployment, is also increasing as more companies move their workloads to the cloud due to its ubiquitous scalability, flexibility and availability benefits.
Market growth and trends:
Archive storage to maintain the highest market share among the solutions during the forecast period.
The growth of the file storage segment is primarily attributed to the growing desire of organizations to improve collaboration and productivity while managing and storing their day-to-day data for anytime, anywhere access. File storage solutions are best suited for users' home directories, application development, and media storage, making them an efficient solution for archiving and primary storage.
BFSI Vertical to maintain the largest market size during the forecast period.
The BFSI vertical is expected to retain the largest market size in the cloud storage market. As BFSI companies have to manage, recover and protect large volumes of data, they are continually adopting various cloud strategies. This continued migration to multi-cloud environments for better scalability, low latency, and data security reinforces the need for cloud storage solutions for efficient management and analysis of cloud data.
Market Drivers and Restraints
The significant shift to hybrid cloud as the primary deployment model, the increased demand for low-cost data storage, faster data accessibility, increased adoption of cloud in various industry verticals, concerns the security of storage and growth in the cloud, including adoption by small and midsize businesses. size companies, are the important factors. impacting the growth of the global cloud storage market.
The high price of private cloud and the risk of open threats in public cloud storage among end users including banks, healthcare and government have created the need for hybrid storage that offers the flexibility to switch between public and private storage space. Additionally, cloud storage enables faster access to data regardless of the location of the data center. In addition, cloud storage has a low investment cost, as it does not require a local data center and additional service and maintenance costs. This, in turn, increases the growth of the market.
This LATAM cloud storage market report is segmented and sub-segmented into the following categories:
Key Market Players
The “Latin America Cloud Storage Services Market” will provide valuable insight with focus on the global market including some of the major players such as Accenture, Deloitte, HCL Technologies Ltd., IBM, Cisco Systems, Inc, Hewlett Packard Company, Capgemini SA, NTT Data Corporation, Wipro Ltd and Microsoft.
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