The Latin American cloud storage market is predicted to showcase a CAGR of 7.57% from 2024 to 2029 and be worth USD 14.95 billion by 2029 from USD 4.66 billion in 2024.
The cloud storage market in Latin America 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.
The significant shift to hybrid cloud as the primary deployment model, the increased demand for low-cost data storage, faster data accessibility, and 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 driving the cloud storage market in Latin America.
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.
Impact of COVID-19 on the Latin American cloud storage market:
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. 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.
This research report on the Latin American cloud storage market report has been segmented and sub-segmented into the following categories.
Latin America Cloud Storage Market – By Component:
Latin America Cloud Storage Market – By Application:
Based on application, the archive storage segment is expected to maintain the highest market share in the Latin American market during the forecast period. The growth of the archiving 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 any time, 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.
Latin America Cloud Storage Market - Deployment Type:
Latin America Cloud Storage Market - Organization Size:
Latin America Cloud Storage Market – By Vertical:
Based on vertical, the BFSI segment is estimated to hold the largest share of the Latin American market during the forecast period. 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.
Latin America Cloud Storage Market – By Country:
KEY MARKET PLAYERS:
Some of the major players in the Latin American cloud storage market include Accenture, Deloitte, HCL Technologies Ltd., IBM, Cisco Systems, Inc., Hewlett Packard Company, Capgemini SA, NTT Data Corporation, Wipro Ltd and Microsoft.
RECENT HAPPENINGS IN THE MARKET:
The Latin America cloud storage market size is expected to be valued at USD 4.66 bn in 2024.
Major contributors to the Latin America cloud storage market share include Brazil, Mexico, Argentina, and Colombia, each with distinct market dynamics.
In Brazil, the adoption of cloud storage solutions is increasing, driven by a growing awareness of data security, scalability benefits, and the need for efficient data management among businesses.
The COVID-19 pandemic has accelerated the adoption of cloud storage in Latin America as businesses prioritize remote work solutions, data accessibility, and digital transformation initiatives.
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