The Global Cloud Video Storage Market size is expected to reach $35.6 billion by 2031, rising at a market growth of 17.5% CAGR during the forecast period.
The demand for cloud video storage in the IT & telecom sector is propelled by the sector's increasing reliance on remote work, data security compliance requirements, scalability and flexibility needs, innovation, and the pursuit of competitive advantage. Thus, the IT & telecom segment captured 23.8% revenue share in the market 2023. Cloud video storage provides the scalability and flexibility needed to accommodate the sector's evolving storage needs without significant upfront investment in hardware.
The major strategies followed by the market participants are Partnership as the key developmental strategy to keep pace with the changing demands of end users. For instance, In September, 2023, Google LLC came into partnership with Salesforce Inc., an American cloud-based software company. Through this partnership, Google LLC aims to provide customers with enhanced bidirectional integrations, enabling them to combine context from both Salesforce and Google Workspace seamlessly. Additionally, this integration will encompass various Google Workspace tools such as Google Calendar, Docs, Meet, Gmail, and more. In February 2024, Dell Technologies, Inc. came into partnership with Nokia Corporation, a Finnish multinational telecommunication, information technology, and consumer electronics corporation. Through this partnership, Dell would develop open network architectures within the telecommunications ecosystem and explore private 5G applications for businesses.
Additionally, the marketing industry has experienced a significant shift towards video content, with half the marketing professionals worldwide using videos on Facebook for marketing purposes. Additionally, TikTok and YouTube are well-known platforms for marketing videos. Thus, the rise in video content creation across various platforms has significantly increased the demand for cloud video storage solutions.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
The market for cloud video storage is fiercely competitive, with key players such as Amazon Web Services (AWS), Google LLC, Microsoft Corporation, IBM Corporation, for market share. These providers offer a range of solutions tailored to the needs of consumers and businesses, competing on attributes such as scalability, reliability, cost-effectiveness, security, performance, and integration.
The demand for cloud video storage in the IT & telecom sector is propelled by the sector's increasing reliance on remote work, data security compliance requirements, scalability and flexibility needs, innovation, and the pursuit of competitive advantage. Thus, the IT & telecom segment captured 23.8% revenue share in the market 2023. Cloud video storage provides the scalability and flexibility needed to accommodate the sector's evolving storage needs without significant upfront investment in hardware.
The major strategies followed by the market participants are Partnership as the key developmental strategy to keep pace with the changing demands of end users. For instance, In September, 2023, Google LLC came into partnership with Salesforce Inc., an American cloud-based software company. Through this partnership, Google LLC aims to provide customers with enhanced bidirectional integrations, enabling them to combine context from both Salesforce and Google Workspace seamlessly. Additionally, this integration will encompass various Google Workspace tools such as Google Calendar, Docs, Meet, Gmail, and more. In February 2024, Dell Technologies, Inc. came into partnership with Nokia Corporation, a Finnish multinational telecommunication, information technology, and consumer electronics corporation. Through this partnership, Dell would develop open network architectures within the telecommunications ecosystem and explore private 5G applications for businesses.
Cardinal Matrix - Market Competition Analysis
Based on the Analysis presented in the Cardinal Matrix; Google LLC and Microsoft Corporation are the forerunners in the Cloud Video Storage. In September, 2023, Amazon Web Services, Inc. came into partnership with Anthropic, an American artificial intelligence startup company. Through this partnership, Amazon Web Services, Inc. would combine their industry-leading technology and expertise in secure generative artificial intelligence (AI) to expedite the advancement of Anthropic's forthcoming foundational models, ensuring broad accessibility to AWS customers. Companies such as Amazon Web Services, Inc. VMware, Inc., and Huawei Technologies Co., Ltd. are some of the key innovators in Cloud Video Storage Market.
Market Growth Factors
Businesses and organizations increasingly use video surveillance systems to enhance security and monitor their premises, assets, and operations. With increasing security threats, businesses and organizations seek ways to enhance security measures.Additionally, the marketing industry has experienced a significant shift towards video content, with half the marketing professionals worldwide using videos on Facebook for marketing purposes. Additionally, TikTok and YouTube are well-known platforms for marketing videos. Thus, the rise in video content creation across various platforms has significantly increased the demand for cloud video storage solutions.
Market Restraining Factors
Organizations, especially those dealing with sensitive video content, often hesitate to adopt it due to fears of data breaches and unauthorized access. This reluctance stems from the fact that once data is stored in the cloud, it is no longer physically under the organization's control, raising concerns about the security and privacy of their data.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
By Application Analysis
On the basis of application, the market is classified into BFSI, IT & telecom, government, manufacturing, energy & utilities, healthcare & life sciences, retail & consumer goods, media & entertainment, and others. The BFSI segment recorded 16.4% revenue share in the cloud video storage market in 2023. BFSI institutions increasingly use video content to engage customers, provide personalized services, and deliver financial education.
By Deployment Analysis
Based on deployment, the market is characterized into public, private, and hybrid. The hybrid segment procured 28.2% growth rate in the market in 2023. Organizations can store their video content across public cloud services and private, on-premises infrastructure in a hybrid cloud video storage setup.By Regional Analysis
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment acquired 27.9% revenue share in the market in 2023. Rapid digital transformation is occurring in a number of Asia-Pacific nations, resulting in a surge in the implementation of cloud technologies.Market Competition and Attributes
The market for cloud video storage is fiercely competitive, with key players such as Amazon Web Services (AWS), Google LLC, Microsoft Corporation, IBM Corporation, for market share. These providers offer a range of solutions tailored to the needs of consumers and businesses, competing on attributes such as scalability, reliability, cost-effectiveness, security, performance, and integration.
Recent Strategies Deployed in the Market
- Apr-2024: Alibaba Cloud unveiled its "Alibaba Cloud Spring", updated pricing strategy for international customers. This new approach includes significant price reductions of up to 59% on core public cloud products, specifically for services hosted in Alibaba Cloud's international data centers located outside of mainland China.
- Feb-2024: Dell Technologies, Inc. came into partnership with Nokia Corporation, a Finnish multinational telecommunication, information technology, and consumer electronics corporation. Through this partnership, Dell would develop open network architectures within the telecommunications ecosystem and explore private 5G applications for businesses.
- Nov-2023: VMware, Inc. unveiled a next-generation architecture for VMware Cloud on AWS, leveraging an Amazon EC2 M7i bare-metal instance equipped with customized 4th Gen Intel® Xeon® Scalable processors (known as Sapphire Rapids). Additionally, combining this diskless instance with scalable and flexible storage choices will empower customers to align with application and infrastructure needs more effectively.
- Nov-2023: Huawei introduces two new all-flash storage products to advocate for the widespread adoption of all-flash storage across diverse scenarios. These products are tailored to assist customers in constructing data centres that are both efficient and dependable.
- Nov-2023: Amazon Web Services, Inc. came into partnership with Salesforce Inc, an American cloud-based software company. Through this partnership, Amazon Web Services, Inc. would simplify the development of trusted AI applications, provide intelligent, data-driven CRM experiences, and introduce Salesforce products to the AWS Marketplace.
- Oct-2023: Microsoft Corporation came into partnership with Submittable, software company in Missoula, Montana. Through this partnership, Microsoft Corporation would provide leading grant making and corporate social responsibility solutions across Microsoft's array of cloud services.
List of Key Companies Profiled
- Google LLC (Alphabet Inc.)
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Oracle Corporation
- Microsoft Corporation
- Dell Technologies, Inc.
- VMware, Inc. (Broadcom Inc.)
- IBM Corporation
- Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
- Fujitsu Limited
- Alibaba Cloud (Alibaba Group Holding Limited)
MarketReport Segmentation
By Deployment
- Public
- Private
- Hybrid
By Application
- IT & Telecom
- Media & Entertainment
- Government
- Retail & Consumer Goods
- Energy & Utilities
- Manufacturing
- Healthcare & Lifesciences
- BFSI
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Cloud Video Storage Market by Deployment
Chapter 6. Global Cloud Video Storage Market by Application
Chapter 7. Global Cloud Video Storage Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- Google LLC (Alphabet Inc.)
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Oracle Corporation
- Microsoft Corporation
- Dell Technologies, Inc.
- VMware, Inc. (Broadcom Inc.)
- IBM Corporation
- Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
- Fujitsu Limited
- Alibaba Cloud (Alibaba Group Holding Limited)
Methodology
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