The potential growth difference for the cloud storage services market size between 2021 and 2026 is USD 79.89 bn, according to Technavio.
Key market dynamics
- Market Driver: The rising enterprise mobility and the need to improve efficiency are driving market growth. Enterprises need to improve customer relationships and satisfaction, increase employee productivity, and streamline business processes and operations. Cloud-based enterprise mobility solutions enable enterprises, on-site business managers, customers, field workforces, and technicians to access business data and reports in real-time. Hence, enterprises are adopting cloud storage services to manage mobile devices effectively, make efficient use of data, and increase connectivity between devices.
- Market Challenge: Vendor lock-in issues are challenging the cloud storage services market growth. It is difficult for customers to switch to other vendors, as the applications are built using specific platforms and tools. Moreover, transferring data from one vendor to another is challenging. In addition, transferring an application from the current cloud service provider to another and its reconfiguration can be highly expensive. Such risks are expected to challenge the market growth in the forecasted period.