Cloud Storage Market For Media And Communication Industry Size, Share, Opportunities, And Trends By Solution (Primary Storage, Backup Storage), By Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), By Services (Integration, Consulting, Others), By Enterprise Size (Large, SMB (Small And Medium-sized Business)), And By Geography - Forecasts From 2023 To 2028

The cloud storage market for media and communication industry was valued at US$0.687 billion in 2017 and is projected to expand at a CAGR of 24.11% over the forecast period to reach US$2.511 billion by 2023. Rapidly changing consumer preferences regarding content consumption coupled with increased consumer exposure to global digital content is changing the way of delivering media content to consumers. The increasing need for a video on demand is compelling companies such as Netflix and Amazon to provide cloud-based digital content to capture the fragmented customer base across the globe by reducing the time to market new content plans. The rising cost of the content license is also pressurizing broadcasters to reduce upfront technology investments, which is significantly increasing the usage of pay-as-you-go subscription models. Thus, the cloud storage market for this industry is expected to show impressive growth over the forecast period owing to the rising adoption of cloud services among SMBs so as to meet the increasingly unpredictable demands of consumers.

 

 

By solution, the cloud storage market for the media and entertainment industry is segmented as primary and backup storage. The market for backup storage is expected to witness impressive growth as enterprises continue to drift towards the cloud for backing up their critical data and IT environment to ensure business continuity.

 

 

By deployment model, the cloud storage market for media and entertainment industry is segmented as public, private, and hybrid cloud. The public cloud model holds a significant share of the market. The media companies use the public cloud model for non-critical applications such as global content distribution and collection of content from providers

 

 

By services, the cloud storage market in media and entertainment industry is segmented as integration, consulting, and others. All these services are provided to the customers by the cloud storage solution provider so as to help businesses to boost their productivity in an efficient manner.

 

 

By enterprise size, the cloud storage market for media and entertainment industry is segmented as large and small, and medium-sized businesses (SMB). Large enterprises such as Netflix hold a significant share in the market on account of burgeoning preference for on-demand videos which in turn is compelling these enterprises to adopt advanced cloud storage solutions so as to provide consumers with a seamless video experience. 

 

 

Geographically, the cloud storage market for media and entertainment industry is segmented as North America, Europe, Middle East & Africa, Asia-Pacific, and South America. Currently, North America holds a significant share of the market due to the presence of a significant number of players in the region that are adopting cloud solutions.

 

 

The cloud storage market for media and entertainment industry is competitive owing to the rising adoption of cloud storage solutions in the media and entertainment sector. The key players include Amazon Web Services, Inc., Microsoft, IBM, Google, RACKSPACE US, Inc, Box, Inc.,  and Dell Inc. among others.

 

 

The cloud storage market for media and entertainment industry has been analyzed through the following segments: