A cloud-based storage service is a model where digital data gets stored in a logical set of pools. This model helps maintain, back up & manage big data sets and offers easy approachability to users over any accessible network.
The “Latin America Cloud Storage Services Market” is likely to grow at a CAGR of around 27% during the forecast period, i.e., 2021-26, says MarkNtel Advisors. The primary factor contributing to the exponential market growth is burgeoning data volumes in the enterprises and the rising demand for low-cost storage services, data protection, & backups in organizations with large data pools.
Further, organizations with a large customer base need to store a critical business information in cloud storage owing to its confidentiality. Hence, these factors surge the demand for Cloud Storage Services across various verticals such as BFSI, healthcare, and the public sector, thereby fueling the overall market growth.
The research report, “Latin America Cloud Storage Services Market Analysis, 2021,” depicts a deep-dive market analysis of market statistics, including regional & region-wise market size, market forecast, CAGR & share of different market segments coupled with competitive benchmarking, and key market drivers & restraints.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Key Companies Profiled||Amazon Web Storage, Google Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, VMware, Inc., Hewlett Packard Enterprises, Rackspace, SAS Corporation, Dropbox, Cisco|
|Unit Denominations||USD Million/Billion|
COVID-19 Outbreak Positively Impacted Latin America Cloud Storage Services Market
The outbreak of the COVID-19 pandemic has positively impacted the growth of the Latin America Cloud Storage Services Market. The rising Work-from-Home (WFH) culture has forced organizations to adopt cloud storage solutions to provide their various employees & clients with daily access to data. Moreover, with more organizations shifting their workloads to the cloud due to its scalability & anytime availability, the need for services like training, consulting, integration, and maintenance is rapidly increasing. Hence, with these aspects, the Latin America Cloud Storage Services Market is likely to witness tremendous growth even after the pandemic phase is over, thereby ensuring business continuity, data storage & access, and uninterrupted running of workloads.
File Storage Dominated the Latin America Cloud Storage Services Market with Largest Share
Based on the Storage Model, the market bifurcates into File Storage, Object Storage, and Block Storage. Of these segments, File Storage acquired the largest share of the Latin America Cloud Storage Services Market in the past few years. The File Storage model, either used as primary storage or efficient archiving solution, is mainly for application development, media storage, & user home directories.
The segment growth owes primarily to the rising focus of organizations to achieve better collaboration & enhanced productivity entwined with the mounting requirement for storing & managing their day-to-day data, enabling any time & anywhere access.
Hence, the aspects cited above led the segment to attain the largest market share, states MarkNtel Advisors in their research report, “Latin America Cloud Storage Services Market Analysis, 2021.”
BFSI Sector Captured the Significant Share of Latin America Cloud Storage Services Market
Based on End-User, the Latin America Cloud Storage Services Market bifurcates into BFSI, Retail, Healthcare, Manufacturing, IT & Telecommunication Sector, Government & Public Sector, and Media & Entertainment. Among these segments, the BFSI sector dominated the market in the previous few years.
The BFSI sector deals with a large volume of consumer data. Therefore, the demand for Cloud Storage Services is significantly high in this industry to offer efficient services to their customers. In addition to this, rapid digitalization further aids the need for Cloud Storage Solutions to provide payment gateway, web fund transfer, digital transfer, and other related services across the sector, thereby propelling the segment growth.
Brazil Attained the Largest Share of the Latin America Cloud Storage Services Market
Geographically, Brazil held the largest share of the Latin America Cloud Storage Services Market in the past few years due to the burgeoning adoption of e-commerce, digital signatures, and other related digital services that generate massive data every day across the country. Despite the political uncertainties & economic setbacks in Brazil, the e-commerce sector is growing away ahead of the country's general economy, thus leading Brazil to dominate the market.
Mounting Data Volumes Across Organizations to Boost the Market Growth
A significant increase in the volume & variety of data leads to the surging demand for cloud storage services to avoid storage issues and other problems related to data management. Hence, organizations are shifting their preferences toward the cloud environment for their data storage management because it enables storage of large data sets irrespective of their type, thereby driving the Latin America Cloud Storage Services Market.
Rapidly Surging Data Privacy & Security Concerns Might Hinder the Latin America Cloud Storage Services Market Growth
Most organizations make use of public cloud storage services for their data storage requirements. Hence, the threat of privacy & security of data increases due to attacks like DDoS. However, organizations can avoid data security breaches by doing adequate R&D on Service-Level Agreements (SLAs) of different cloud storage providers to know about the general security offered by them.
With this, organizations can evaluate the security systems available in cloud storage solutions and check if they adhere to ISO (International Organization for Standardization), IEC (International Electrotechnical Commission, and other regulations, whichever applicable, to ensure that there's no data security breach.
According to MarkNtel Advisors, the leading industry players in the Latin America Cloud Storage Services market are Amazon Web Storage, Google Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, VMware, Inc., Hewlett Packard Enterprises, Rackspace, SAS Corporation, Dropbox, and Cisco.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Latin America Cloud Storage Services Market is forecast to grow at a CAGR of 27% during 2021-26
A. Amazon Web Storage, Google Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, VMware, Inc., Hewlett Packard Enterprises, Rackspace, SAS Corporation, Dropbox, and Cisco are a few leading players of Latin America Cloud Storage Services Market
A. The File Storage Model is likely to attain the highest CAGR and maintain its significant market share during the forecast period.
A. Brazil continues to grow at the highest CAGR during 2021-26, thereby presenting immense opportunities to market players of the Latin America Cloud Storage Services Market.
A. The burgeoning data volumes in the enterprises, rising demand for low-cost storage services, data protection, and backups for organizations with large data pools are the major factors fueling the market growth.
A. The outbreak of the COVID-19 pandemic has positively affected the Latin America Cloud Storage Services Market owing to the rising trend of work from home culture
1.1. Product Definition
1.2. Research Process
1.4. Market Segmentation
3. Executive Summary
4. Impact of COVID-19 on Latin America Cloud Based Storage Market
5. Impact of IoT on Latin America Cloud Based Storage Market
6. Latin America Cloud Based Storage Market Trends & Insights
7. Latin America Cloud Based Storage Market Dynamics
7.3. Impact Analysis
8. Latin America Cloud Based Storage Market Hotspots & Opportunities
9. Latin America Cloud Based Storage Market Regulations & Policy
10. Latin America Cloud Based Storage Market Outlook, 2016- 2026F
10.1. Market Size & Analysis
10.1.1. By Revenue
10.2. Market Share & Analysis
10.2.1. Storage Model
10.2.1.1. File Storage
10.2.1.2. Object Storage
10.2.1.3. Block Storage
10.2.2. By Deployment
10.2.2.1. Public Cloud
10.2.2.2. Private Cloud
10.2.2.3. Hybrid Cloud
10.2.3. By Enterprise Size
10.2.3.1. Small & Medium Enterprises
10.2.3.2. Large Enterprises
10.2.4. By End Users
10.2.4.5. IT & Telecommunication Sector
10.2.4.6. Government & Public Sector
10.2.4.7. Media & Entertainment
10.2.5. By Country
10.2.5.4. Rest of Latin America
10.2.6. By Competitors
10.2.6.1. Competition Characteristics
10.2.6.2. Market Share & Analysis
10.2.6.3. Competitive Metrix
11. Mexico Cloud Based Storage Market Outlook, 2016-2026F
11.1. Market Size & Analysis
11.1.1. By Revenue
11.2. Market Share & Analysis
11.2.1. By Storage Model
11.2.2. By Deployment
11.2.3. By Enterprise Size
12. Brazil Cloud Based Storage Market Outlook, 2016-2026F
12.1. Market Size & Analysis
12.1.1. By Revenue
12.2. Market Share & Analysis
12.2.1. By Storage Model
12.2.2. By Deployment
12.2.3. By Enterprise Size
13. Argentina Cloud Based Storage Market Outlook, 2016-2026F
13.1. Market Size & Analysis
13.1.1. By Revenue
13.2. Market Share & Analysis
13.2.1. By Storage Model
13.2.2. By Deployment
13.2.3. By Enterprise Size
14. Rest of Latin America Cloud Based Storage Market Outlook, 2016-2026F
14.1. Market Size & Analysis
14.1.1. By Revenue
14.2. Market Share & Analysis
14.2.1. By Storage Model
14.2.2. By Deployment
14.2.3. By Enterprise Size
15. Key Strategic Imperatives for Success and Growth
16. Competition Outlook
16.1. Competition Matrix
16.1.1. Product Portfolio
16.1.2. Target Markets
16.1.3. Target End Users
16.1.4. Research & Development
16.1.5. Strategic Alliances
16.1.6. Strategic Initiatives
16.2. Company Profiles
16.2.1. Amazon Web Storage
16.2.2. Google Inc.
16.2.3. IBM Corporation
16.2.4. Microsoft Corporation
16.2.5. Oracle Corporation
16.2.6. VMware, Inc.
16.2.7. Hewlett Packard Enterprises
16.2.9. SAS Corporation