Latin America Cloud Storage Services

Latin America Cloud Storage Services Market Research Report: Forecast (2021-2026)

By Storage Model (File Storage, Object Storage, Block Storage), By Deployment (Public Cloud, Private Cloud, Hybrid Cloud), By Enterprise Size (Small & Medium Enterprises, Large Enterprises), By End Us Read more

  • ICT & Electronics
  • Jul 2021
  • 178
  • IT55036

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.

Report Coverage Details
Study Period Historical Data: 2016-19
Base Year: 2020
Forecast Period: 2021-26
CAGR 27%
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.

Latin America Cloud Storage Services Market Research Report: Forecast (2021-2026)

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.

Regional Landscape

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.

Market Driver

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.

Market Challenge

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.

Competitive Landscape

According to MarkNtel Advisorsthe 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:

  1. What are the overall market statistics or estimates (Market Overview, Market Size- by Value, Forecast Numbers, Market Segmentation, and Market Shares) of the Latin America Cloud Storage Services Market?
  2. What are the region-wise industry size, growth drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in the Latin America Cloud Storage Services Market? 
  4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Latin America Cloud Storage Services Market based on a competitive benchmarking matrix?
  5. What are the key results derived from the market surveys conducted during the Latin America Cloud Storage Services Market study?

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.     Introduction

1.1.   Product Definition

1.2.   Research Process

1.3.   Assumptions

1.4.   Market Segmentation

2.     Preface

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

7.1.   Drivers

7.2.   Challenges

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 

10.2.4.1.   BFSI

10.2.4.2.   Retail

10.2.4.3.   Healthcare

10.2.4.4.   Manufacturing 

10.2.4.5.   IT & Telecommunication Sector

10.2.4.6.   Government & Public Sector

10.2.4.7.   Media & Entertainment 

10.2.4.8.   Others

10.2.5.   By Country

10.2.5.1.   Mexico

10.2.5.2.   Brazil

10.2.5.3.   Argentina

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

16.2.8.   Rackspace

16.2.9.   SAS Corporation

16.2.10. Dropbox

16.2.11. Cisco

17.  Disclaimer

Latin America Cloud Storage Services Market Segmentation