Cloud Storage Market For Energy And Power 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
- Published : Mar 2023
- Report Code : KSI061611553
- Pages : 114
The Cloud storage market for energy and power industry was valued at US$1.786 billion in 2017 and is projected to expand at a CAGR of 25.68% over the forecast period to reach US$7.037 billion by 2023. The utility sector is also tapping the opportunities provided by cloud computing solutions including data storage for smart grids and other storage-intensive applications. Cloud applications for the energy and power sector include scalable computer capacity for outage management, power trading, and risk analytics among other applications. Thus, increasing global investments in smart grids to reduce power consumption is expected to boost the adoption of cloud computing solutions, which in turn, will bolster the growth of the cloud storage market throughout the forecast period.
By solution, the cloud storage market for energy and power 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
By deployment model, the cloud storage market for energy and power industry is segmented as public, private, and hybrid cloud. Public Cloud holds a significant share in the market on account of the shift towards smart energy infrastructure and advanced metering infrastructure.
By services, the cloud storage market for energy and power 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
By enterprise size, the cloud storage market for energy and power industry is segmented into large and small, and medium-sized businesses (SMB). The enterprises in this sector are slowly adopting cloud solutions as the demand for smart grids is increasing over the years. For an instance, Tullow Oils is utilizing Hightail to send oil well data, maps, and GPS information securely through its cloud platform.
Geographically, the cloud storage market for energy and power industry is segmented as North America, Europe, Middle East & Africa, Asia-Pacific, and South America. Europe holds a significant share of the market owing to the increasing adoption of cloud solutions by manufacturers in the countries such as the U.K. so as to handle the approaching influx of data and utilize that data effectively.
The cloud storage market for energy and power industry is competitive owing to the increasing adoption of cloud storage solutions in the education sector. The key players include Amazon Web Services, Inc., Microsoft, IBM, Google, and OpenText Corp. among others.
The cloud storage market for energy and power industry has been analyzed through the following segments:
- By Solution
- Primary Storage
- Backup Storage
- By Deployment Model
- Public Cloud
- Private Cloud
- Hybrid Cloud
- By Services
- By Enterprise Size
- SMB (Small and Medium-sized business)
- By Geography
- North America
- United States
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
Amazon Web Services, Inc.
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