Surge in demand for improved data usability and quality, faster deployment, and implementation of cloud-based solutions among enterprise are the major factors that drive growth of the market.
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In addition, low implementation costs of these services fuels the market growth. However, lack of skilled professionals and experts hampers the market growth.
Furthermore, adoption of cloud services and other technological advancements such as bigdata and artificial intelligence by enterprises is expected to provide lucrative opportunities for the global cloud-based repository services market.
Technological advancements such as bigdata and machine learning generates enormous amount of data, which enhances organizations to adopt cloud-based services to store the data. Cloud-based repository helps to manage such data more efficiently. This factor, in turn, boosts the market growth.
North America is expected to have the largest cloud-based repository services market share during the forecast period, owing to growth in adoption of cloud based repository services in the U.S. and Canada.
All major vendors of cloud-based repository services are present in the region, which further fuels the market growth. In addition, small & medium sized organizations have adopted cloud-based solutions to streamline their business processes, which propels growth of the market in the region.
COVID-19 Scenario Analysis:
- Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost all countries around the globe, with the WHO declaring it a public health emergency. The global impacts of the disease are already starting to be felt, and expected to significantly affect the global cloud-based repository services market in 2020.
- The worldwide lockdown has led all businesses to shift to online mode, as a result there is huge amount of data that is being uploaded on cloud. Thus, to secure and manage data efficiently on cloud creates demand for cloud-based repository services.
- Overall, the pandemic is expected to have a positive impact on the global cloud-based repository services market.
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