USD 185.49 billion
Cloud Storage Market Size, Share, Growth Analysis, By Offering(Storage Type, Blockage Storage and File Storage, and Services), By Deployment(Public, Private, and Hybrid), By Vertical(BFSI, Media & Entertainment, IT & Telecommunication, Government & Public Sector), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45F2073 |
Region:
Global |
Published Date: November, 2024
Pages:
165
|Tables:
68
|Figures:
75
Cloud Storage Market Insights
Cloud Storage Market size was valued at USD 83.5 Billion in 2022 and is poised to grow from USD 99.5 Billion in 2023 to USD 405.54 Billion by 2031, growing at a CAGR of 19.2 % in the forecast period (2024-2031).
In recent times, the amount of data generated by enterprises has increased immensely, which is one of the major drivers of the global cloud storage market. Organizations in various industries are generating and processing huge amounts of data from IoT devices, social media, transaction records, and digital activities. This has increased the necessity for scalable, effective, and cost-efficient storage solutions. Furthermore, the increasing dependency on data-driven decision making and analytics are also fueling the demand for advanced cloud storage technologies, boosting the market. The increasing requirement for automation in application updates is also driving the market growth. Some of the vital factors that are pushing the market forward are integration of IoT in retail, medical care, and manufacturing and a rising trend of cloud computing. Moreover, digitalization of data in residential and commercia places supported by the usage of laptops, smartphones, and tablets are also contributing to the cloud storage market growth.
US Cloud Storage Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Public
Fastest Growth
Public
Growth Rate
17.8% CAGR
Global Cloud Storage Market ($ Bn)
Country Share for North America Region (%)
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Cloud Storage Market Segmental Analysis
The Global Cloud Storage Market is segmented based on Offering, Application, Organization Size, Deployment And Region. Based on Offerings, the market is segmented into Storage Type, Blockage Storage and File Storage, and Services. Based on Deployment, the market is segmented into Public, Private, and Hybrid. Based on Vertical, the market is segmented into BFSI, Media & Entertainment, IT & Telecommunication, Government & Public Sector, and Manufacturing. Based on Region, the global cloud storage market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Deployment
Based on type, the hybrid storage cloud is dominating the market with maximum share. The hybrid storage system can utilize both the local and off-site resources for managing data. Therefore, hybrid storage enables companies to shift workload between private cloud or on-premises data storage and use the public cloud for hosting applications and data. The increasing requirement for managing massive volume of structured and unstructured data is also contributing to the segment’s growth. Furthermore, hybrid storage structures improve data resiliency and disaster recovery abilities. By imitating vital data between on-premises and cloud storage settings, companies can reduce the risk of data loss owing to hardware failures, natural disasters, or cyberattacks. This also ensures constant data availability and reduces downtime during system disruption or outage.
The private cloud is the fastest growing segment in the cloud storage market. The increasing trend of hybrid cloud tactics is massively contributing to the extension of private cloud deployment. Several companies are implementing hybrid cloud models to utilize the advantages of private clouds. Private cloud offers a secure and controlled setting for confidential workload, while public cloud provides scalability and affordability for less vital applications. The incorporation of private cloud within the hybrid cloud structure enables organizations to accomplish a balanced approach for their IT requirements. It also helps to improve resource utilization and enhance operational agility. This strategic move towards hybrid cloud is boosting the demand for private cloud solutions.
Analysis by Vertical
Based on verticals, the BFSI segment is leading the market with the largest revenue share. This growth is attributed to the requirement of robust security and compliance features in the sector. Financial organizations have strict regulatory requirements and must make sure that they follow confidentiality, integrity, and availability of sensitive customer data. The cloud storage solutions are embedded with advanced security features, such as encryption, access controls, and compliance certifications that fulfil the industry standards. Features like these assist the BFSI companies to reduce risks related to data breaches and make sure that they comply with regulations from GDPR, HIPAA, and PCI-DSS. By using cloud storage finance companies can easily improve their security structure and minimize the work of compliance management.
The media and entertainment segment are witnessing the fastest growth in the cloud storage market. The incorporation of advanced technologies like artificial intelligence and machine learning in media workflow is increasing the requirement for cloud storage solutions. These solutions are embedded with AI-driven analytics and data management abilities that empowers the media organizations to gather useful information from their wide content vessel. The information can help in strategizing content, improve resource allocation and improve user engagement, with the help of personalized content suggestion and targeted marketing.
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Cloud Storage Market Regional Insights
North America is dominating the cloud storage market. This is because the region of well-known as a technological hub, with many prominent companies driving innovations in storage technologies. The market leaders, especially in data-intensive sectors like finance, medical care, and technology are increasing the demand for scalable solutions for managing huge amounts of data. It has been generated by digital transformation initiatives and emergence of cloud computing. Furthermore, North America’s regulatory settings also secure storage practices, further increasing the adoption of advanced data storage solutions. North America’s dominance in the market will continue to grow with strategic collaborations among storage vendors and cloud providers along with investments in infrastructure.
The Asia Pacific region is witnessing the fastest growth in the market due to rapid digital transformation. It is expanding IT infrastructure, increasing modernization efforts, and progressing emerging markets. With governments promoting digital initiatives and increasing data privacy concern, companies in this region are investing in advanced cloud storage solutions. It is helping them comply with the regulations and support advancements. Furthermore, strategic collaborations and investments are also progressing the technological organizations, further increasing market growth, while increasing growth of mobile data boosts demand for storage solutions. The Asia Pacific region is constantly embracing digitalization and advanced technologies, resulting in amplifying the growth of cloud storage market.
Global Cloud Storage Market By Geography
- Largest
- Fastest
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Cloud Storage Market Dynamics
Drivers
Data Security and Compliance
- Cloud providers emphasize on data security and regulatory compliance by providing innovative security features like encryption, access controls, and risk detection mechanisms. Compliance certificates such as GDPR, HIPAA, and ISO standards make sure consumers follow these strict security protocols. Furthermore, cloud providers constantly update their security measures for resolving evolving threats, ensuring that data stored in the cloud are secure and compliant with regulations, boosting market growth.
Growing Data Generation
- The increasing use of IoT devices, social media platforms, and digital content has led to an increase in data generation. This data boom is boosting the need for scalable and efficient storage solutions, which cloud storage efficiently offer. Cloud storage's potential to manage huge volumes of data from different sources, while providing flexibility and scalability. This makes it a perfect solution for businesses looking to manage and analyze huge amounts of data.
Restraints
Minimized Data Transfer Speeds
- Transferring massive volumes of data to and from the cloud can be a time-consuming process, especially for companies with huge datasets. Factors like network bandwidth limitations and latency can substantially impact data transfer speeds. To address this challenge, cloud storage providers offer solutions such as data caching, compression, and acceleration techniques to optimize data transfer speeds.
Reliance on Service Providers
- Companies that heavily depend on cloud storage are susceptible to disruptions created by service outages or issues with their cloud service providers. These disruptions can result in data loss, downtime, and loss of productivity. By diversifying their cloud storage solutions and working closely with dependable service providers, businesses can minimize their dependency on a single provider and reduce the threats of service disruptions.
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Cloud Storage Market Competitive Landscape
The prominent market players are investing in research and development for expanding their product line, which is boosting the growth of the cloud storage market. Companies are implementing various strategies to increase their market presence with new product launches, mergers, acquisitions, and partnerships. It has become important for the cloud storage sector to provide cost-efficient solutions to gain an edge in this competitive market.
Cloud Storage Market Top Player’s Company Profiles
- Amazon Web Services Inc. (US)
- Google (US)
- Microsoft (US)
- Alibaba Cloud (China)
- Oracle (US)
- Rackspace Technology (US)
- Hewlett Packard Enterprise (US)
- Dell Technologies (US)
- Dropbox (US)
- Box (US)
- Tencent Cloud (China)
- Fujitsu (Japan)
- VMware (US)
- NetApp (US)
- Hitachi Vantara (Japan)
- Scality (US)
- Citrix (US)
- UpCloud (Finland)
- DigitalOcean (US)
- Vultr (US)
Cloud Storage Market Recent Developments
- December 2023, Augmedix, a healthcare technology firm, announced that it has implemented Google Cloud's MedLM technology into its technology stack. The implementation of this technology leverages the up-to-date AI developments adapted to healthcare use cases.
- December 2023, Hitachi, Ltd. collaborated with long-time partner Google Cloud and introduced the Hitachi Unified Compute Platform for GKE Enterprise. Through Google Distributed Cloud Virtual (GDCV), the enterprise provides organizations with a unified platform to accomplish hybrid cloud operations.
- November 2023, Boombox announced the addition of new tools and services, positioning itself as an alternative to major cloud storage providers. The goal is to save the users’ steps, time, and money.
- November 2023, AWS and NVIDIA announced a partnership to provide cutting-edge infrastructure, software, and services to accelerate customer innovation in generative artificial intelligence (AI). This expanded collaboration builds a longstanding commitment to advancing the era of generative AI.
Cloud Storage Key Market Trends
- Increasing Adoption of Hybrid Cloud: Hybrid cloud solutions offer a flexible and cost-effective approach to IT infrastructure, allowing organizations to leverage the benefits of both on-premises and cloud environments. By combining the scalability and accessibility of public cloud services with the security and control of private on-premises infrastructure, hybrid cloud solutions cater to the diverse needs of modern businesses. As organizations increasingly adopt hybrid cloud strategies to meet their evolving IT requirements, the demand for hybrid cloud-compatible storage solutions is expected to rise, presenting a significant opportunity for cloud storage providers to expand their market presence.
- Emergence of Edge Computing: Edge computing is revolutionizing the way data is processed and managed by bringing computation and data storage closer to the source of data generation. This distributed computing paradigm reduces latency and bandwidth usage, making it ideal for applications requiring real-time data processing and analysis. Cloud storage providers are well-positioned to capitalize on the growth of edge computing by offering decentralized storage solutions that can seamlessly integrate with edge devices. By providing efficient and reliable storage solutions for edge computing environments, cloud storage providers can meet the increasing demand for decentralized storage and enable organizations to create new opportunities for the market.
Cloud Storage Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global cloud storage market is growing due to the improved flexible features of hybrid cloud, that helps businesses to save expense and reduce workload. Furthermore, the increase in business cloud mobility and customized pay-per-usage cloud models have also boosted the growth of the market. These factors have encouraged the prominent market players to embrace effective methods for developing advanced cloud solutions. It must also fulfill various needs like security, data archiving, backup, storage, and recovery, boosting the growth of the market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 83.5 Billion |
| Market size value in 2031 | USD 405.54 Billion |
| Growth Rate | 19.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cloud Storage Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cloud Storage Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cloud Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cloud Storage Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cloud Storage Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cloud Storage Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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