USD 185.49 billion
Report ID:
SQMIG45F2073 |
Region:
Global |
Published Date: October, 2024
Pages:
165
|Tables:
68
|Figures:
75
Global 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.
Global Market Size
USD 185.49 billion
Largest Segment
Public
Fastest Growth
Public
Growth Rate
17.8% CAGR
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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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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.
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Drivers
Data Security and Compliance
Growing Data Generation
Restraints
Minimized Data Transfer Speeds
Reliance on Service Providers
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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
Cloud Storage Market Recent Developments
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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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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Report ID: SQMIG45F2073
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