What is the global market size of Cloud Storage Market?

Global Cloud Storage Market size was valued at USD 185.49 billion in 2021 and is poised to grow from USD 217.02 billion in 2022 to USD 777.98 billion by 2030, growing at a CAGR of 17.8% in the forecast period (2023-2030).

Who are the key vendors in the Global Cloud Storage Market?

The cloud storage market is relatively fragmented, with a high level of competition. Few large players, like Dell EMC, Google LLC, and IBM Corporation, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'Amazon Web Services Inc.', ' Microsoft Azure ', ' Google Cloud Storage ', ' IBM Cloud Storage ', ' Dropbox ', ' Box ', ' Apple iCloud ', ' pCloud ', ' Sync.com ', ' Backblaze ', ' Carbonite ', ' Rackspace Cloud Storage ', ' OVHcloud ', ' Alibaba Cloud ', ' DigitalOcean ', ' Linode ', ' Wasabi Technologies ', ' Egnyte ', ' Acronis ', ' SpiderOak '.

What is the key driver of Global Cloud Storage Market?

Remote sensing, the Internet of Things (IoT), and higher-quality video capture with cameras have led to the collection of huge amounts of data. This has led to the need for more storage space and is driving the demand for cloud storage. Additionally, it is anticipated that the growing use of AI will increase the need for storage to improve data security.

What is the key market trend for Global Cloud Storage Market?

Cloud analytics creates ample opportunities for cloud providers because more and more industries need analytical insights to make decisions. Due to the high computing power, the need for more data storage to store a large amount of data is growing at an exponential rate. Businesses use different platforms to deliver advanced storage technologies that are easier to use and give them more options. In the same way, social media analytics pushed users to use automated cloud-based data storage services to improve the customer experience in real time. For example, in October 2020, Backblaze, a Cloud service provider, joined forces with Facebook LLC. Their main goal is to keep security and privacy by moving unstructured data from social media sites to encrypted storage in the cloud. During the next few years, the cloud storage market is likely to be driven by these growing technological trends.

Which region accounted for the largest share in Global Cloud Storage Market?

In 2021, North America accounted for the largest market share of the global cloud storage market and was predicted to hold this dominance during the analysis period. The US has the dominating share of the industry because it is home to numerous data centers and cloud service providers. Also, a large sum of data is created regularly because smart home gadgets, connected devices, video streaming services, and digital payments are becoming more popular. These are some of the major factors driving demand for cloud storage facilities and propelling the market growth during the analysis period.

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: October, 2024
Pages: 165 | Tables: 68 | Figures: 75

Cloud Storage Market News

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.

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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).

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. '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 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.

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.

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.

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What is the global market size of Cloud Storage Market?

Who are the key vendors in the Cloud Storage Market?

What is the key driver of Cloud Storage Market?

What is the key market trend for Cloud Storage Market?

Which region accounted for the largest share in Cloud Storage Market?

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