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

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.