Cloud Storage Market Research, 2033
The global cloud storage market was valued at $98.8 billion in 2023, and is projected to reach $777.6 billion by 2033, growing at a CAGR of 22.5% from 2024 to 2033. The global cloud storage market is experiencing growth due to rise in demand for remote accessibility of data among organizations and constantly increasing volume of data.
Market Introduction and Definition
Cloud storage is a service through which users can store data by removing locally on the Internet with the help of a third-party provider. It is a cloud computing model that enables users to store and manage data and files on remote servers, accessible over the internet. It allows users to transfer data to offsite storage systems and access it whenever needed, eliminating the need to purchase and manage their own data storage infrastructure. It also improves interaction since several people can apply changes and work simultaneously on one document. Ongoing features such as encryption and user identity validation safeguard the information and maintain the proper security standards. Some of the most used cloud storage services are Google Drive, Dropbox, and Amazon Simple Storage Service. It is a core technology for contemporary data storage and backup systems ranging from individual computer storage to complex data storage for entire enterprises.
Key Takeaways
- The cloud storage industry study covers 20 countries. The research includes a segment analysis of each country in terms of value for the projected period.
- Several product literatures, industry releases, annual reports, and other such documents of major energy storage system industry participants along with authentic industry journals, associations' releases, and government websites have been reviewed for generating high-value industry insights.
- The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions to achieve their most ambitious growth objectives.
Key Market Dynamics
The changing demands of both consumers and enterprises for effective, adaptable, and safe data management solutions, are driving the growth of the cloud storage market size. The global data generation's exponential rise is one of the main drivers. It is estimated that the world's data volume is expected to grow over 170 zettabytes by 2025, which will necessitate scalable storage solutions that conventional on-premises systems cannot provide. This need is satisfied by cloud storage, which provides essentially infinite storage that is readily scaled up or down in accordance with user needs.
In addition, the growing popularity of digital collaboration tools and remote work is another important factor for the cloud storage market growth. The COVID-19 pandemic accelerated the trend of increased cloud service usage, with significant increase in use observed by Google and Microsoft. For instance, in 2020, in the early months of the pandemic, Microsoft Teams reported a 775% rise in monthly users in Italy. This change emphasizes the necessity of dependable and easily accessible cloud storage to facilitate remote workflows and guarantee smooth collaboration.
Parent Market Analysis
An essential component of managing and retrieving data across different storage systems is the data storage market. It facilitates effective data organizing, searching, and indexing by acting as a reference point or indicator inside a dataset. Markers can be used in database management systems to identify certain records or fields, making data editing and access faster. Data storage is crucial for preserving consistency and integrity of data, particularly in large-scale databases where the sheer amount of data can be debilitating.
Market Segmentation
The cloud storage market size is segmented into component, deployment, user type, industry vertical, and region. By component, the market is bifurcated into solution and services. The solutions segment accounted for the largest share in 2023. By deployment mode, the market is classified into public, private, and hybrid. The hybrid segment accounted for the largest market share in 2023. By user type, the market is categorized into large enterprises and small & medium enterprises. The large enterprises segment showcased the largest share in 2023 in the global cloud storage market. By industry vertical, the market is segmented into BFSI, government & public sector, healthcare, IT & telecom, retail, manufacturing, media & entertainment, and others. The IT & telecom segment accounted for the highest share in 2023.
Regional/Country Market Outlook
North America dominates the cloud storage industry due to a number of significant factors. The use of cloud services is supported by the region's high internet penetration rate and sophisticated technological infrastructure. Over 90% of North Americans, according to the World Bank, have internet connection, making cloud storage options widely available. The businesses draw in a wide range of clients by consistently innovating and growing their product offerings. These factors are thereby making North America the largest contributor in the global cloud storage market share.
Industry Trends:
- In January 2024, Google LLC in its Google Cloud Next 2024 event announced the launch of several new characteristics to seamlessly integrate AI across its cloud storage solutions.
- In January 2024, the Health Insurance Portability and Accountability Act (HIPAA) announced the mandates and regulations for safeguarding electronic protected health information (EPHI) . These mandates were announced owing to the constantly rising cybersecurity threats across various industries in the U.S.
Competitive Landscape
The major players operating in the cloud storage market forecast include Amazon Web Services Inc, Dell Technologies Inc, Google Inc, Hewlett Packard Enterprise Development LP, and IBM Corporation. Other players in the cloud storage market include Microsoft Corporation, Oracle Corporation, Rackspace Hosting, Inc., Alibaba Cloud, VMware, Inc., and others.
Recent Key Strategies and Developments
- In August 2023, Google LLC announced the launch of three new cloud storage solutions namely Parallelstore for GPU/TPUs applications, Cloud Storage FUSE for AI applications, and Google Cloud NetApp for enterprise applications.
- In December 2020, Alibaba Cloud announced the upgradation of its cloud storage solution for enterprise applications. This revamped hybrid cloud storage solution was designed to enhance compatibility, security, and reliability of the solution.
Key Sources Referred
- International Organization for Standardization (ISO)
- National Institute of Standards and Technology (NIST)
- Cloud Security Alliance (CSA)
- Storage Networking Industry Association (SNIA)
- Open Cloud Consortium (OCC)
- International Association of Privacy Professionals (IAPP)
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cloud storage market analysis from 2024 to 2033 to identify the prevailing cloud storage market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the cloud storage market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global cloud storage market trends, key players, market segments, application areas, and market growth strategies.
Cloud Storage Market Report Highlights
| Aspects | Details |
 Market Size By 2033 | USD 777.6 Billion |
 Growth Rate | CAGR of 22.5% |
 Forecast period | 2024 - 2033 |
 Report Pages | 200 |
 By Component |
|
 By Deployment |
|
 By User Type |
|
 By Industry Vertical |
|
 By Region |
|
 Key Market Players | Amazon Web Services Inc, Microsoft Corporation, Alibaba Cloud, Oracle Corporation, Google Inc, Hewlett Packard Enterprise Development LP, VMware, Inc., Rackspace Hosting, Inc., IBM Corporation, Dell Technologies Inc |
Analyst Review
The global cloud storage market size was valued at $21,175 million in 2015, and is estimated to reach $97,415 million by 2022 at a CAGR of 24.8% during the forecast period. Growth in demand for low cost data storage, increase in cloud adoption across several industry verticals, significant shift to hybrid cloud as primary deployment model, and rise in concerns of data recovery and protection are anticipated to drive the global cloud storage market. However, lack of IT infrastructure in under-developed regions including Africa, Middle East, and Latin America and data security concerns over public cloud are expected to hinder the cloud storage market growth.
In the recent years, adoption of cloud storage has increased in several industry verticals including banking, government, healthcare, retail, manufacturing, media & entertainment, logistics, and many others. Strong demand for low cost data handling owing to big data storage and easy accessibility has enhanced the cloud storage market. Moreover, hybrid deployment model has enticed enterprises to adopt cloud storage for efficient operational and business processes.
Cloud storage market in several European and Asian countries including Finland, Sweden, South Korea, Japan, and many others possess high market potential, and is projected to increase at a significant rate owing to strong government support and increase in cloud adoption among the SMEs in the region.
The key players profiled in this report are Amazon Web Services, Inc., Microsoft Corporation, IBM Corporation, Hewlett Packard Enterprise Development LP, Google, Inc., VMware, Inc., Rackspace Hosting, Inc., Oracle Corporation, EMC Corporation, and Red Hat, Inc. These companies have adopted strategies such as business expansion, product innovation, strategic partnerships, and merger & acquisition to increase their market shares and expand their geographical presence.
BFSI and healthcare sector witness technology implementation in the cloud storage market, due to expansion of customer base and internet users. Rise in adoption of telemedicine and radiology descriptions has elevated the cloud storage market in healthcare industry. In addition, the adoption of cloud storage solution provides government and education institutions with secure and reliable data protection, ensuring effective backup and recovery operations. The growth in adoption of cost effective data storage and accessibility over cloud drive the market to newer heights and is anticipated to maintain a healthy growth rate over the coming years.
The global cloud storage market is valued at $98.8 billion in 2023.
The hybrid cloud storage segment is contributing to the largest market share in 2023.
North America is the largest regional market for cloud storage.
The global cloud storage market is expected to reach $777.6 by 2032.
the top companies in the global cloud storage market include Amazon Web Services Inc, Dell Technologies Inc, Google Inc, Hewlett Packard Enterprise Development LP, and IBM Corporation, Microsoft Corporation, Oracle Corporation, Rackspace Hosting, Inc., Alibaba Cloud, and VMware, Inc.
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