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Global Cloud Storage Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report - Segmentation By Type (Solutions and Services), Deployment Model (Public Cloud, Private Cloud and Hybrid Cloud), Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), Vertical and Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Industry Analysis (2024 to 2029)

Published: March, 2023
ID: 8651
Pages: 170
Formats: report pdf report excel report power bi report ppt

Global Cloud Storage Market Size (2024 to 2029)

The global cloud storage market is expected to grow from USD 60.41 billion in 2024 to USD 185.69 billion by 2029, growing at a CAGR of 25.18% from 2024 to 2029.

Cloud storage allows companies to store data on remote servers that can be accessed over the Internet. These remote servers are maintained, operated, and managed by cloud storage service providers. The data stored in the cloud can be accessed through the Internet through devices. Cloud storage allows companies to store data on remote servers that can be located over the Internet. These remote servers are maintained, operated, and managed by cloud storage service providers. Cloud storage is a virtual data storage mode. The data stored in the cloud can be accessed through the Internet through devices.

Global Cloud Storage Market Drivers:

The growing demand for cost-effective data storage, and data protection is driving the growth of the cloud storage market in multiple user groups, including small, medium, and large enterprises. The use of cloud storage is likely to increase due to faster deployment, scalability, and flexibility. But when it comes to introducing cloud storage, companies face a series of barriers, since not all business services are compatible with the cloud and due to strict government regulations and fear of supplier coverage. As per estimations, 72% of global organizations migrated from local data centers to the cloud, which considerably increased the demand for cloud storage services in the recent past and this trend is likely to be accelerated during the forecast period and propel the global market growth.

Increasing demand for cost-effective data protection, storage, and security and the increasing need to work with the data generated by the increased use of mobile technologies favor the acceptance of cloud storage and fuel the market’s growth rate. Besides, hybrid cloud storage is expected to contribute significantly to the cloud storage market over the next five years due to its greater flexibility in public and private cloud storage. Asia Pacific is expected to be the fastest-growing regional segment with the most substantial CAGR soon.

The high demand for hybrid cloud storage and the growing need for business mobility are further supporting the cloud storage market growth. The need for a simple implementation of cloud storage systems is another factor that drives the growth of the cloud storage market. The segment of the solution is further divided into primary storage, cloud storage gateway, data file, disaster recovery, and backup storage. These cloud storage gateways have gained maximum popularity due to their ease of integration with the existing infrastructure of the company.

Global Cloud Storage Market Restraints:

Data security is a major limitation in cloud storage. With the rapid growth of protection technologies against malicious attacks, data security is compromised and can cause major losses for the company when critical data is pirated. Other limiting factors in the cloud storage market would be regulatory compliance and the lack of a large bandwidth for data transmission. These problems can hamper the growth of the cloud storage market.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

CAGR

25.18%

Segments Covered

By Type, Organization Size, Deployment, Model, Vertical, and Region

Various Analyses Covered

Global, Regional and country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

AWS (USA), IBM (USA), Microsoft (USA), Google (USA), Oracle (USA), HPE (US), Dell EMC (US), VMware (US), Rackspace (USA) and Dropbox (US).

 

This research report on the global cloud storage market has been segmented and sub-segmented based on type, organization size, deployment model, vertical and region.

Global Cloud Storage Market - By Type:

  • Solutions
  • Services

Global Cloud Storage Market - By Organization Size:

  • Large enterprises
  • Small and Medium-sized Enterprises (SMEs)

Global Cloud Storage Market - By Deployment Model:

  • Public Cloud
  • Private Cloud
  • Hybrid Cloud

Global Cloud Storage Market - By Vertical:

  • Banking, Financial Services and Insurance (BFSI)
  • Healthcare and Life Sciences
  • Telecommunications and Information Technology-Enabled Services (ITES)
  • Government and Public Sector
  • Manufacturing
  • Consumer Goods and Retail
  • Media And Entertainment

Global Cloud Storage Market - By Region:

  • North America
  • APAC
  • Europe
  • Latin America
  • Middle East and Africa

The Asia-Pacific region is expected to grow faster due to developments in India and China. The public cloud services market in India has experienced phenomenal growth in the last two years.

KEY MARKET PLAYERS:

Companies playing a significant role in the global cloud storage market include AWS (USA), IBM (USA), Microsoft (USA), Google (USA), Oracle (USA), HPE (US), Dell EMC (US), VMware (US), Rackspace (USA) and Dropbox (US).

RECENT HAPPENINGS IN THE MARKET:

  • In December 2017, Microsoft announced the general availability of Archive Blob Storage at $ 0.002 per gigabyte per month. Last year, the company introduced Cool Blob Storage to help customers reduce storage costs by bringing their data, which was rarely accessed, to the Cool level.
  • In November 2017, Amazon cloud storage announced the launch of a new service called Amazon Web Services Secret Region, a cloud storage service designed to process classified information for US spy agencies.

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FAQ's

What is the current size of the global cloud storage market?

The global cloud storage market is anticipated to be worth USD 60.41 bn in 2023.

Which regions contribute the most to the global cloud storage market share?

Major contributors to the global cloud storage market share include North America, Europe, Asia-Pacific, and emerging markets in Latin America and the Middle East.

What are the key factors driving the growth of the global cloud storage market?

Growth in the global cloud storage market is driven by factors such as increasing data generation, the adoption of hybrid and multi-cloud strategies, and the need for scalable and cost-effective storage solutions.

How has the COVID-19 pandemic influenced the global cloud storage market?

The COVID-19 pandemic has accelerated the adoption of cloud storage solutions, as organizations prioritize remote collaboration, data accessibility, and business continuity in the face of disruptions.

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