Cloud Storage Market

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.

MARKET DRIVERS

The growing demand for cost-effective data storage and data protection across various sizes of organizations including small, medium and large enterprises is driving the cloud storage market growth.

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.

MARKET RESTRAINTS

Data security is a major limitation for the growth of the cloud storage market.

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

REGIONAL ANALYSIS

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 PLAYERS IN THE GLOBAL CLOUD STORAGE MARKET

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.

DETAILED SEGMENTATION OF THE GLOBAL CLOUD STORAGE MARKET INCLUDED IN THIS REPORT

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.

By Type

• Solutions
• Services

By Organization Size

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

By Deployment Model

• Public Cloud
• Private Cloud
• Hybrid Cloud

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

By Region

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