Overview and Scope
Cloud storage is a cloud computing service model in which data is transferred and stored on remote storage systems, where it is maintained, managed, backed up, and rendered to customers on a per-consumption, monthly basis across a network, the internet. The cloud storage is used for storing data over remote servers. Cloud storage is built on a virtualized storage system that features accessible interfaces, near-instant elasticity and scalability, multi-tenancy, and metered resources.
Sizing and Forecast
The cloud storage market size has grown rapidly in recent years. It will grow from $94.27 billion in 2023 to $110.08 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth in the historic period can be attributed to data explosion, cost efficiency, remote access and collaboration, disaster recovery and business continuity, globalization and scalability.
The cloud storage market size is expected to see rapid growth in the next few years. It will grow to $221.17 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The growth in the forecast period can be attributed to edge computing integration, data lifecycle management, enhanced security measures. Major trends in the forecast period include technology advancements, artificial intelligence (AI) and machine learning (ML), sustainability initiatives, object storage dominance, storage class tiers for cost optimization.
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Segmentation & Regional Insights
The cloud storage market covered in this report is segmented –
1) By Type: Object Storage, File Storage, Block Storage
2) By Component: Storage Model, Services
3) By Mode: Private Cloud, Public Cloud, Hybrid Cloud
4) By Organization Size: Large Enterprises, Small and Medium-sized Enterprises (SMEs)
5) By Vertical: BFSI, IT and Telecommunication, Government and Public Sector, Manufacturing, Healthcare and Life Science, Retail and Consumer Goods, Media and Entertainment, Other Verticals (Energy & Utilities, Chemical, Travel & Hospitality)
North America was the largest region in the cloud storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Exponential growth in data volumes is expected to propel the growth of the cloud storage market going forward. Data volume refers to the size of the data sets that need to be analyzed and processed, which are larger than terabytes and petabytes. The increasing use of computers and digital technologies in organizations has led to a rise in the amount of data generated. This further has increased the need for storage systems like cloud storage, which store the data over the internet and thus decrease the burden of organizations to maintain a physical data center. For instance, according to a report released by the World Economic Forum, a Switzerland-based international non-governmental and lobbying organization, by the year 2025, it is predicted that 463 exabytes of data, the equivalent of 212.77 million DVDs per day, is expected to be generated globally each day. Therefore, exponential growth in data volumes is driving the cloud storage market growth.
Key Industry Players
Major companies operating in the cloud storage market report are Amazon.com Inc., Apple Inc., Alphabet Inc., Microsoft Corporation, Alibaba Group, Dell Technologies Inc., IBM Corporation, Cisco Systems Inc., Oracle Corporation, Tencent Cloud, Hewlett Packard Enterprise Company, Salesforce.com Inc., NetApp Inc., Akamai Technologies Inc., Rackspace hosting Inc., Bluehost, Dropbox Inc., Endurance International Group, Backblaze Inc., OVH Groupe SA, DigitalOcean Holdings Inc., DreamHost LLC, InMotion Hosting Inc., MEGA Cloud services Ltd., Hetzner Online GmbH, Sync.com Inc., pCloud AG, RamNode LLC, ID Cloud Services LTD., The Constant Company LLC, VMware Inc.
The cloud storage market report table of contents includes:
1. Executive Summary
2. Cloud Storage Market Characteristics
3. Cloud Storage Market Trends And Strategies
4. Cloud Storage Market – Macro Economic Scenario
5. Global Cloud Storage Market Size and Growth
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31. Cloud Storage Market Other Major And Innovative Companies
32. Global Cloud Storage Market Competitive Benchmarking
33. Global Cloud Storage Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cloud Storage Market
35. Cloud Storage Market Future Outlook and Potential Analysis
36.Appendix
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