Cloud Storage Market Size, Share, Growth Analysis, By Offering, By Deployment, By Vertical, By Region

Description

Global 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).

The global cloud storage market is witnessing substantial growth, primarily driven by the exponential increase in data generation across various enterprises. Organizations are now producing vast amounts of data from IoT devices, social media, transaction records, and numerous digital activities, highlighting the urgent need for scalable, efficient, and cost-effective storage solutions. Additionally, the growing reliance on data-driven decision-making and analytics is amplifying the demand for advanced cloud storage technologies. The push for automation in application updates further enhances market expansion. Critical drivers include the integration of IoT across sectors such as retail, healthcare, and manufacturing, alongside the prevailing trend toward cloud computing. Furthermore, the digitalization of data in both residential and commercial spaces, propelled by the widespread use of laptops, smartphones, and tablets, is significantly contributing to the growth of the cloud storage market. As organizations increasingly acknowledge the importance of robust data management strategies, the cloud storage sector is poised for continued expansion, catering to the evolving needs of a data-centric landscape.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Cloud Storage market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Cloud Storage Market Segmental Analysis

The Global Cloud Storage Market is segmented based on Offering, Application, Organization Size, Deployment And Region. Based on Offerings, the market is segmented into Storage Type, Blockage Storage and File Storage, and Services. Based on Deployment, the market is segmented into Public, Private, and Hybrid. Based on Vertical, the market is segmented into BFSI, Media & Entertainment, IT & Telecommunication, Government & Public Sector, and Manufacturing. Based on Region, the global cloud storage market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Driver of the Global Cloud Storage Market

The Global Cloud Storage market is primarily driven by the increasing focus on data security and compliance. Cloud service providers prioritize innovative security features such as encryption, access controls, and risk detection mechanisms to safeguard sensitive information. Additionally, compliance with industry standards and regulations, like GDPR, HIPAA, and ISO certifications, ensures that consumers adhere to stringent security protocols. By continuously enhancing their security measures to counter emerging threats, cloud providers reinforce the integrity and confidentiality of data stored in cloud environments. This unwavering commitment to security and regulatory alignment significantly contributes to the overall growth of the cloud storage market.

Restraints in the Global Cloud Storage Market

The Global Cloud Storage market faces certain restraints, particularly concerning minimized data transfer speeds. The process of transferring large amounts of data to and from cloud storage can be notably slow, especially for organizations managing extensive datasets. Limitations in network bandwidth and issues related to latency significantly hinder the efficiency of data transfers. To combat these challenges, cloud storage providers are implementing various solutions to enhance performance, including data caching, compression, and acceleration techniques aimed at optimizing transfer speeds. Addressing these constraints is essential for improving user experience and ensuring efficient data management in the cloud ecosystem.

Market Trends of the Global Cloud Storage Market

The Global Cloud Storage market is witnessing a notable trend towards the increasing adoption of hybrid cloud solutions. This market shift is driven by the need for organizations to balance flexibility, cost-effectiveness, and security within their IT infrastructure. Hybrid cloud strategies allow businesses to harness the scalability and accessibility of public cloud services while maintaining control and security through private on-premises systems. As enterprises seek to adapt to evolving IT requirements, there is a significant uptick in demand for hybrid cloud-compatible storage solutions. This presents a lucrative opportunity for cloud storage providers to enhance their offerings and expand their market presence in this dynamic landscape.

Product Code: SQMIG45F2073

Introduction

Objectives of the Study
Definitions
Market Scope

Research Methodology

Information Procurement
Secondary & Primary Data Sources
Market Size Estimation
Market Assumptions & Limitations

Executive Summary

Market Overview Outlook
Supply Demand Trend Analysis
Segmental Opportunity Analysis

Market Dynamics & Outlook

Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
Porters Analysis
- Competitive rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers

Key Market Insights

Technology Analysis
Patent Analysis
Pricing Analysis
Supply Chain Analysis
Ecosystem of the Market
Regulatory Landscape
PESTEL Analysis
Innovation Matrix
Top Investment Analysis
Customer Buying Criteria Analysis
Case Study Analysis
Key Success Factor
Market Attractive Index
Degree of Competition

Cloud Storage Market by Offering

Market Overview
Storage Type
- Object Storage
- S3-compatible object storage
- Swift-compatible object storage
- Blockage Storage
- SSD
- HDD
- File Storage
- NFS Based
- SMB Based
Services
- Training & Consulting
- Integration & Implementation
- Support & Maintenance

Cloud Storage Market by Application

Market Overview
Business Continuity
- Backup & Recovery
- Data Archiving
Data Management
- Big Data Analytics
- Database Storage Management
Application Management
- Content Delivery & Distribution
- Other

Cloud Storage Market by Organization Size

Market Overview
Small and Medium-Sized Enterprises (SMEs)
Large Enterprises

Cloud Storage Market by Deployment

Market Overview
Public
Private
Hybrid

Cloud Storage Market by Verticals

Market Overview
BFSI
- Fraud Detection & Risk Management
- Global Expansion & Compliance
- Customer Personalization
- Other
IT & ITES
- Scalable Development Environments
- Global Collaboration
- Automated Testing & Continuous Integration
- Other
Telecommunications
- Network Function Virtualization
- Edge Computing
- IoT Data Management
- Other
Healthcare & Life Sciences
- Secure Health Data Sharing
- Telemedicine & Remote Patient Monitoring
- Interoperability & Health Information Exchange
- Other
Media & Entertainment
- Scalable Content Distribution
- Collaborative Content Creation
- Flexible Digital Asset Management
- Other
Retail & Consumer Goods
- Personalized Customer Experiences
- Inventory Optimization
- Unified Commerce
- Other
Manufacturing
- Digital Twin
- 3D Printing
- Quality Control & Process Optimization
- Other
Government & Public Sector
- E-government Services
- Smart City Initiatives
- Emergency Response & Crisis Management
- Other
Energy & Utilities
- Grid Optimization with Big Data
- Asset Performance Management
- Energy Consumption Analytics
- Other
Others

Cloud Storage Market Size by Region

Market Overview
North America
- USA
- Canada
Europe
- Germany
- Spain
- France
- Italy
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA

Competitive Landscape

Top 5 Player Comparison
Market Positioning of Key Players, 2023
Strategies Adopted by Key Market Players
Recent Activities in the Market
Key Companies Market Share (%), 2023

Key Company Profiles

Amazon Web Services, Inc. (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Google (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Microsoft (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Alibaba Cloud (China)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Oracle (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Rackspace Technology (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Hewlett Packard Enterprise (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Dell Technologies (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Dropbox (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Box (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Tencent Cloud (China)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Fujitsu (Japan)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
VMware (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
NetApp (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Hitachi Vantara (Japan)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Scality (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Citrix (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
UpCloud (Finland)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
DigitalOcean (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Vultr (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
MinIO (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Zadara (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
pCloud (Switzerland)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Wasabi (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Sync (Canada)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Degoo (Sweden)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments

Cloud Storage Market Size, Share, Growth Analysis, By Offering, By Deployment, By Vertical, By Region - Industry Forecast 2024-2031