The cloud storage market consists of revenues earned by entities (organizations, sole traders and partnerships) for providing cloud storage solutions and services that allow users to store, access and manage data over the internet.
Cloud storage works by storing data on remote servers managed by cloud service providers, rather than on local hardware. Users access these servers via the internet, enabling them to upload, retrieve and manage their files from any location. Data is distributed across multiple servers to ensure redundancy and security, with providers often offering encryption to protect stored information. Cloud storage allows for scalable storage capacity, flexible access and cost efficiency, as users pay for only the storage they need. It supports various use cases, from personal backups to enterprise-level data management and collaboration.
The global cloud storage market was valued at $35,990.80 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 21.00%.
Strong Economic Growth In Emerging Markets
Strong economic growth in emerging markets supported the growth of the cloud storage market during the historic period. Rapid economic growth drove increased adoption of digital technologies, leading to higher investments in information technology (IT) infrastructure and a rising demand for cloud storage to support growing data needs. Rising internet penetration, expanding digital infrastructure and increased adoption of cloud-based services across sectors like healthcare, retail and finance drove demand for scalable and cost-efficient storage solutions. As businesses in these regions modernized operations and shifted to cloud platforms, the need for secure and flexible data storage options surged. For instance, according to the World Bank, China's gross domestic product (GDP) grew to $17.94 trillion in 2022 compared to $17.82 trillion in 2021 and $11.06 trillion in 2015. Additionally, India's gross domestic product (GDP) grew by between 8% and 8.5% in 2022-2023 and 9.2% in 2021-2022. Therefore, strong economic growth in emerging markets contributed to the growth of the cloud storage market.
Introduction Of Cloud-Based Storage Solutions Enhancing Data Security And Accessibility
Major cloud storage providers are focusing on secure, scalable solutions that enhance data security and accessibility while reducing infrastructure complexities. These encrypted, cloud-based storage services protect data from unauthorized access and offer cost-effective, flexible storage options. As enterprises prioritize safeguarding sensitive information and improving business continuity, integrating immutable backup features strengthens data protection, positioning cloud storage as a critical component of modern data management strategies. For instance, in June 2024, Veeam Software, a US-based information technology and software company, introduced Veeam Data Cloud Vault, a cloud-based storage service offering secure, immutable and encrypted backup storage. This Storage-as-a-Service (STaaS) solution enables enterprises to store, manage and access data without managing cloud or physical infrastructure. Veeam Vault provides a fully managed, pre-configured storage resource that adheres to zero trust principles, addressing the challenges of infrastructure design and unpredictable cloud costs, making it ideal for both enterprises and small and medium-sized businesses (SMBs) seeking simplified data protection solutions.
The global cloud storage market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 51.10% of the total market in 2023.
Cloud Storage Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global cloud storage market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for cloud storage? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The cloud storage market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider cloud storage market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by component, by mode, by organization size and by vertical.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the cloud storage market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by component, by mode, by organization size and by vertical in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for cloud storage providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Component: Storage Model; Services
- 2) By Storage Model Type: Object Storage; File Storage; Block Storage
- 3) By Mode: Private Cloud; Public Cloud; Hybrid Cloud
- 4) By Organization Size: Large Enterprises; Small And Medium-Sized Enterprises (SMEs)
- 5) By Verticals: BFSI; IT And Telecommunication; Government And Public Sector; Manufacturing; Healthcare And Life Science; Retail And Consumer Goods; Media And Entertainment; Other Verticals
- Companies Mentioned: Amazon Web Services, Inc.; Microsoft Corporation; Alphabet Inc. (Google LLC); Alibaba Group Holding Limited; International Business Machines Corporation
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; cloud storage indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.