Cloud Storage Market
Cloud Storage Market - Global Industry Assessment & Forecast
- By Components Solutions, Services
- By Applications Primary Storage, Backup & Disaster Recovery, Archiving
- By Organization Size Large Enterprises, Small & Medium Sized Enterprises (SMEs)
- By Verticals Banking Financial Services & Insurance (BFSI), IT & ITeS, Telecommunications, Healthcare & Life Sciences, Media & Entertainment, Consumer Goods & Retail, Manufacturing, Government & Public Sector, Energy & Utilities, Others (Education, Travel & Hospitality)
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 90.63 Billion|
|Revenue 2030:||USD 333.81 Billion|
|Revenue CAGR (2023 - 2030):||17.70%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||North America|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
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The Global Cloud Storage Market was valued at USD 90.63 Billion in 2022 and is forecast to reach a value of USD 333.81 Billion by 2030. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 17.70% over the forecast period.
Cloud Storage is a cloud computing model in which information is stored on the server side and accessed via the Internet or a dedicated private network connection. Cloud Storage service companies maintain, operate, and maintain it. It provides instant automatic backup, protection from thievery and natural disasters, and lowers server planning and repair costs. Due to the need for advanced security, explicit sharing, and SSL due to an increase in the volume of data stored on the server, raising exposure, the market for cloud services is growing. Users favor economical choices.
Cloud Storage Market Size, 2022 To 2030 (USD Billion)
Additionally, due to the COVID-19 epidemic, the workforce moved online, increasing the need for cloud-based solutions. For the benefit of the clients affected by the pandemic, various businesses have partnered to offer cloud-based contact Centre services. The market growth for cloud services is anticipated to be boosted by such initiatives by the marketplaces. Increased spending on cutting-edge IT solutions, knowledge of the use of cloud-based solutions, and increased acceptance of Cloud Storage gateways are additional drivers propelling the growth of the cloud service market. Since a cloud service does not require an on-premises data Centre or other maintenance or service charges, it requires a low initial investment. Due to the affordability of Cloud Storage, businesses of all sizes, including small, medium, and large ones, are quickly requesting the service and backing up their critical data.
On the other hand, a key problem that is anticipated to restrict the market's growth to some level is security issues with Cloud Storage. However, the benefits of cloud solutions will exceed these worries due to new solutions being developed to overcome these issues.
The Cloud Storage Market is segmented based on Components, Applications, Organization Size, Vertical, and Region. Based on the Components, the market is further segmented into Solutions and Services. Furthermore, based on Applications, the market is further bifurcated into Primary Storage, Backup & Disaster Recovery, and Archiving. In addition, based on the Organization Size, the market is further divided into Large Enterprises, Small & Medium Sized Enterprises (SMEs). Furthermore, based on the segment Verticals, the market is further segmented into Banking Financial Services & Insurance (BFSI), IT & ITeS, Telecommunications, Healthcare & Life Sciences, Media & Entertainment, Consumer Goods & Retail, Manufacturing, Government & Public Sector, Energy & Utilities and Others (Education, Travel & Hospitality).
Below tree is interactive. You can click the nodes to get more information.
Based on Verticals:
A sizeable portion of revenue came from the Banking, Financial Services & Insurance (BFSI) market. Due to the rising demand for secure storage models, the rapid digitization and use of channels like e-wallets, net banking, and digital payments, among others, is a crucial reason propelling this segment's revenue growth. The need for more thoughtful, more agile, adaptable, and scalable business platforms is growing as financial institutions are under increasing pressure to make data-driven choices to maintain a competitive advantage. To improve customer service and manage operating expenses for greater profitability, major corporations establishing data center's in the neighborhood are encouraging the adoption of various Cloud Storage options in the BFSI industry. As a result, the segment's growth is driven by cost-effectiveness, flexibility, and better security.
Based on Application:
Because of the high demand for reliable storage and easy access due to rapidly increasing volumes of data across various enterprises, the Primary Storage segment accounted for a significantly robust revenue share. In addition, the rising demand for Cloud Storage for improved collaboration and productivity for more efficient management, notably since the COVID-19 pandemic, resulted in increased demand for increased storage capacity for remote workforce operability. As a result, the Primary Storage segment is expected to maintain its supremacy in the forecast period.
Asia Pacific is projected to grow at the highest CAGR during the forecast period
The Asia Pacific is forecast to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. Major drivers driving the market's revenue growth include rising government initiatives for digital transformation and the quick uptake of hybrid Cloud Storage that results in lower Capital Expenditure (CAPEX) and Operating Expenditure (OPEX) costs. Due to advancements, the Asia-Pacific areas, including China and India, are anticipated to grow more quickly. India's market for public cloud services has grown extraordinarily in the past two years.
The key players in the Global Cloud Storage Market include- AWS (US), Google (US), Microsoft (US), IBM (US), Alibaba Cloud (China), Oracle (US), Rackspace Technology (US), HPE (US), Dell Technologies (US), Dropbox (US), Box (US), Tencent Cloud (China), Fujitsu (Japan), VMware (US), NetApp (US), Hitachi Vantara (US), Scality (US), Citrix (US), UpCloud (Finland), Huawei (China), DigitalOcean (US), Vultr (US), MinIO (US), Zadara (US), pCloud (Switzerland), Wasabi (US), Sync (Canada), Degoo (Sweden) and others.
Segmentation of the Global Cloud Storage Market:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Question
What is the global demand for Cloud Storage in terms of revenue?
The global Cloud Storage valued at USD 90.63 Billion in 2022 and is expected to reach USD 333.81 Billion in 2030 growing at a CAGR of 17.70%.
Which are the prominent players in the market?
The prominent players in the market are AWS (US), Google (US), Microsoft (US), IBM (US), Alibaba Cloud (China), Oracle (US), Rackspace Technology (US), HPE (US), Dell Technologies (US), Dropbox (US), Box (US), Tencent Cloud (China), Fujitsu (Japan), VMware (US), NetApp (US), Hitachi Vantara (US), Scality (US), Citrix (US), UpCloud (Finland), Huawei (China), DigitalOcean (US), Vultr (US), MinIO (US), Zadara (US), pCloud (Switzerland), Wasabi (US), Sync (Canada), Degoo (Sweden).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 17.70% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Cloud Storage include
- Growing data volumes across enterprises
Which region accounted for the largest share in the market?
North America was the leading regional segment of the Cloud Storage in 2022.