Cloud Storage Market

Cloud Storage Market registered a revenue of USD 55.6 billion in 2022 and is projected to reach USD 278.3 billion in 2030, growing at a CAGR of 22.3% during the forecast period from 2023-2030.

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Major Cloud Storage Market Drivers

The primary factors driving the demand for the global cloud storage market are significant growth in demand for data backup at competitive rates, rise in services of the IT sector, advancing IT infrastructure, and growing demand for cost-effective computing. The rise in IoT and big data is remarkably fostering global market growth. The volume of generated data is surging considerably as digitization is progressively being implemented. Businesses of all sizes are aiming for different data collection, storage, and analysis solutions to harness valuable insights and develop their functions. The extensive usage of smartphones and high-speed communication channels has increasingly attributed to the popularity of social media apps, resulting in the introduction of massive amounts of data. The extension of social networking applications has led to a notable rise in the speed, quantity, and variation of data being produced. The continuous increase in data volume necessitates enterprises to invest in servers with substantial storage and computation capacity, which is predicted to propel the demand for cloud storage solutions in the coming future.

Additionally, the proliferation of IoT devices is a significant factor accrediting the growing volumes of data generation. With considerable development in smart cities, a growing number of functions of automation technologies, and high penetration of smart homes around end-user industries, industries are witnessing a growing adoption of IoT devices. To comprehend and analyze the wide variety of data, organizations are utilizing improved technologies such as AI, IoT, ML, and big data regularly. Vendors are broadening their service offerings to support big data analytics. They are also delivering high-performance stand-alone cloud storage and distributed choices, catering to the different requirements of businesses in managing and analyzing large volumes of data effectively. All these key factors are estimated to propel the growth of the global cloud storage industry in the forecast period. For instance, the Data Storage Trends Report 2022 by EnterpriseForum has highlighted different emerging trends, including hybrid cloud, and multi-cloud adoption, effective management of data silos, consolidation of database functions, the surge of SaaS, and the development of flexible infrastructure and elastic services. Therefore, organizations are progressively shifting towards different cloud environments for their storage demands because these platforms enable the storage of vast datasets regardless of the data type.

Moreover, the high rise in investments among organizations to develop and innovate their infrastructure and meet the significantly rising demand of customers drives global cloud storage market growth in the forecast duration. For instance, in 2020, Microsoft announced an investment plan for digital transformation of nearly US$ 1 billion in Poland to speed up and drive its digital transformation. This publication by Microsoft will have a positive impact on competitiveness and encourage employment prospects in the global market. This rising spending among organizations will introduce enormous opportunities in global market. However, governmental authorities are continuously making vigorous regulations on the usage of cloud services due to data privacy and confidential issues which may restrain the cloud storage market size.

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By Application, Backup and disaster recovery segment dominated the market growth

Backup and disaster recovery applications segment safeguards business application data in times of emergencies. These tools empower clients and businesses to store and function their systems in the cloud, expediting recovery, saving costs, and freeing resources for crucial tasks. These solutions are becoming increasingly popular owing to their reliability and ability to spare expensive hardware infrastructure demanded for backup and disaster recovery. Using mock drill programs for disaster retrieval enables the incorporation of online deployable resources in case of a disaster, efficiently deducting the recovery time following a significant failure. Disaster recovery and backup solutions offer benefits such as online viewing, data synchronization, and convenient accessibility.

By Vertical, Government and Public sector led the cloud storage market growth

Public sector organizations are embracing digitalization and accepting cloud-based technologies to develop service delivery and increase effectiveness. Hence, the government sector estimates substantial opportunities for the development of the cloud storage market. Cloud storage offers effective approaches for government and public segment personalities to store and admittance highly variable and scalable services. Government agencies are effectively integrating cloud storage solutions to manage the growing volumes of data introduced by publicly deployed surveillance and monitoring equipment. Central, Federal, and local government firms are increasingly implementing these solutions to cut costs and develop speed.

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By Region, North America accounted for the largest CAGR of the global cloud storage market

North America generated the highest revenue share in the market due to significant growth in the adoption of smart home devices, existence of key cloud vendors, and technological advancements. A high growth in the acceptance of digital payments, connected devices, video streaming services, and smart home equipment may foster market growth in the region. Increasing high-value investments by market players in different research and development activities and initiatives and considerable advancement in IT infrastructure for cloud-based solutions also contributed to the North America cloud storage market growth. In 2022, Opti9 Technologies merged with HostedBizz to provide a hybrid cloud capability set and multifaceted solutions that offer reach, security, performance, and value to customers and partners around North America.

In North America, Canada, and the U.S. are the foremost contributors to revenue to the market. Advancements in data centers, the growing need for integrated system stages with cutting-edge technologies, such as IoT, Blockchain, and data analytics, and high growth of prevention of technologies against malicious threats, will drive the future end-user spending in digital transformation services around the region. In addition, the Canadian government has embraced a ‘cloud-first’ strategy, prioritizing cloud services as the primary delivery option when introducing IT investments, strategies, initiatives, and projects. The usage of cloud technology will allow the government to leverage the innovation of private-sector vendors, developing the agility of its information technology infrastructure. These initiatives are predicted to introduce different opportunities for the hybrid cloud market, provided that this model merges private cloud security with the flexibility of public cloud services.

Asia Pacific Region is estimated to be the fastest-growing region in the market

Different nations of the Asia Pacific region are increasing their investment in cloud storage services to develop their business portfolio and be competitive globally. Growing government initiatives for digital developments, coupled with the rising integration of hybrid cloud storage solutions, that decrease operating expenditure and capital expenditures, are key factors driving the market growth in the region. For instance, in 2022, Wasabi Technologies, established a new facility area in Singapore to meet the growing demand for low-cost cloud storage, and high performance while being connected to its customers and partner network. Moreover, the largest market share was held by China and it is projected that India is the fastest-growing nation in the Asia Pacific region because both the nations have highest populations across the nations, there is an increase in demand for video streaming, and market players are effectively aiming at developing cloud-based services to the different industries such as healthcare, to enhance the proficiency and efficiency of healthcare experts.

Top Market Players

Various notable players operating in the market include Microsoft, IBM Corporation, Google Inc., Amazon Web Services, Inc., Oracle Corporation, VMWare, Alibaba Cloud, Hewlett Packard Enterprise Development LP, Rackspace Inc., and Dell EMC, among others.

Key Developments

• • In 2023, IBM signed an agreement with Wasabi, to enable businesses to propel data improvement in the hybrid cloud environment.
  • In 2023, Hewlett Packard Enterprise (HPE) introduced a new file, block, disaster, and backup recovery data service to aid customers in decreasing complexity and developing performance.
  • In 2022, Oracle expanded its built-in services of security and capability of Oracle Cloud Infrastructure to assist clients in preventing their data and cloud applications from growing threats in the digital sphere.
  • In 2022, Vmware launched Cloud Flex Storage services to empower customers to control both predicted performance and costs.
  • In 2022, Reliance Industries joined hands with DigiBoxx to encounter the growing need for cloud consolidation and innovative cloud storage solutions.
  • In 2022, Alibaba Cloud joined hands with VMware to offer new cloud services in China that enable businesses to transfer and upgrade apps and move surplus work across the environment of VMware and Alibaba’s multi-cloud management.

Segments covered in the Report:

The global cloud storage market has been segmented on the basis of component, organization size, vertical, and region. Based on the type, the market is segmented into file storage, object storage, and block storage. Based on the component, the market is segmented into the solutions and services. The solutions segment is further categorized into disaster recovery & backup, primary storage, data archiving, and cloud storage gateway. The services market is further categorized into integration & migration, training & consulting, support & maintenance, and managed services. Based on the deployment model, the market is segmented into the private cloud, public cloud, and hybrid cloud. Based on the organization size, the market is segmented into small & medium-sized enterprises and large enterprises. Based on the vertical, the market is segmented into telecommunications, BFSI, energy & utilities, IT & ITeS, healthcare & life sciences, education, manufacturing, government & public sector, consumer goods & retail, media & entertainment, and others.

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Market Segmentation

Global Cloud Storage Market by Component

• • Solutions
  • Services

Global Cloud Storage Market by Organization Size

• • Small & Medium-Sized Enterprises
  • Large Enterprises

Global Cloud Storage Market by Vertical

• • Telecommunications
  • BFSI
  • Energy & Utilities
  • IT & ITeS
  • Healthcare & Life Sciences
  • Education
  • Manufacturing
  • Government & Public Sector
  • Consumer Goods & Retail
  • Media & Entertainment
  • Others

Global Cloud Storage Market by Region

• • North America Cloud Storage Market (Option 1: As a part of the free 25% customization)

    • By Component
    • By Organization Size
    • By Vertical
    • US Market All-Up
    • Canada Market All-Up

  • Europe Cloud Storage Market (Option 2: As a part of the free 25% Customization)

    • By Component
    • By Organization Size
    • By Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Cloud Storage Market (Option 3: As a part of the free 25% Customization)

    • By Component
    • By Organization Size
    • By Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Cloud Storage Market (Option 4: As a part of the free 25% Customization)

    • By Component
    • By Organization Size
    • By Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Cloud Storage Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Microsoft
  • IBM Corporation
  • Google Inc.
  • Amazon Web Services, Inc.
  • Oracle Corporation
  • VMWare
  • Alibaba Cloud
  • Hewlett Packard Enterprise Development LP
  • Rackspace Inc.
  • Dell EMC