USD 185.49 billion
Report ID: SQMIG45F2073 | Region: Global | Published Date: February, 2023 | Pages: 165 | Tables: 68 | Figures: 75
Global Cloud Storage Market size was valued at USD 185.49 billion in 2021 and is poised to grow from USD 217.02 billion in 2022 to USD 777.98 billion by 2030, growing at a CAGR of 17.8% in the forecast period (2023-2030).
Causes that contribute to the expansion of the cloud storage market are the rising volume of unstructured data and the rising need for advanced technologies such as the internet of things, artificial intelligence, analytics, and automation, among others. The cloud stores and manages data through the internet and can be given on-demand and according to a pay-per-use model. Additionally, cloud-based data storage offers worldwide scalability, flexibility, remote access, and durability. These are some of the major reasons for the growth of the cloud storage market during the analysis period.
US Cloud Storage Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 185.49 billion
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The Global Cloud Storage Market is segmented based on type, application, and region. Based on type, the Cloud Storage Market is segmented into the private model, public model, and hybrid model. Based on application, the Cloud Storage Market is segmented into BFSI, IT and telecommunication, government and public sector, manufacturing, healthcare and life sciences, retail and consumer goods, media and entertainment, and others. Based on region, the global Cloud Storage market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Cloud Storage Market Analysis by Type
Public cloud deployment held the greatest market share of the global cloud storage market in 2021. There are various deployment options for cloud storage data, including public deployment, private deployment, and hybrid deployment. As cloud storage expenditures continue to climb, the public cloud business is expected to grab a significant share of the cloud storage market. The rising willingness of consumers to spend money on public cloud deployment will be a key driver of industry growth during the forecast period.
As the private cloud provides security and protection of sensitive data, it is anticipated that its popularity will increase steadily over the analysis time. As more businesses realize the advantages of a hybrid deployment model, growth in the hybrid cloud is expected to increase. As a result, the growing concerns about data security, portability, and agility are driving an increase in the demand for hybrid cloud storage. To meet their infrastructure requirements, businesses will use a combination of public clouds, private clouds, legacy platforms, and in-house systems. Because of the hybrid multi-transparency clouds command over the underlying infrastructure, users may more easily gain access to and protect sensitive data. Hybrid cloud-based storage is anticipated to see increased demand due to these considerations and would propel the cloud storage market growth during the forecast period.
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In 2021, North America accounted for the largest market share of the global cloud storage market and was predicted to hold this dominance during the analysis period. The US has the dominating share of the industry because it is home to numerous data centers and cloud service providers. Also, a large sum of data is created regularly because smart home gadgets, connected devices, video streaming services, and digital payments are becoming more popular. These are some of the major factors driving demand for cloud storage facilities and propelling the market growth during the analysis period.
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Cloud Storage Market Drivers
Order Fulfillment in E-Commerce Sector to aid Growing Deployment of Cloud Storage
Cloud Storage Market Restraints
Privacy and Security Risks to Restraint Cloud Computing Market
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The cloud storage market is relatively fragmented, with a high level of competition. Few large players, like Dell EMC, Google LLC, and IBM Corporation, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Cloud Storage Market Top Player’s Company Profiles
IBM Cloud Storage
Rackspace Cloud Storage
Cloud Storage Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the Global Cloud Storage Market is segmented based on type, application, and region. Public cloud deployment held the greatest market share of the global cloud storage market in 2021. North America, Europe, Asia-Pacific, South America, and MEA are some of the regions that will dominate the market during the analysis period. In 2021, North America accounted for the largest market share of the global cloud storage market and was predicted to hold this dominance during the analysis period. As more businesses realize the advantages of a hybrid deployment model, growth in the hybrid cloud is expected to increase. Growing concerns about data security, portability, and agility are driving an increase in the demand for hybrid cloud storage.
|Market size value in 2021||USD 185.49 billion|
|Market size value in 2030||USD 217.02 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Cloud Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cloud Storage Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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