Global Cloud Storage Market

Cloud Storage Market Size, Share, Growth Analysis, By Type(Private, Public), By Application(BFSI, IT and Telecommunication) - Industry Forecast 2024-2031


Report ID: SQMIG45F2073 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 68 | Figures: 75

Cloud Storage Market Insights

Global Cloud Storage Market size was valued at USD 185.49 billion in 2019 and is poised to grow from USD 217.02 billion in 2023 to USD 777.98 billion by 2031, growing at a CAGR of 17.8% in the forecast period (2024-2031).

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.

Market snapshot - 2024-2031

Global Market Size

USD 185.49 billion

Largest Segment

Public

Fastest Growth

Public

Growth Rate

17.8% CAGR

Global Cloud Storage Market ($ Bn)
Country Share for North America Region (%)
Global Cloud Storage Market By Type ($ Bn)
Global Cloud Storage Market By Type (%)

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Cloud Storage Market Segmental Analysis

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.

Global Cloud Storage Market By Type, 2019 (%)

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Cloud Storage Market Regional Insights

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.

Global Cloud Storage Market By Region, 2024-2031
  • Largest
  • Fastest

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Cloud Storage Market Dynamics

Cloud Storage Market Drivers

Order Fulfillment in E-Commerce Sector to aid Growing Deployment of Cloud Storage

  • Remote sensing, the Internet of Things (IoT), and higher-quality video capture with cameras have led to the collection of huge amounts of data. This has led to the need for more storage space and is driving the demand for cloud storage. Additionally, it is anticipated that the growing use of AI will increase the need for storage to improve data security.
  • Real-time support, which requires data storage, is expected to increase the use of cloud computing services, such as those used by self-driving cars and other connected devices. These are some of the factors that will drive the demand for the cloud storage market during the analysis period.

Cloud Storage Market Restraints

Privacy and Security Risks to Restraint Cloud Computing Market

  • Privacy and security of stored information are the major restraints for the cloud computing market. Market expansion is predicted to be impeded by the government's rigorous laws and regulations concerning cloud computing. Government laws with such stringency are likely to stifle economic development.
  • The risk of losing control of its data is obvious if that data is stored somewhere other than within the organization's infrastructure. This is especially true in developing and underdeveloped regions, where cloud services are still in their infancy and where awareness of cloud storage is low. It is expected that doubts about cloud storage's security and privacy will slow down cloud storage markets’ growth during the analysis period and its widespread adoption.

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Cloud Storage Market Competitive Landscape

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

  • Microsoft Azure

  • Google Cloud Storage

  • IBM Cloud Storage

  • Dropbox

  • Box

  • Apple iCloud

  • pCloud

  • Sync.com

  • Backblaze

  • Carbonite

  • Rackspace Cloud Storage

  • OVHcloud

  • Alibaba Cloud

  • DigitalOcean

  • Linode

  • Wasabi Technologies

  • Egnyte

  • Acronis

  • SpiderOak

Cloud Storage Market Recent Developments

  • In September 2022, Amazon web services announced it’s QuickSight Q is now available in Asia Pacific (Mumbai, Singapore, and Sydney) and Canada. This is in addition to the six regions where it was already available. In addition to the existing regions, customers of AWS can sign up for QuickSight in these four new regions.
  • In September 2022, Amazon announced the AWS Console Home now features two new widgets. Consumers could learn about new AWS capabilities and receive the most recent updates on AWS launches, events, and more using it. The displayed AWS blog entries and launch announcements pertain to the services utilized by your applications.

Cloud Storage Key Market Trends

  • Cloud analytics creates ample opportunities for cloud providers because more and more industries need analytical insights to make decisions. Due to the high computing power, the need for more data storage to store a large amount of data is growing at an exponential rate. Businesses use different platforms to deliver advanced storage technologies that are easier to use and give them more options. In the same way, social media analytics pushed users to use automated cloud-based data storage services to improve the customer experience in real time. For example, in October 2020, Backblaze, a Cloud service provider, joined forces with Facebook LLC. Their main goal is to keep security and privacy by moving unstructured data from social media sites to encrypted storage in the cloud. During the next few years, the cloud storage market is likely to be driven by these growing technological trends.

Cloud Storage Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2019 USD 185.49 billion
Market size value in 2031 USD 777.98 billion
Growth Rate 17.8%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Private, Public, Hybrid
  • Application
    • BFSI, IT and Telecommunication, Government and Public Sector, Manufacturing, Healthcare and Life Sciences, Retail and Consumer Goods, Media and Entertainment, and Others
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)
Companies covered
  • Microsoft Azure

  • Google Cloud Storage

  • IBM Cloud Storage

  • Dropbox

  • Box

  • Apple iCloud

  • pCloud

  • Sync.com

  • Backblaze

  • Carbonite

  • Rackspace Cloud Storage

  • OVHcloud

  • Alibaba Cloud

  • DigitalOcean

  • Linode

  • Wasabi Technologies

  • Egnyte

  • Acronis

  • SpiderOak

Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Cloud Storage Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Cloud Storage Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the 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 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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cloud Storage Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Cloud Storage Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Cloud Storage Market size was valued at USD 185.49 billion in 2019 and is poised to grow from USD 217.02 billion in 2023 to USD 777.98 billion by 2031, growing at a CAGR of 17.8% in the forecast period (2024-2031).

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. 'Amazon Web Services Inc.', ' Microsoft Azure ', ' Google Cloud Storage ', ' IBM Cloud Storage ', ' Dropbox ', ' Box ', ' Apple iCloud ', ' pCloud ', ' Sync.com ', ' Backblaze ', ' Carbonite ', ' Rackspace Cloud Storage ', ' OVHcloud ', ' Alibaba Cloud ', ' DigitalOcean ', ' Linode ', ' Wasabi Technologies ', ' Egnyte ', ' Acronis ', ' SpiderOak '

Remote sensing, the Internet of Things (IoT), and higher-quality video capture with cameras have led to the collection of huge amounts of data. This has led to the need for more storage space and is driving the demand for cloud storage. Additionally, it is anticipated that the growing use of AI will increase the need for storage to improve data security.

Cloud analytics creates ample opportunities for cloud providers because more and more industries need analytical insights to make decisions. Due to the high computing power, the need for more data storage to store a large amount of data is growing at an exponential rate. Businesses use different platforms to deliver advanced storage technologies that are easier to use and give them more options. In the same way, social media analytics pushed users to use automated cloud-based data storage services to improve the customer experience in real time. For example, in October 2020, Backblaze, a Cloud service provider, joined forces with Facebook LLC. Their main goal is to keep security and privacy by moving unstructured data from social media sites to encrypted storage in the cloud. During the next few years, the cloud storage market is likely to be driven by these growing technological trends.

In 2021, North America accounted for the largest market share of the 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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Global Cloud Storage Market

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