Global Cloud Storage Market

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


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

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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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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