As per the report published by Fortune Business Insights, the global cloud storage market size is projected to reach USD 376.37 billion in 2029, at CAGR of 24% during forecast period, 2022-2029
The global cloud storage market size is projected to rise from USD 83.41 billion in 2022 to USD 376.37 billion by 2029 at a CAGR of 24% during the forecast period. Fortune Business Insights™ has provided this information in its latest research report titled, “Cloud Storage Market Forecast, 2022-2029.” As per the report, the global market size stood at USD 70.19 billion in 2021.
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Key Industry Developments
March 2020: Microsoft Corporation and Kubota Corporation entered a strategic alliance to facilitate Kubota Corporation’s digital transformation. This development may allow the company to incorporate its IT infrastructure on Microsoft’s Azure cloud platform.
February 2020: Amazon Web Services, Inc. was chosen by Carrier to be its preferred cloud provider. Carrier will utilize AWS machine learning, analytics, and warehouse services to point out efficiencies in its supply chains and manufacturing processes. It would also use the latter’s IoT services to support a new range of networked, intelligent products and services for the refrigerated, workplace, and home logistics chain.
January 2020: Dell Technologies unveiled various new portfolio advancements, reference architectures, and solutions designed to accelerate and simplify the consumers’ AI and high performance computing (HPC) efforts.
Report Scope & Segmentation
Cloud storage solutions are gaining more popularity at present as workforces are inclining towards a distributed work environment. These solutions aid workforces in collaborating and staying connected. The outbreak of COVID-19 pandemic is enabling several organizations to support remote working, as well as manage the vast amount of data smoothly. Microsoft, for instance, has surged the benefits of Windows and extended Azure cloud credits for non-profit and critical care organizations, such as food & nutrition, public safety, and health support.
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Drivers & Restraints-
Rising Adoption of Artificial Intelligence and Video Analytics to Accelerate Growth
The increasing adoption of various innovative technologies, such as artificial intelligence (AI), remote sensing, and advanced video systems, such as 4K resolution cameras is set to propel the demand for cloud type of storage solutions in the near future. In addition to that, the utilization of analytics-driven platforms is helping companies in the generation of a large amount of data. They prefer hybrid storage solutions more than conventional ones. However, government agencies are constantly deploying strict norms on the usage of cloud services because of confidentiality and data privacy issues. It may hinder growth.
Increasing Data Volumes to Bolster Cloud Storage Market Growth
Cloud storage is a platform for the storage of data. The incorporation of internet-of-things (IoT), artificial intelligence (AI), machine learning (ML), and analytics in cloud storage facilities may enable manufacturers to attract consumers. For example, NextBillion AI, a California-based start-up, collaborated with Google Cloud in February 2021. This partnership improved time-to-time market solutions by utilizing storage and SQL. Through this partnership, the company aims to provide excellent data protection and offer NextBillion artificial intelligence with a 99% uptime. Furthermore, as companies shift to online mediums for conducting business, the volume of data created is rising rapidly. These factors may drive the global market growth.
Segmentation
By component, the global cloud storage market share is segmented into storage model and services. As per type, it is trifurcated into public, private, and hybrid. By enterprise size, it is classified into small and medium enterprises (SMEs) and large enterprises. Based on vertical, it is categorized into BFSI, IT and telecommunication, government and public sector, manufacturing, healthcare and life science, retail and consumer goods, media and entertainment, and others. Regionally, it is clubbed Into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
BFSI Segment to Grow Steadily Fueled by Need for Improving Consumer Experience
Based on the vertical, the IT and telecommunication segment generated 18.0% in terms of the cloud storage market share in 2020. The BFSI segment is anticipated to lead in the forthcoming years as the industry deals with large volumes of customer data on regular bases. It delivers efficient services to the customers. To serve them better, they require cloud storage technology as it poses as a transformative digital solution. This solution provides a high level of scalability, agility, and data security to the industry. These advanced systems not only improve consumer experience and revenues, but also enhance the operational efficiency. These factors are set to drive the growth of the BFSI segment in the near future.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the leading key players.
Regional Insights
Presence of Major Cloud Service Providers to Enhance Market Growth in North America
North America is expected to dominate the cloud storage market share because of the presence of major cloud service providers. The industry size in North America stood at USD 34.3 billion in 2029 and is expected to gain a major portion of the global share in the upcoming years. Furthermore, the rising adoption of digital payments, video streaming services, connected devices, and smart home devices may propel market progress.
In Asia Pacific, the rising investment in cloud services by India, South Korea, Singapore, Japan, and others may propel the industry’s growth. Moreover, the rising government initiatives for driving digital transformation may enhance cloud storage service adoption. These factors may bolster market growth.
In Europe, the rising government initiatives may fuel cloud adoption across organizations, thereby boosting product demand. For example, as per Eurostat’s information in December 2021, nearly 68% of the enterprises in Europe used cloud storage technology to store files, and 42% of the enterprises utilized the storage system across organizations. These factors may enhance industry progress.
List of Key Players Profiled in the Cloud Storage Market Report
- Alibaba Group Holding Limited (China)
- Amazon.com, Inc. (U.S.)
- Dell Technologies Inc. (U.S.)
- Dropbox (U.S.)
- Google, Inc. (U.S.)
- Hewlett Packard Enterprise Development LP (U.S.)
- IBM Corporation (U.S.)
- Microsoft Corporation (U.S.)
- Oracle Corporation (U.S.)
- VMware, Inc. (U.S.)
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Major Table of Contents:
- Global Cloud Storage Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Storage Model
- Object Storage
- File Storage
- Block Storage
- Services
- Storage Model
- By Type (USD)
- Public
- Private
- Hybrid
- By Enterprise Size (USD)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- By Vertical (USD)
- BFSI
- IT and Telecommunication
- Government and Public Sector
- Manufacturing
- Healthcare and Life Sciences
- Retail and Consumer Goods
- Media and Entertainment
- Others (Energy & Utilities, Chemical, Travel & Hospitality, Others)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Cloud Storage Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Storage Model
- Object Storage
- File Storage
- Block Storage
- Services
- Storage Model
- By Type (USD)
- Public
- Private
- Hybrid
- By Enterprise Size (USD)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- By Vertical (USD)
- BFSI
- IT and Telecommunication
- Government and Public Sector
- Manufacturing
- Healthcare and Life Sciences
- Retail and Consumer Goods
- Media and Entertainment
- Others (Energy & Utilities, Chemical, Travel & Hospitality, Others)
- By Country (USD)
- United States
- By Vertical
- Canada
- By Vertical
- Mexico
- By Vertical
- United States
- South America Cloud Storage Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Storage Model
- Object Storage
- File Storage
- Block Storage
- Services
- Storage Model
- By Type (USD)
- Public
- Private
- Hybrid
- By Enterprise Size (USD)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- By Vertical (USD)
- BFSI
- IT and Telecommunication
- Government and Public Sector
- Manufacturing
- Healthcare and Life Sciences
- Retail and Consumer Goods
- Media and Entertainment
- Others (Energy & Utilities, Chemical, Travel & Hospitality, Others)
- By Country (USD)
- Brazil
- By Vertical
- Argentina
- By Vertical
- Rest of South America
- Brazil
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