The global cloud storage market size was USD 70.19 billion in 2021 and will rise to USD 83.41 billion in 2022. The market is expected to reach USD 376.37 billion by 2029, exhibiting a CAGR of 24.0% during the forecast period. The rising demand for advanced technologies and the increasing volume of unstructured data is expected to boost the market growth. Fortune Business Insights™ provides this information in its report titled “Cloud Storage Market, 2022-2029.”
Key Industry Development
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.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 24% |
| 2029 Value Projection | USD 376.37 Billion |
| Base Year | 2021 |
| Cloud Storage Market Size in 2021 | USD 70.19 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Type, Component, Enterprise Size, Vertical and Geography |
| Cloud Storage Market Growth Drivers | Rising Dependence upon Digital Infrastructure to Enhance Growth |
| Increasing Data Volumes to Bolster Market Growth | |
| Presence of Major Cloud Service Providers to Enhance Market Growth in North America | |
| Major Players Focus on Upgrading Services to Enhance Brand Image |
Rising Dependence upon Digital Infrastructure to Enhance Growth
This market is expected to be positively impacted during the COVID-19 pandemic because of the rising dependence upon digital services. The alarming spike in COVID infections led to the adoption of work-from-home culture, thereby increasing reliance upon data management software and cloud services. Further, the rising demand for smartphones from consumers and increasing adoption of online workflow by manufacturers may enhance cloud infrastructure. These factors may influence the growth of the global market.
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.
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.
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 cloud storage market growth.
However, strict laws and regulations associated with data and privacy security may elevate market growth.
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.)
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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