Cloud Storage Market Size Growing at 24.8% CAGR, Set to Reach USD 490.8 Billion By 2030

TOKYO, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The Global Cloud Storage Market Size gathered USD 67.9 Billion in 2021 and is set to garner a market size of USD 490.8 Billion by 2030 growing at a CAGR of 24.8% from 2022 to 2030.

Cloud Storage Market Research Report Highlights and Statistics

• The Global Cloud Storage Market Size In 2021 stood at USD 67.9 Billion and is set to reach USD 490.8 Billion by 2030, growing at a CAGR of 24.8%
• Cloud storage adoption has increased significantly in recent years due to its benefits, such as cost savings, scalability, and improved accessibility. As of 2021, over 80% of businesses use cloud storage solutions.
• Major Cloud Storage Providers include Amazon Web Services (AWS), Microsoft Azure, Google Cloud, IBM Cloud, and Oracle Cloud. These companies account for a significant share of the cloud storage market.
• The most common use cases for cloud storage include data backup and recovery, big data analytics, and archiving.
• The increasing demand for cloud storage services is driven by factors such as the growing need for data storage and management, the rise of the Internet of Things (IoT), and the increasing number of remote workers.
• Despite its growing popularity, cloud storage has some challenges, such as data security and privacy concerns, limited network bandwidth, and vendor lock-in.

Cloud Storage Market Overview

The Cloud Storage Market has undergone a radical transformation in recent years, with a growing demand for cost-effective, scalable and accessible data storage solutions. This has been driven by the proliferation of digital content, big data analytics and the growing number of remote workers, who require easy and secure access to their data from anywhere, at any time.

One of the most significant applications of cloud storage is in data backup and recovery, where organizations can securely store their critical data in the cloud, ensuring its availability in the event of a disaster or system failure. Another application is in big data analytics, where cloud storage enables organizations to process, store and analyze massive amounts of data, enabling them to gain valuable insights into their operations and make data-driven decisions.

Cloud storage also has a significant impact on the archiving industry, allowing organizations to store their historical records in a cost-effective and secure manner. With its ability to store and manage petabytes of data, cloud storage has proven to be an indispensable tool for organizations dealing with large amounts of data.

Despite the numerous benefits of cloud storage, there are still some challenges that must be addressed, including data security and privacy concerns, limited network bandwidth, and vendor lock-in.

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Cloud Storage Market Report Coverage:

Trends in the Cloud Storage Market

• Multi-cloud and Hybrid Cloud: Adoption of multi-cloud and hybrid cloud storage solutions is increasing, allowing organizations to leverage the strengths of different cloud storage providers and keep their data secure and highly available.
• Edge Computing: The growth of edge computing and the Internet of Things (IoT) is driving the need for cloud storage solutions that can support massive amounts of data at the edge, close to where it is generated.
• Artificial Intelligence and Machine Learning: Cloud storage providers are integrating artificial intelligence (AI) and machine learning (ML) into their services, enabling organizations to gain insights from their data and automate tasks such as data classification and organization.
• 5G Technology: The rollout of 5G technology is expected to drive the growth of cloud storage, as it enables faster and more reliable data transfers, and supports the growth of edge computing and IoT.
• Block Storage: The use of block storage is increasing, as organizations seek a highly scalable and flexible storage solution that can handle large amounts of transactional data.
• Object Storage: Object storage is becoming a popular choice for organizations looking to store large amounts of unstructured data, such as images, videos, and audio files.
• SaaS-based Cloud Storage: The growth of Software as a Service (SaaS) is driving the adoption of cloud storage solutions, as organizations seek an easy-to-use and cost-effective way to store their data.
  

Cloud Storage Market Dynamics

• Increased Digital Content: The exponential growth of digital content, such as images, videos, and audio files, is driving the demand for scalable and accessible cloud storage solutions.
• Remote Workforce: The growing number of remote workers, who require easy and secure access to their data from anywhere, at any time, is driving the growth of cloud storage.
• Big Data Analytics: The need to process, store and analyze large amounts of data is driving the demand for cloud storage solutions that can support big data analytics.
• Data Backup and Recovery: The need for cost-effective and reliable data backup and recovery solutions is driving the growth of cloud storage.
• Cost-effectiveness: Cloud storage offers a more cost-effective solution compared to traditional data storage methods, making it an attractive option for organizations looking to lower their storage costs.
• Containers and Micro services: The use of containers and micro services is driving the adoption of cloud storage solutions that can support these technologies, enabling organizations to build and deploy cloud-based applications more quickly and easily.
• Cloud Storage APIs: The growth of cloud storage APIs is allowing organizations to integrate their cloud storage solutions with other cloud-based applications and services, such as big data analytics and artificial intelligence.
• Security: Cloud storage providers invest heavily in security measures, such as encryption and multi-factor authentication, making it a secure option for storing critical data.

Growth Hampering Factors in the Cloud Storage Market

• Data Privacy Concerns: The increasing focus on data privacy and security is causing some organizations to be hesitant to adopt cloud storage, as they are concerned about the security of their critical data.
• Technical Challenges: Technical challenges, such as data loss and downtime, can be a barrier to adoption for some organizations.
• Cost: While cloud storage is often more cost-effective than traditional data storage methods, the costs can still be high for organizations with large amounts of data to store.
• Internet Reliability: The reliability of the internet can be a concern for some organizations, as it affects their ability to access their data from the cloud.
• Data Sovereignty Issues: Some countries have data sovereignty laws that restrict the transfer of sensitive data to other countries, making cloud storage difficult for organizations operating in those countries.
• Complexity of Migration: Migrating large amounts of data to the cloud can be complex and time-consuming, which can be a barrier to adoption for some organizations.

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Market Segmentation

Based On the Component

• Solutions
• Object Storage
• File Storage
• Block-Storage

Services

• Consulting
• Integration and Implementation
• Training
• Support and Maintenance
• Managed Services
  

By Deployment Type

• Private
• Public
• Hybrid
  
  

Enterprise Size

• large enterprises
• SMEs

Based On Industry Vertical

• BFSI
• Government And Public- Sector
• Healthcare And Life Science
• It And Telecommunication
• Manufacturing
• Media And Entertainment
• Retail And Consumer-Goods
• Others (Chemical, Energy And Utilities, Travel And Hospitality And More)

Cloud Storage Market Overview by Region

North America’s Cloud Storage market share is the highest globally with the United States being the leading adopter of cloud storage solutions. The region is characterized by a highly developed technology infrastructure, a mature business culture, and a large pool of technical talent, making it an ideal market for cloud storage providers. Major companies, such as Amazon Web Services and Microsoft, have established a strong presence in the region, offering a range of cloud storage solutions to meet the needs of organizations of all sizes.

The Asia-Pacific region’s Cloud Storage Market share is also huge and is the fastest growing, driven by the rapid growth of countries like China and India. The region is characterized by a large and rapidly growing population, a rapidly developing technology infrastructure, and a growing middle class, making it an attractive market for cloud storage providers. The region is also home to a large number of emerging technology companies, which are driving innovation and investment in cloud storage solutions.

Europe is another key market for Cloud Storage, driven by a combination of favorable regulations and an increasing focus on data privacy and security. The region is characterized by a diverse range of countries, each with its own set of regulations and cultural differences, which can make it challenging for cloud storage providers to establish a presence. However, the growing demand for cloud storage solutions is driving innovation and investment, making it an exciting market for providers and customers alike.

The South American and MEA regions have a smaller Cloud Storage market share. The market is being driven by the growing need for cost-effective and scalable data storage solutions.

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Cloud Storage Market Key Players

The cloud storage market is a highly competitive industry, with a number of leading players offering a wide range of solutions to meet the needs of organizations of all sizes. Some of the key players in the market include Amazon Web Services, Microsoft Azure, Google Cloud, IBM Cloud, Alibaba Cloud, Rackspace, Dropbox, Box, Salesforce, Amazon Drive, Apple iCloud, Oracle Cloud, Vmware vCloud, HPE Cloud, AT&T Synaptic, Dimension Data Cloud, NTT Communications, Fujitsu Cloud, and Joyent. These companies offer a range of cloud storage solutions, including public cloud storage, private cloud storage, and hybrid cloud storage, to meet the diverse needs of organizations in a rapidly changing digital landscape.

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