Chicago, May 11, 2023 (GLOBE NEWSWIRE) -- The global Cloud Storage Market size is projected to grow from USD 78.6 billion in 2022 to USD 183.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period, according to a new report by MarketsandMarkets™. Major growth drivers for the Cloud Storage Market are cost-saving and low Total Cost of Ownership (TCO) benefits of cloud storage solutions, growing data volumes across enterprises, and rising need for providing the remote workforce with ubiquitous access to data and files.
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Scope of the Report
| Report Metrics | Details |
| Market size value in 2022 | USD 78.6 Billion |
| Revenue forecast in 2027 | USD 183.7 Billion |
| Growth rate | CAGR of 18.5% |
| Segments covered | Component, Application, Organization Size, Deployment Type, Vertical, and Region |
| Geographies covered | North America, Europe, APAC, MEA, and Latin America |
| Companies covered | AWS (US), Google (US), Microsoft (US), IBM (US), Alibaba Cloud (China), Oracle (US), Rackspace Technology (US), HPE (US), Dell Technologies (US), Dropbox (US), Box (US), Tencent Cloud (China), Fujitsu (Japan) and many more. |
The scope of the report covers the Cloud Storage Market by component, application, organization size, deployment type, vertical, and region. Among component, the market has been segmented into solutions and services. Solutions include cloud object storage, block storage, and file storage. The solutions segment is projected to be the major contributor to the market. Cloud storage vendors offer customized cloud storage solutions to meet property managers' real-time and complex requirements. These solutions also assist corporates and property managers in aligning business strategies with the enterprises’ long-term growth strategies. Cloud storage solutions enable optimal maintenance throughout the asset life cycle, leading to high asset utilization and cost optimization.
By application, the Cloud Storage Market is segmented into primary storage, backup and disaster recovery, and archiving. The backup and disaster recovery segment is expected to grow at a higher CAGR during the forecast period. The benefits offered by disaster recovery and backup solutions include data synchronization, online viewing, and easy accessibility. Regardless of the vertical, cloud plays a vital role in the backup and disaster recovery applications.
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By vertical, Government and Public sector is expected to grow at a higher CAGR during the forecast period. Organizations within the public sector are moving toward digitization and adopting cloud-based technologies to improve service delivery and boost efficiency. Therefore, the government vertical anticipates significant opportunities for the growth of the Cloud Storage Market because it provides efficient ways for the government and public sector to store and retrieve highly flexible and scalable services. Government organizations are implementing cloud storage solutions to store rising data volumes generated by publicly deployed equipment for surveillance and monitoring. Federal, state, and local government agencies are adopting cloud storage solutions to reduce costs and increase agility.
By region, the Cloud Storage Market in Asia Pacific is projected to grow at higher CAGR during the forecast period. The rising awareness of data management through a common interface at reduced TCO (Total Cost of Ownership), the growing focus on containerized applications, and the popularity of IaaS solutions are major growth drivers for the Cloud Storage Market in Asia Pacific.
Market Players
The major vendors covered in the Cloud Storage Market include AWS (US), Google (US), Microsoft (US), IBM (US), Alibaba Cloud (China), Oracle (US), Rackspace Technology (US), HPE (US), Dell Technologies (US), Dropbox (US), Box (US), Tencent Cloud (China), Fujitsu (Japan), VMware (US), NetApp (US), Hitachi Vantara (US), Scality (US), Citrix (US), UpCloud (Finland), Huawei (China), DigitalOcean (US), Vultr (US), MinIO (US), Zadara (US), pCloud (Switzerland), Wasabi (US), Sync (Canada), and Degoo (Sweden).
Frequently Asked Questions (FAQ)
What is the projected market value of the global Cloud Storage Market?
The global market for cloud storage is projected to reach USD 183.7 billion.
What is the estimated growth rate (CAGR) of the global Cloud Storage Market for the next five years?
The global Cloud Storage Market is projected to grow at a Compound Annual Growth Rate (CAGR) of 18.5% from 2022 to 2027.
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