Pune, India, June 05, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global cloud storage market size was valued at USD 90.17 billion in 2022 and is projected to grow from USD 108.69 billion in 2023 to USD 472.47 billion by 2030, exhibiting a CAGR of 23.4% during the forecast period. Exponential Growth in Data Volumes to Surge Demand for New Storage Capacity. The rising volume of unstructured data and growing demand for modern technologies such as artificial intelligence, internet of things, automation, analytics, and others is aiding market expansion. Also, cloud-based storage provides advantages such as easy scalability, remote access, agility, and durability. This information is provided by Fortune Business Insights, in its report titled, Cloud Storage Market Forecast, 2023-2030.
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Key Industry Development:
March 2023: Hewlett Packard Enterprise announced that it has entered into a definitive agreement to acquire OpsRamp, an IT operations management (ITOM) company that observes, monitors, automates and manages IT infrastructure, workloads and applications for hybrid and multi-cloud environments.
Key Takeaways
- Hewlett Packard Enterprise Enters an Agreement to Acquire OpsRamp an IT Opexrations Management (ITOM) Company.
- Adoption of Distributed Work Environment Owing to Spread of COVID-19 to Drive Market Growth.
- Rising Use of Social Media and Analytical Platforms to Propel Market Growth
- By Component Analysis: High Data Security Feature to Augment Storage Models Growth
- Cloud Storage Market Size in Asia Pacific was USD 42.71 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the cloud storage market are 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.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 23.4% |
| 2030 Value Projection | USD 472.47 Billion |
| Base Year | 2022 |
| Cloud Storage Market Size in 2022 | USD 90.17 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Type, Component, Enterprise Type, Vertical and Geography |
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Drivers and Restraints:
Exponential Growth in Data Volumes to Surge Demand for New Storage Capacity
The adoption of IoT technology, remote sensing, and 4K and 8K resolution cameras has resulted in the collection of large amounts of data. This is boosting the need for cloud-based storage and networking technology. Moreover, the rising adoption of AI technology is also aiding cloud storage market growth by increasing its demand to ensure data security. Additionally, connected devices and autonomous systems such as self-driving cars are likely to drive the adoption of cloud computing services, including data storage for providing real-time assistance.
On the other hand, concerns regarding data privacy and stringent rules and regulations regarding cloud usage will likely hinder market augmentation.
Segments
By Component
- Storage Model
- Object Storage
- File Storage
- Block Storage
- Services
By Type
- Public
- Private
- Hybrid
By Enterprise Type
- Small and Medium Enterprises (SMEs)
- Large Enterprises
By Vertical
- BFSI
- IT and Telecommunication
- Government and Public Sector
- Manufacturing
- Healthcare and Life Science
- Retail and Consumer Goods
- Media and Entertainment
- Others
By Region
- North America
- Europe
- Asia Pacific
Regional Insights:
North America to Lead Stoked by Presence of Leading Companies
North America captured majority of the market share in 2022 owing to presence of a large number of data centers and leading cloud providers in the region. The adoption of connected devices, smart home devices, digital payments and video streaming devices is increasing in the U.S. which is responsible for regional market growth.
Asia Pacific market is projected to grow significantly due to rising investment in cloud storage by emerging economies such as Japan, Singapore, India, etc. and growing government efforts for digital transformation.
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Competitive Landscape:
Mergers and Acquisitions by Industry Leaders to Aid Market Expansion
Leading players are participating in tactical moves such as partnerships, collaborations, product launches, and mergers and acquisitions to aid market expansion. These moves help them gain a competitive edge against competitors, and earn higher revenues and profits.
FAQ’s
How big is the cloud storage market?
Cloud Storage Market size was USD 90.17 billion in 2022.
How fast is the cloud storage market growing?
The Cloud Storage Market will exhibit a CAGR of 23.4% during the forecast period, 2023-2030
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