NEW CASTLE, Delaware, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Cloud Storage Market by Component (Solution and Services), Deployment (Private, Public and Hybrid), User Type (Large Enterprises and Small & Medium Enterprises), and Industry Vertical (BFSI, Government & Public Sector, Healthcare, IT & Telecom, Retail, Manufacturing, Media & Entertainment and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the cloud storage market was valued at $98.8 billion in 2023, and is estimated to reach $777.6 billion by 2033, growing at a CAGR of 22.5% from 2024 to 2033.
Prime Determinants of Growth
The global cloud storage market is driving growth owing to rise in demand for remote accessibility of data among organizations and constantly increasing volume of data. However, rise in security and privacy concerns hinder market growth.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $98.8 billion |
| Market Size in 2033 | $777.6 billion |
| CAGR | 22.5% |
| No. of Pages in Report | 200 |
| Segments Covered | Component, Deployment, User Type, Industry Vertical, and Region |
| Drivers | Rise in in demand for remote accessibility of data among organizations |
| Constantly increasing volume of data | |
| Opportunities | Rise in adoption of edge computing among organizations |
| Restraint | Rise in security and privacy concerns |
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Segment Highlights
The solution segment held the largest market share in 2023.
By component, the solution segment held the largest market share in 2023, owing to the surge in need for multiple applications such as caching, security, deduplication, and data locking in primary cloud storage.
The hybrid segment held the largest market share in 2023.
By deployment type, the hybrid segment held the largest market share in 2023. The same segment is expected to attain the fastest growing CAGR during the forecast period, owing to elasticity between both private and public clouds to perform distinctive functions within the same organization. In addition, it allows users to move workloads between private and public clouds according to their changing computing needs.
The large enterprises segment held the largest market share in 2023.
By user type, the large enterprises segment held the largest market share in 2023, owing to the strong preference of on-premises data center and security concerns over cloud storage. However, the small & medium-sized enterprises segment is projected to attain the fastest growing segment from 2023 to 2032, owing to profitable business functions with lower cost and more effective operational solutions.
The IT & telecommunication segment held the largest market share in 2023.
By industry vertical, the IT & telecommunication segment held the largest market share in 2023, due to reduced staff expenditure and maintenance costs of physical infrastructure, coupled with increased use of mobile broadband and big data, are driving the demand for cloud storage. Regional Outlook
North America to maintain its dominance by 2033
North America has the highest market share in cloud storage market owing to factors such as the technological environment, economy, and business sensibility. It also has some of its biggest and most progressive tech firms in AWS, Microsoft Azure, and Google Cloud. These companies have offered and continue to offer innovative cloud storage solutions to the market, which contributes to a large customer base. In addition to this, North America has well developed internet connectivity, which is crucial in cloud storage and computing. Affordable connectivity through the use of high-speed internet and widespread broadband access enhances the capability to transfer and store data efficiently, which is a suitable environment for cloud adoption.
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Major Industry Players: -
· Amazon Web Services Inc
· Dell Technologies Inc
· Google Inc
· Hewlett Packard Enterprise Development LP
· IBM Corporation
· Microsoft Corporation
· Oracle Corporation
· Rackspace Hosting, Inc.
· Alibaba Cloud
· VMware, Inc.
The report provides a detailed analysis of these key vendors in the global cloud storage market. These players have adopted different strategies such as new development, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, portfolio, and strategic moves of market vendors to showcase the competitive scenario.
Recent Development:
- In May 2024, Hewlett Packard Enterprise (HPE) announced the launch of its new range of cloud portfolios for easing storage, data, and workload management across hybrid environments. Some of the new launch solutions include HPE GreenLake block storage, Upgraded HPE GreenLake for block storage, HPE timeless programme, and Expansion of HPE GreenLake for private cloud business edition.
- In July 2023, DigiBoxx announced the launch of its new cloud data storage solutions for both corporate and individuals. This storage solution is designed to offer customers simple, fast, and extended storage solutions with competitive pricing.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
