Cloud Storage Market Size (2024 - 2029)

The cloud storage market is projected to experience significant growth due to the increasing volume of data generated by enterprises and the rising need for remote access to data and files. This expansion is driven by the demand for cost-effective data backup and protection solutions, as well as the necessity to manage data from the heightened use of mobile technologies. Companies are increasingly adopting cloud storage to reduce operating costs and enhance profit margins by outsourcing or utilizing managed services. Strategic initiatives such as partnerships, mergers, acquisitions, and research and development efforts by key market players are expected to further propel the market's growth trajectory.

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Market Size of Cloud Storage Industry

Cloud Storage Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 117.12 Billion
Market Size (2029) USD 343.33 Billion
CAGR (2024 - 2029) 24.00 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Cloud Storage Market Major Players

*Disclaimer: Major Players sorted in no particular order

Cloud Storage Market Analysis

The Cloud Storage Market size is estimated at USD 117.12 billion in 2024, and is expected to reach USD 343.33 billion by 2029, growing at a CAGR of 24% during the forecast period (2024-2029).

The increasing demand for low-cost data backup, storage, and protection across all enterprises, coupled with the need to handle data generated by augmented usage of mobile technologies, favors the adoption rate of cloud storage.

  • The cloud storage market is expected to grow due to rising data volumes across enterprises and the growing need to provide remote workers with ubiquitous access to data and files. For instance, according to Seagate Technologies Holdings PLC, from 2020 to 2022, total enterprise data volume is expected to go from approximately one petabyte (PB) to 2.02 petabytes. This is a 42.2% average annual growth over two years.
  • Further, the total volume of data/information created, captured, copied, and consumed worldwide is expected to reach 181 zettabytes in 2025 from 79 zettabytes in 2021. Further, the World Economic Forum estimates that, by 2025, 463 exabytes of data will be created globally, equivalent to 212,765 thousand DVDs per day.
  • Moreover, the increasing demand for low-cost data backup and protection across all enterprises, coupled with the necessity of handling the data generated by augmented usage of mobile technologies, favors cloud storage adoption. Companies regularly find ways to mitigate their operating costs and increase profit margins, which can be done by outsourcing or adopting managed cloud services from third-party vendors.
  • Through strategic partnerships, mergers and acquisitions, and R&D, some of the prominent players in the market have been able to further develop the cloud storage technology. This may fuel the demand for cloud storage over the forecast period.

Cloud Storage Industry Segmentation

Cloud storage enables the user to store data on the Internet through a cloud computing provider that manages and operates data storage as a service. The data is stored in and is accessible from multiple distributed and connected resources.

The Cloud storage market is segmented by mode (private cloud, public cloud, hybrid cloud), by end-user (BFSI, retail and consumer goods, healthcare, media & entertainment, IT & telecommunication, manufacturing, government), and by geography (North America, Europe, Asia Pacific, Latin America, Middle East & Africa). The report offers market forecasts and size in value (USD) for all the above segments.

By Mode
Private Cloud
Public Cloud
Hybrid Cloud
By End-user Vertical
BFSI
Retail and Consumer Goods
Healthcare
Media and Entertainment
IT and Telecom
Manufacturing
Government
Other End-user Verticals
By Geography***
North America
Europe
Asia
Australia and New Zealand
Latin America
Middle East and Africa
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Cloud Storage Market Size Summary

The cloud storage market is poised for significant growth, driven by the increasing demand for cost-effective data backup, storage, and protection solutions across enterprises. The surge in data generated by the widespread adoption of mobile technologies and the need for remote access to data and files are key factors propelling the market forward. Companies are increasingly outsourcing or adopting managed cloud services to mitigate operating costs and enhance profit margins. Strategic partnerships, mergers and acquisitions, and ongoing research and development efforts by major players are further advancing cloud storage technology, thereby boosting its adoption. The banking sector, in particular, is witnessing a shift towards cloud storage solutions to enhance data security, streamline operations, and facilitate digital transformation, with technology vendors playing a crucial role in this transition.

North America is expected to maintain a dominant position in the cloud storage market due to its early adoption of new technologies, substantial investments in research and development, and robust IT infrastructure. The presence of major vendors like Google, IBM, Microsoft, Oracle, and Amazon Web Services in the region contributes to its strong market foothold. These companies are continuously innovating their offerings, which helps them maintain a competitive edge. Collaborative efforts, such as the partnership between Oracle and Google Cloud, aim to streamline application migrations and enhance cloud capabilities. Additionally, government initiatives, like Canada's "cloud-first" strategy, are anticipated to create opportunities in the hybrid cloud market, combining private cloud security with public cloud flexibility. The market remains semi-concentrated, with significant players holding substantial market shares, enabling them to influence market dynamics through innovation and strategic collaborations.

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Cloud Storage Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Value Chain Analysis

    3. 1.3 Industry Attractiveness - Porter's Five Force Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

    4. 1.4 Assessment of the Impact of COVID-19 on the Market

    5. 1.5 Cost/Price Trend Analysis for the Past Few Years

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Mode

      1. 2.1.1 Private Cloud

      2. 2.1.2 Public Cloud

      3. 2.1.3 Hybrid Cloud

    2. 2.2 By End-user Vertical

      1. 2.2.1 BFSI

      2. 2.2.2 Retail and Consumer Goods

      3. 2.2.3 Healthcare

      4. 2.2.4 Media and Entertainment

      5. 2.2.5 IT and Telecom

      6. 2.2.6 Manufacturing

      7. 2.2.7 Government

      8. 2.2.8 Other End-user Verticals

    3. 2.3 By Geography***

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia

      4. 2.3.4 Australia and New Zealand

      5. 2.3.5 Latin America

      6. 2.3.6 Middle East and Africa

Cloud Storage Market Size FAQs

The Cloud Storage Market size is expected to reach USD 117.12 billion in 2024 and grow at a CAGR of 24% to reach USD 343.33 billion by 2029.

In 2024, the Cloud Storage Market size is expected to reach USD 117.12 billion.

Cloud Storage Market Report Snapshots

Cloud Storage Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)