How Has The Cloud Storage Market Size Evolved Historically?
The cloud storage market has seen considerable growth due to a variety of factors.
• The size of the cloud storage market has been expanding exponentially in the past few years. It is projected to increase from a worth of $107.76 billion in 2024 to $124.57 billion in 2025, indicating a compound annual growth rate (CAGR) of 15.6%.
Factors stimulating this growth during the historical period include a surge in data, cost-effectiveness, the ability for remote access and collaboration, disaster recovery and business continuity measures, along with globalization and scalability.
How Will the Cloud Storage Market Size Evolve over the Forecast Period?
The cloud storage market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for cloud storage is anticipated to experience robust growth in the coming years. The market is projected to reach $273.05 billion by 2029, expanding at a compound annual growth rate (CAGR) of 21.7%.
This projected growth during the forecast period may be due to edge computing integration, enhanced security measures and data lifecycle management. Advanced technology, the use of artificial intelligence (AI) and machine learning (ML), sustainability initiatives, the dominance of object storage, and storage class tiers for cost optimization are the major trends expected during the forecast period.
What Are The Primary Growth Drivers In The Cloud Storage Market?
The anticipated surge in data volumes is tipped to spur the expansion of the cloud storage market. Data volume pertains to the size of data sets that require analysis and processing, and these sets are typically larger than terabytes and petabytes. The rise in digital technology and computer usage across organizations has resulted in an increased generation of data, which in turn has heightened the demand for storage systems such as cloud storage. Cloud storage eases the burden on organizations as it stores data on the internet, eliminating the need for physical data centers. As an example, the World Economic Forum, a non-governmental organization based in Switzerland, predicted in January 2023 that individuals and businesses worldwide would generate around 463 exabytes of data daily by 2025. Hence, the explosion in data volumes is seen as a significant driver for the growth of the cloud storage market.
What Key Areas Define The Segmentation Of The Global Cloud Storage Market?
The cloud storage market covered in this report is segmented –
1) By Type: Object Storage, File Storage, Block Storage
2) By Component: Storage Model, Services
3) By Mode: Private Cloud, Public Cloud, Hybrid Cloud
4) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
5) By Vertical: BFSI, IT And Telecommunication, Government And Public Sector, Manufacturing, Healthcare And Life Science, Retail And Consumer Goods, Media And Entertainment, Other Verticals (Energy And Utilities, Chemical, Travel And Hospitality)
Subsegments:
1) By Object Storage: Cloud-Based Object Storage, On-Premises Object Storage, Hybrid Object Storage Solutions, Scalable Object Storage
2) By File Storage: Network-Attached Storage (NAS), Distributed File Systems, Cloud File Storage, High-Performance File Storage
3) By Block Storage: Storage Area Network (SAN), Direct-Attached Storage (DAS), Cloud Block Storage, High-Performance Block Storage
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How Are Emerging Trends Reshaping The Dynamics Of The Cloud Storage Market?
Top firms in the cloud storage market are steadily concentrating on creating inventive storage solutions like SaaS-based digital storage to boost scalability, enhance data accessibility, and lower business operation costs. SaaS-based digital storage is a cloud computing model that provides data storage services via the internet on a subscription basis, enabling users to access and manage their data without requiring an on-premises infrastructure. It offers scalability, cost-saving benefits, and ease of use for both individuals and businesses. For example, in July 2023, DigiBoxx, an Indian digital file sharing and cloud storage services provider, introduced a new data storage solution intended for both individual and corporate clients. The system, known as Megh3, provides users with quick, simple, and adaptable storage choices at competitive rates, merging affordability with simplicity. As an indigenous software-as-a-service (SaaS) digital storage platform, Megh3 guarantees data protection and retrieval from any device or location. It simplifies workflows and unifies brand assets across different channels, allowing teams to work together effectively and cohesively.
Who Are the Key Players in the Cloud Storage Market?
Major companies operating in the cloud storage market include:
• Amazon.com Inc.
• Apple Inc.
• Alphabet Inc.
• Microsoft Corporation
• Alibaba Group
• Dell Technologies Inc.
• IBM Corporation
• Cisco Systems Inc.
• Oracle Corporation
• Tencent Cloud
• Hewlett Packard Enterprise Company
• Salesforce.com Inc.
• NetApp Inc.
• Akamai Technologies Inc.
• Rackspace hosting Inc.
• Bluehost
• Dropbox Inc.
• Endurance International Group
• Backblaze Inc.
• OVH Groupe SA
• DigitalOcean Holdings Inc.
• DreamHost LLC
• InMotion Hosting Inc.
• MEGA Cloud services Ltd.
• Hetzner Online GmbH
• Sync.com Inc.
• pCloud AG
• RamNode LLC
• ID Cloud Services LTD.
• The Constant Company LLC
• VMware Inc.
What Is The Most Dominant Region In The Cloud Storage Market?
North America was the largest region in the cloud storage market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
