Industry Overview
The global cloud storage market size was valued at USD 98.9 billion in 2023. It is likely to grow up to USD 253.2 billion by 2030 at a CAGR of 17.8% during the forecast period ranging between 2025 and 2030.
The rising emphasis and need for data security pushes the market demand and is expected to continue in the projected period, mainly due to the rising threat of hacking and other forms of cyber threats. In addition, the strict regulatory measures to ensure data privacy and security and its compliance have encouraged businesses and individuals to adopt cloud storage providers and systems. These solutions typically have more robust and failsafe security features, such as multiple advanced authentication requirements and end-to-end data encryption. This makes cloud storage an appealing and safe solution, thereby pushing its demand and market forward.
Cloud storage is basically an advanced technology that uses sophisticated systems and servers to store data and allow access to authorized users only. It does not need local devices to manage data because it is typically done through the internet. The mechanism uses remote servers in different data centers and advanced technologies such as distributed systems, virtualization, and more. This offers higher flexibility, scalability, easy accessibility, and cost savings. It does not need to invest in new hardware to store data. It is popular for specific purposes such as individual and business file storage, data management, disaster recovery, and software development. Some major cloud service providers are Google Drive, Amazon S3, Dropbox, and more.
Global Cloud Storage Market Report Coverage
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Report Metric
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Details
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Historical Period
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2018 - 2023
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Base Year Considered
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2024
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Forecast Period
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2025 - 2030
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Market Size in 2023
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U.S.D. 98.9 Billion
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Revenue Forecast in 2030
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U.S.D. 253.2 Billion
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Growth Rate
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17.8%
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Segments Covered in the Report
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By Component, By Type, By Enterprise Type, By Vertical
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Report Scope
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Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
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Regions Covered in the Report
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North America, Europe, Asia Pacific and Rest of the World
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Global Cloud Storage Industry Dynamics
Global Cloud Storage Market Trends/ Growth Drivers:
Growing acceptance and rapid digital transformation
The primary factor that pushes the growth of the global cloud storage market is the growing acceptance and use of this failsafe solution. Its widespread adoption is also attributed to the rapid digital transformation in almost every industry sector because it supports digital operation collaboration in real time and improves data management. this scalable, cost-effective, and accessible solution also supports shifting to remote or hybrid work environments, which is facilitated by the development and growing use of IoT devices, Big Data, and AI-based applications.
The rising investment and growth of cloud infrastructure also contribute to market growth since it can efficiently handle large volumes of data. This supports sustainability and the trend to meet environmental and social commitments by businesses. Other growth factors include the development of 5G technology that boosts data transfer speed, shared systems eliminating the need to invest in expensive hardware, growing internet penetration in developing markets, higher demand for more flexible data storage solutions, and energy efficiency.
Global Cloud Storage Market Challenges
Concerns over data privacy and security
Rising apprehension of data loss and leaks is one of the most significant challenges faced by the global cloud storage market, hindering its widespread adoption and market growth. It is also attributed to the rising incidents of data breaches, cyberattacks, stringent compliance requirements, technical complexities, and the possibility of rising costs due to robust authentication and encryption needs. The cost of shifting is also high, deterring widespread adoption of cloud storage systems. Other hindrances to the market growth include possible downtime while transferring data during peak hours, vendor lock-in, and restricted access in remote regions.
Global Cloud Storage Market Opportunities
Growing Implementation of advanced technologies like big data analytics and AI
The growing preference and prevalence of big data analytics and AI integration present a significant growth opportunity for the global cloud storage market. This allows the service providers to make the most of the rising demand for AI-related tools to facilitate data management and improve efficiency in operation and decision-making. Other growth opportunities include the ability to handle large sets of data, reduced latency due to edge computing, growing demand for flexible and scalable multi-cloud and hybrid solutions, and growing adoption in specific sectors like eCommerce, healthcare, and developing economies.
Recent Developments by Key Players
Amazon Web Services Inc. has announced the general availability of AWS App Studio, which is its popular artificial intelligence service for creating business applications with natural language prompts.
Global Cloud Storage Market Segmentation
VynZ Research provides an analysis of the key trends in each segment of the Global Cloud Storage Market report, along with forecasts at the regional and country levels from 2025-2030. Our report has categorized the market based on Component, Type, Enterprise Type, and Vertical.
Market Segmentation
Insight by Component
The storage model category dominates the market due to higher flexibility and scalability
The global cloud storage market is divided by components into Storage Models and Services categories, where the former is further subdivided into File Storage, Object Storage, and Block Storage. The storage model category dominates the market due to higher flexibility and scalability. Object storage is preferred for its ability to handle unstructured data, file storage for easy document accessibility, and block storage for high performance.
Insight by Type
- Public
- Private
- Hybrid classes
The public storage category dominates the market due to higher accessibility
Different types divide the global cloud storage market into Public, Private, and Hybrid classes. Despite the significant growth of the private and hybrid storage segments, the public storage segment dominates the market due to higher accessibility and cost-effectiveness. It is also highly scalable, encouraging the SMEs to adopt such storage solutions.
Insight by Enterprise Type
- Small Enterprises
- Medium Enterprises (SMEs)
- Large Enterprises
The Small and Medium Enterprises (SMEs) dominates due to higher adoption
Different enterprise types also segregate the global cloud storage market into Small and Medium Enterprises (SMEs) and Large Enterprises. Among these two major segments, the SMEs segment dominates the market due to higher adoption of cloud storage solutions. This is mainly due to the beneficial properties of these solutions namely higher scalability, security in data transmission, and affordability. This affordable storage solution meets all the needs of the SMEs.
Insight by Vertical
- BFSI
- Healthcare
- Life Science
The BFSI is the most dominating segment due to higher reliance
The global cloud storage market is divided by different industry verticals into BFSI, Healthcare and Life Science. It is also divided into IT and Telecommunication sectors, manufacturing, Retail and Consumer Goods sector. It also comprises Government and Public Sector, Travel & Hospitality, Energy & Utilities, Chemical,Media and Entertainment, and other segments. Among all of them, the BFSI segment dominates due to its higher dependence and the growing requirement of secure data transmission, regulatory compliance, and analytics in real time.
Global Cloud Storage Market: Geographic Overview
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Vietnam
- Thailand
- Malaysia
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
North America, mainly the US, leads the global cloud storage market. It has a much-developed IT infrastructure, higher and growing demand in different industries, rising digital adoption, and higher investments in cloud infrastructure and technology.
The market in Europe shows significant growth promises due to the growing adoption of hybrid models, strict data management guidelines, rapid IT modernization and investment in developing infrastructure, mainly in Germany, France, and the UK.
Asia Pacific region is expected to grow at a rapid rate during the forecast period due to high demand in different industries for scalable cloud solutions, rising internet penetration and digitization in developing markets in India and China.
South Africa and the GGC in the Middle East & Africa region are witnessing growth due to rising eCommerce in different sectors, including banking and the growing adoption of digitization and cloud storage.
South America, especially Brazil and Argentina, also show significant growth potential due to the rising adoption of cloud storage solutions in government and private business sectors for their higher scalability and cost-effectiveness.
Competitive Insights of Global Cloud Storage Market:
PRIMARY RESEARCH INTERVIEWS - BREAKDOWN
