Cloud Storage Market Size Expected to Reach USD 376.37 Billion, exhibiting a 24.0% CAGR by 2029
According to Fortune Business Insights, the global Cloud Storage Market size is projected to reach USD 376.37 Billion by 2029, at a CAGR of 24.0% during the forecast period, 2022-2029
Pune, India, April 06, 2023 (GLOBE NEWSWIRE) — The global cloud storage market size was valued at USD 70.19 billion in 2021 and is projected to grow from USD 83.41 billion in 2022 to USD 376.37 billion by 2029, exhibiting a CAGR of 24.0% during the forecast period. Rising Adoption of Artificial Intelligence and Video Analytics to Accelerate Growth. Fortune Business Insights provide this information in its report titled “Global Cloud Storage Market Forecast, 2023-2029.”
Key Industry Developments
Microsoft Corporation and Kubota Corporation entered a strategic alliance to facilitate Kubota Corporation’s digital transformation. This development may allow the company to incorporate its IT infrastructure on Microsoft’s Azure cloud platform.
Amazon Web Services, Inc. was chosen by Carrier to be its preferred cloud provider. Carrier will utilize AWS machine learning, analytics, and warehouse services to point out efficiencies in its supply chains and manufacturing processes. It would also use the latter’s IoT services to support a new range of networked, intelligent products and services for the refrigerated, workplace, and home logistics chain.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 24.0% |
| 2029 Value Projection | USD 376.37 Billion |
| Base Year | 2021 |
| Cloud Storage Market Size in 2021 | USD 70.19 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Type, Component, Enterprise Size, Vertical and Geography |
| Cloud Storage Market Growth Drivers | Rising Adoption of Artificial Intelligence and Video Analytics to Accelerate Growth |
Key Takeaways
- Cloud storage stores and manages data on the internet and can be delivered on-demand and as per pay and use model.
- Surge in Use of Social Media and Analytical Platforms to Propel Market Growth
- The growing use of artificial intelligence (AI) is projected to increase storage demand to improve data security.
- Cloud Storage Market Size in North America was USD 34.33 Billion in 2021
- By Component Analysis: High Data Security Feature to Augment Storage Models Growth
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Drivers & Restraints-
- Rising Adoption of Artificial Intelligence and Video Analytics to Accelerate Growth
- The increasing adoption of various innovative technologies, such as artificial intelligence (AI), remote sensing, and advanced video systems, such as 4K resolution cameras is set to propel the demand for cloud type of storage solutions in the near future.
- In addition to that, the utilization of analytics-driven platforms is helping companies in the generation of a large amount of data.
- They prefer hybrid storage solutions more than conventional ones. However, government agencies are constantly deploying strict norms on the usage of cloud services because of confidentiality and data privacy issues. It may hinder growth.
- Increasing Data Volumes to Bolster Cloud Storage Market Growth
Segmentation
By component, the global cloud storage market share is segmented into storage model and services. As per type, it is trifurcated into public, private, and hybrid. By enterprise size, it is classified into small and medium enterprises (SMEs) and large enterprises. Based on vertical, it is categorized into BFSI, IT and telecommunication, government and public sector, manufacturing, healthcare and life science, retail and consumer goods, media and entertainment, and others. Regionally, it is clubbed Into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
BFSI Segment to Grow Steadily Fueled by Need for Improving Consumer Experience
Based on the vertical, the IT and telecommunication segment generated 18.0% in terms of the cloud storage market share in 2020. The BFSI segment is anticipated to lead in the forthcoming years as the industry deals with large volumes of customer data on regular bases. It delivers efficient services to the customers. To serve them better, they require cloud storage technology as it poses as a transformative digital solution. This solution provides a high level of scalability, agility, and data security to the industry. These advanced systems not only improve consumer experience and revenues, but also enhance the operational efficiency. These factors are set to drive the growth of the BFSI segment in the near future.
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Regional Insights
Presence of Major Cloud Service Providers to Enhance Market Growth in North America
North America is expected to dominate the cloud storage market share because of the presence of major cloud service providers. The industry size in North America stood at USD 34.3 billion in 2029 and is expected to gain a major portion of the global share in the upcoming years. Furthermore, the rising adoption of digital payments, video streaming services, connected devices, and smart home devices may propel market progress.
In Asia Pacific, the rising investment in cloud services by India, South Korea, Singapore, Japan, and others may propel the industry’s growth. Moreover, the rising government initiatives for driving digital transformation may enhance cloud storage service adoption. These factors may bolster market growth.
List of Key Players Profiled in the Cloud Storage Market Report
- 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.)
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Major Table of Contents:
- Global Cloud Storage Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Storage Model
- Services
- By Type (USD)
- Public
- Private
- Hybrid
- By Enterprise Size (USD)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- By Vertical (USD)
- BFSI
- IT and Telecommunication
- Government and Public Sector
- Manufacturing
- Healthcare and Life Sciences
- Retail and Consumer Goods
- Media and Entertainment
- Others
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Cloud Storage Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Storage Model
- Services
- By Type (USD)
- Public
- Private
- Hybrid
- By Enterprise Size (USD)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- By Vertical (USD)
- BFSI
- IT and Telecommunication
- Government and Public Sector
- Manufacturing
- Healthcare and Life Sciences
- Retail and Consumer Goods
- Media and Entertainment
- Others
- By Country (USD)
- United States
- Canada
- Mexico
- South America Cloud Storage Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Storage Model
- Services
- By Type (USD)
- Public
- Private
- Hybrid
- By Enterprise Size (USD)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- By Vertical (USD)
- BFSI
- IT and Telecommunication
- Government and Public Sector
- Manufacturing
- Healthcare and Life Sciences
- Retail and Consumer Goods
- Media and Entertainment
- Others
- Global Cloud Storage Market Size Estimates and Forecasts, By Segments, 2018-2029
TOC Continued….
FAQ’s
How big is the cloud storage market?
The global Cloud Storage Market size was valued at USD 70.19 Billion in 2021
What is the growth of cloud storage market?
The global cloud storage market is expected to expanding at a CAGR of 24.0% over forecast period 2022 to 2029.
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