Cloud Storage Market is Expected to Grow from USD 99.5 Billion 2023 to reach USD 405.54 Billion in 2031 | SkyQuest Technology
Westford, USA, Aug. 09, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Cloud Storage Market will reach a value of USD 405.54 Billion by 2031, with a CAGR of 19.2% during the forecast period (2024-2031). Growing demand for big data storage is remarkably impacting the growth of the cloud storage market. Businesses are generating massive quantities of data regularly and this needs to be stored efficiently. For better storage of such increasing data, cloud storage plays a vital role, offering simplicity and higher efficiency. These operational benefits of cloud storage along with the integration of technologies like ML and AI are propelling the market growth.
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Browse in-depth TOC on the “Cloud Storage Market”
Pages – 165
Tables – 68
Figures – 75
Cloud Storage Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 99.5 Billion |
| Estimated Value by 2031 | USD 405.54 Billion |
| Growth Rate | Poised to grow at a CAGR of 19.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Application, Organization, Deployment, End-user and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Mounting Use of Analytical Solutions |
| Key Market Drivers | Multiple Benefits like Remote Access, Scalability, Durability, and Flexibility of Cloud Storage |
Unlimited Scalability Offered by Public Cloud is Propelling Segmental Growth
By type, the public segment registered for a major market share in 2022 owing to growing spending by public. Moreover, providers of public cloud offer digitally unlimited scalability, which allows businesses to increase storage capacity without the need for infrastructure management or additional costs. They also offer strong data redundancy and better backup structure. The private segment is expected to grow as the fastest-growing segment owing to the better control and security offered. This is essentially needed by industries like finance, banking, government, and healthcare, where regulatory compliance is strictly mandatory. Moreover, private clouds can be tailored to fulfill workloads and certain requirements.
Easy and Convenience Offered by Cloud Storage for BFSI Customers to Augment Growth
As per classification by application, the BFSI segment is expected to gain remarkable growth due to digitalization of the sector. The recent years have changed the way people make transactions including mobile wallets, online banking, digital payments, and several others. This key factor is fueling the need for secure storage models, thereby driving the segment growth. Conversely, the healthcare and life sciences segment are expected to grow steadily owing to the benefits of cloud services like real-time data insights and a reduction in IT intricacies. The data stored on the cloud can be easily accessed irrespective of location and time by the healthcare providers. These factors are driving the demand for cloud storage in the healthcare and life-science domain.
Increased Adoption of Data Centers along with Presence of Key Players to Fuel the Market in North America
Region-wise, North America led the market in 2022 in revenue and is projected to dominate in the coming years due to the existence of many market players and many data centers. Moreover, the rising adoption of smart home gadgets, video streaming services, connected vehicles and devices, and digital transactions is generating massive data daily. This growing volume of data is notably driving the demand for cloud storage in the region. Asia-Pacific is projected to gain highest growth over the forecast period backed by rising investments by the developing nations like Singapore, India, South Korea, Japan and others. Moreover, favorable government initiatives to propel digital transformation in different domains will notably increase the demand for cloud storage in the region.
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Cloud Storage Market Insight
Drivers:
- Growing Demand for New Storage Capacity
- Growing Adoption in Connected Vehicles and Devices
- Growing Demand for Cloud-Based Storage Technologies and Networking
Restraints:
- Strict Laws for Data Security and Privacy
- Lack of Awareness Regarding Cloud Services
- Additional Spending for Extra Storage
Prominent Players in Cloud Storage Market
The following are the Top Cloud Storage Companies:
- Amazon Web Services Inc.
- Microsoft Azure
- Google Cloud Storage
- IBM Cloud Storage
- Dropbox
- Apple iCloud
- pCloud
- Sync.com
- Backblaze
- Carbonite
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Key Questions Answered in Global Cloud Storage Market Report
- What is the estimated size of the Cloud Storage Market, as per SkyQuest Technology?
- What are the challenges faced by the players in the Cloud Storage Market?
- What are the leading driving factors of the Cloud Storage Market?
This report provides the following insights:
- Analysis of key drivers (sophistication of cloud network, rising demand for speedy access to data, significant cost savings), restraints (growing security concerns, potential downtime, issues associated with regulatory compliance), opportunities (notable rise of digital data, growing demand for analytical insights, heavy adoption of multi-cloud storage), and challenges (dependency on internet connection, issues with data reliability, growing concern regarding operational practices) influencing the growth of cloud storage market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the cloud storage market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the cloud storage market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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