Cloud Computing & Storage Market by Component (Services, Solution), Type (Block Storage, File Storage, Object Storage), Workload, Organization Size, Deployment Model, Vertical - Global Forecast 2024-2030

Cloud Computing & Storage Market by Component (Services, Solution), Type (Block Storage, File Storage, Object Storage), Workload, Organization Size, Deployment Model, Vertical - Global Forecast 2024-2030

The Cloud Computing & Storage Market size was estimated at USD 821.30 billion in 2023 and expected to reach USD 929.14 billion in 2024, at a CAGR 13.32% to reach USD 1,971.18 billion by 2030.

Cloud computing & storage refer to the delivery of computer services, including software, storage, processing power, and other resources, over the Internet. This innovative technology enables users to access these resources on demand without investing in physical infrastructure or maintaining it at their premises. Rapid advancements in technology have fueled market growth by enabling innovative applications such as big data analytics, artificial intelligence (AI), machine learning (ML), Internet of Things (IoT), and edge computing that rely heavily on powerful cloud-based infrastructures. Companies are shifting toward a remote work culture due to recent global events such as COVID-19, accelerating the demand for reliable collaboration tools and virtual workspace solutions provided through SaaS platforms. However, data privacy concerns and downtime risks associated with cloud computing & storage impact their utilization. Market players are working on developing technologies that enable secure cross-border transfer of data while complying with regional laws and regulations. In addition, market players are building hybrid clouds and multi-clouds where organizations can leverage public and private clouds to optimize costs while maintaining control over sensitive data, opening opportunities for cloud service providers to offer tailored solutions.

Regional Insights

The Americas, particularly North America, have an advanced landscape in utilizing cloud computing services, driven by their shift to remote work capabilities and robust data management solutions. The region houses several major global players in the industry, which has significantly contributed to widespread adoption, and are investing heavily in expanding their local data centers to support the growing demand for cloud services. Asia is experiencing exponential growth in cloud computing usage as emerging economies seek scalable IT solutions to support their expanding businesses. China, Japan, and India play a significant role as they invest heavily in their domestic technology industry, build a strong focus on technology and innovation, and include initiatives expanding cloud computing usage. The APAC region is witnessing significant cloud computing adoption owing to the rapid digital transformation, increasing internet penetration, and a growing number of small and medium-sized enterprises (SMEs) leveraging technology-based services. Economic integration within the European Union has facilitated consistent growth in the demand for cloud computing services across the region. Europe has launched GAIA-X – a joint initiative aimed at establishing a federated European cloud infrastructure that adheres to EU values concerning data privacy and digital autonomy. The presence of major IT companies provides the potential for organizations in the EMEA to adopt cloud computing solutions seamlessly.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Cloud Computing & Storage Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Rising shift to remote work and the need for seamless collaboration tools
Government initiatives supporting cloud computing technologies and services
Increasing use of IoT and big data and high volume of data generated

Market Restraints

Technical complexities caused by downtime and issues of vendor lock-in period

Market Opportunities

Introduction of advanced hybrid, edge, and multi-cloud strategies in IT environments
New investments in large-scale cloud computing data centers worldwide

Market Challenges

Concerns associated with data security and privacy breach

Market Segmentation Analysis

Component: Rising adoption of cloud computing & storage solutions to ensure reliable IT operations
Type: High preference for file storage cloud to manage the increasing amount of data generated
Organization Size: Emerging use of cloud computing by small & medium enterprises worldwide to ensure secure storage of data
Deployment Model: Extensive shift to private cloud by industries to improve cloud computing reliability and safety
Vertical: Shift of the healthcare and BFSI industry to cloud computing due to its high scalability
Workload: Extensive popularity of hypervisor & edge computing across end-user industries

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Cloud Computing & Storage Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Cloud Computing & Storage Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Google Launches Three New Cloud Storage Options: Cloud Storage FUSE, Parallelstore, NetApp Volumes

Google introduced three new cloud storage solutions in the field of cloud computing & storage, including Cloud Storage FUSE, Parallelstore, and NetApp Volumes, specifically designed for artificial intelligence applications. These additions to Google's cloud storage offerings demonstrate the company's commitment to providing diverse and advanced storage solutions for various industries and use cases.

NetApp and Google Cloud Introduce Managed Storage Service to Revolutionize Enterprise Workloads in the Cloud

NetApp extended its partnership with Google Cloud, offering customers storage performance and flexibility in both Windows and Linux environments. With the fully managed, first-party service of Google Cloud NetApp Volumes, customers can now utilize this solution for workloads like VMware and SAP migrations without the need for code refactoring or process redesign. This collaboration empowers customers by providing easy access to ONTAP storage and data management capabilities, ensuring the availability of enterprise-grade storage for critical workloads, and enabling seamless integration with increased efficiency for businesses seeking reliable and scalable solutions for their data storage needs.

Digiboxx Launches New Cloud Storage Solution for Enterprises, Individuals

DigiBoxx, India's SaaS-based digital storage and sharing platform, launched Megh3, a homegrown solution for digital backup. Megh3 is fully compatible with S3 storage and offers customers fast, simple, and flexible storage solutions at an affordable price point. This Indian-made solution emphasizes the importance of data security and accessibility, providing users with a reliable and efficient storage option for their digital content.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Cloud Computing & Storage Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Cloud Computing & Storage Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, Adobe Inc., Akamai Technologies, Inc., Alibaba Group Holding Limited, Amazon Web Services, Inc., Box, Inc., Capgemini Services SAS, Cisco Systems, Inc., Cloud Software Group, Inc., Cloudera, Inc., Cognizant Technology Solutions Corporation, Dell Inc., DigitalOcean Holdings, Inc., Dropbox, Inc., Epicor Software Corporation, Fujitsu Limited, Google Inc. by Alphabet Inc., Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Lumen Technologies, Microsoft Corporation, NetApp, Inc., Nutanix Group, OpenText Corporation, Oracle Corporation, Rackspace Technology’s, Salesforce, Inc., SAP SE, ServiceNow, Inc., Snowflake Inc., Tencent Cloud, VMware by Broadcom Inc., and Zoho Corporation.

Market Segmentation & Coverage

This research report categorizes the Cloud Computing & Storage Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
Services
Integration & Migration
Managed Services
Support & Maintenance
Training & Consulting
Solution
Cloud Storage Gateway
Collaboration & Productivity Suites
Customer Relationship Management
Data Archiving
Disaster Recovery Backup
Human Capital Management
Primary Storage
Supply Chain Management
Type
Block Storage
File Storage
Object Storage
Workload
Application Development & Testing
Business Analytics
Collaboration & Content Management
Database Management
Enterprise Resource Management
Hypervisor & Edge computing
Integration & Orchestration
Storage, Backup & Disaster Recovery
Organization Size
Large Enterprises
Small & Medium-Sized Enterprises
Deployment Model
Private Cloud
Public Cloud
Vertical
Banking, Financial Services, & Insurance
Consumer Goods & Retail
Education
Energy & Utilities
Government & Public Sector
Healthcare & Life Sciences
Manufacturing
Media & Entertainment
Telecommunications & IT
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year