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

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

The Cloud Storage Market size was estimated at USD 98.19 billion in 2023 and expected to reach USD 112.63 billion in 2024, at a CAGR 15.10% to reach USD 262.80 billion by 2030.

Cloud storage is a service model in which data is managed, backed up remotely, and made available over a network, typically the internet. This approach allows users to store files online and can access them from any location via the Internet. This model of data storage is highly scalable, offering users flexible storage solutions that can be adjusted according to their needs. Providers of cloud storage services maintain, operate, and manage data storage capacities on their virtualized infrastructure, enabling seamless, on-demand access to computing resources. The cloud storage market is driven by various factors, including the exponential growth of data volume worldwide, the increasing trend of workforce mobility, and the growing need for disaster recovery and data backup solutions. The scalability and flexibility of cloud storage allow businesses to manage their resources efficiently and act as significant driving forces behind its adoption. Despite its growth, concerns over data security and privacy, given the storage of sensitive information in remote locations, hinder the market growth. Moreover, potential downtime and dependency on internet connectivity can hinder access to data, impacting business operations. However, the advent of AI and machine learning technologies for advanced data analytics and management can provide businesses with insights to drive decision-making. Furthermore, the increasing adoption of cloud storage solutions among small and medium-sized enterprises (SMEs) opens up new growth avenues for market growth.

Regional Insights

The cloud storage market in the Americas is observing rapid growth, driven by the increasing adoption of cloud solutions across businesses of various sizes. The United States, with the presence of established cloud service providers and early adoption of technological advancements, showcases robust growth. In Europe, the Middle East, and Africa (EMEA), the cloud storage market is showing a positive growth trend, with the rising demand for cost-effective storage solutions and stringent data protection regulations, such as GDPR, necessitating secure and reliable data storage options. The Middle East and Africa are gradually catching up, with increasing digitalization efforts and investments in cloud infrastructure propelling market growth in these sub-regions. Asia-Pacific is witnessing the fastest growth in the cloud storage market owing to rapid digital transformation, the proliferation of smartphones and internet usage, and significant investments in cloud technology by emerging economies such as China, India, and Southeast Asian countries. Moreover, the expanding e-commerce sector, coupled with the need for scalable and cost-efficient storage solutions, is expected to boost APAC's market growth.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Cloud 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

Increasing volume of data generated and demand for efficient data storage solution
Government initiatives to promote cloud computing
Rising preference for remote and hybrid work environments

Market Restraints

High cost of private cloud and probable risk of open threats among end-users

Market Opportunities

Increasing integration of advanced technologies into cloud storage to achieve data integrity
Emerging deployment of cloud among small and medium enterprises

Market Challenges

Latency and network outage concerns in public cloud storage coupled with data privacy issues

Market Segmentation Analysis

Type: Higher deployment of block storage in complex operations and performance-critical transactions
Vertical: Growing adoption of cloud storage in BFSI and government sector to handle vast public datasets securely

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 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 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

Hitachi Vantara Launches Hybrid Virtual Cloud Storage Platform

Hitachi Vantara has unveiled its Hitachi virtual storage platform one, a hybrid cloud data platform, offering an integrated data plane for structured and unstructured data across various storage formats, including block, file, and object storage. This unified approach caters to a wide range of applications, facilitating operations both on-premises and in the cloud, thus addressing the current challenges businesses face in terms of complex data management.

DigitalOcean Introduces Cloud-Hosted Scalable Storage for Managed Databases

DigitalOcean Holdings, Inc. has introduced scalable storage for its PostgreSQL and MySQL-managed databases. This innovative offering empowers businesses to scale their database storage efficiently without the need to increase computing and memory resources. This approach addresses the dynamic demands of growing businesses and ensures optimal cloud spend efficiency.

DigiBoxx Launches New Cloud Storage Solution for Enterprises, Individuals

DigiBoxx unveiled its latest cloud data storage offering, Megh3, with rapid, flexible, and affordable storage options directly to users, epitomizing both simplicity and value. This platform ensures data protection and accessibility across any device, facilitating seamless workflow integration and synchronization across diverse team structures. Additionally, addressing the growing apprehensions surrounding data sovereignty and digital IP, DigiBoxx assures users of the safe storage of digital assets within India, with its servers and data centers being locally situated.

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 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 Storage Market, highlighting leading vendors and their innovative profiles. These include Alibaba Cloud, Alphabet, Inc., Amazon Web Services, Inc., Apple, Inc., AT&T Inc., Cloud Software Group, Inc., Cloudflare, Inc., Dell, Inc., DigitalOcean, LLC, Dropbox, Inc., Fujitsu Limited, Hewlett Packard Enterprise Company, Huawei Technologies Co., Ltd., International Business Machines Corporation, Linode LLC by Akamai Technologies, Inc., Microsoft Corporation, NetApp Inc., Oracle Corporation, pCloud International AG, Rackspace Technology, Scality Inc., Tencent Cloud, The Constant Company, LLC,, UpCloud Ltd., VMware, Inc. by Broadcom Inc., Wasabi Holding Company, Inc., and Zadara Storage Inc..

Market Segmentation & Coverage

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

Type
Block Storage
File Storage
Object Storage
Component
Services
Integration & Migration
Managed Services
Support & Maintenance
Training & Consulting
Solution
Cloud Storage Gateway
Data Archiving
Disaster Recovery & Backup
Primary Storage
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