Cloud Storage Market By Component (Solution, Services) , By Deployment (Private, Public, Hybrid) By User Type (Large Enterprises, Small & Medium Enterprises) By Industry Vertical (BFSI, Government & Public Sector, Healthcare, IT & Telecom, Retail, Manufacturing, Media & Entertainment, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Cloud Storage Market
The cloud storage market was valued at $98.8 billion in 2023 and is projected to reach $777.6 billion by 2033, growing at a CAGR of 22.5% from 2024 to 2033.
Cloud storage refers to a form of data storage for computers where files are saved on offsite pools, which are accessible over the internet. The storage facility is offered by third-party providers that host, secure, and manage the servers & associated infrastructure, ensuring instant access to data whenever required. Cloud storage is a cost-effective and scalable solution, enabling users to expand or reduce volumes as per demand.
Expansion of digitalization across diverse businesses has led to surge in data generation, thereby driving the growth of the cloud storage market for efficient data management. In addition, the flexibility available for consumers to use the storage resources as per their requirement augments the development of the market. Data as a service (DaaS) is an emerging trend in the cloud storage market, facilitating the democratization of data. DaaS provides on demand data, liberating users from the management of large data sets and enabling real-time decision-making via relevant data.
However, data storage on a third-party platform leads to significant concerns regarding data privacy and security breach, deterring several users & organization from its utility. Hence, security concerns hamper the widespread expansion of the cloud storage market. Moreover, accessing the data on cloud requires internet connectivity that acts as a limitation in underserves areas or regions with poor connectivity. This impacts the utility of cloud storage and restrains the market development. On the contrary, increasing investments in public cloud services is anticipated to enhance the attributes of cloud storage and present lucrative opportunities for the market. According to the latest updates of the spending guide by the International Data Corporation, investments in public cloud services are projected to reach $1.35 trillion by 2027. These investments are poised to open new avenues for the market by redefining storage landscape via AL, ML, and edge computing.
Segment ReviewThe cloud storage market is segmented into component, deployment, user type, industry vertical, and region. On the basis of component, the market is bifurcated into solution and services. By deployment, it is classified into private, public, and hybrid. As per user type, it is divided into large enterprises and small & medium enterprises. Depending on industry vertical, it is categorized into BFSI, government & public sector, healthcare, IT & telecom, retail, manufacturing, media & entertainment, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of component, the solution segment accounted for a high market share in 2023.
By deployment, the hybrid segment held a high share of the market in 2023.As per user type, the large enterprises segment dominated the market in 2023.
Depending on industry vertical, the IT & telecom segment acquired a high stake in the market in 2023.
Region wise, North America was the highest revenue generator in the market in 2023.
Competition AnalysisThe major players of the global cloud storage market include Amazon Web Services Inc, Dell Technologies Inc, Google Inc, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, Rackspace Hosting, Inc., Alibaba Cloud, and VMware, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy ComponentSolution
Services
By DeploymentPrivate
Public
Hybrid
By User TypeLarge Enterprises
Small Medium Enterprises
By Industry VerticalBFSI
Government Public Sector
Healthcare
IT Telecom
Retail
Manufacturing
Media Entertainment
Others
By RegionNorth America
U.S.
Canada
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersAmazon Web Services Inc
Dell Technologies Inc
Google Inc
Hewlett Packard Enterprise Development LP
IBM Corporation
Microsoft Corporation
Oracle Corporation
Rackspace Hosting, Inc.
Alibaba Cloud
VMware, Inc.