Cloud Storage Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Cloud Storage Market
The cloud storage market size was valued at USD 108.69 billion in 2023, and the market is now projected to grow from USD 132.03 billion in 2024 to USD 665 billion by 2032, exhibiting a CAGR of 22.4% during the forecast period of 2023-2032.
The COVID-19 pandemic spurred significant cloud storage market growth as companies increasingly adopted storage services to accommodate virtual work and escalating data volumes. Cloud storage is perceived highly to promote working remotely because they have embraced various collaboration methods, consequently endorsing cloud-based solutions.
Higher data generation has been spurred by the increase of remote sensing, Internet of things (IoT) adoption and better video content such as cameras with 8K or above such as those of 4K. Consequently, there's a rising need for cloud storage market share and networking tech. Additionally, the expanding utilization of Artificial Intelligence (AI) is forecasted to further drive storage demand, particularly for enhancing data security measures.
The market is witnessing growth driven by the rising use of social media and analytical platforms. Cloud analytics presents opportunities for providers as industries seek insights for decision-making. The demand for additional data storage is escalating due to substantial computing power requirements. Enterprises are embracing advanced storage technologies for enhanced accessibility and flexibility. Moreover, social media analytics are prompting end-users to adopt cloud-based storage services, promising real-time improvements in customer experience.
Comprehensive Analysis of Cloud Storage Market
The exponential growth of the cloud storage market is attributed to its segmentation strategy, offering a comprehensive evaluation of the industry's benefits from information and communication technology. Segments are systematically categorized based on type, component, and enterprise type, ensuring a thorough assessment of market dynamics and their impact on the industry. The type segmentation include, Private, Public, and Hybrid. The component segmentations include (Storage Model (Object Storage, File Storage, and Block Storage) and Services). The enterprise type segmentation includes SMEs and Large Enterprises. The vertical segmentation includes BFSI, IT and Telecommunication, Government and Public Sector, Manufacturing, Healthcare and Life Sciences, Retail and Consumer Goods, Media and Entertainment, and Others.
North America led in revenue generation, dominating the global cloud storage market in 2022. This is due to the presence of major cloud providers and numerous data centers. The increasing use of smart home devices, connected devices, video streaming services, and digital payments generates vast amounts of data daily, driving the demand for cloud storage across the region.
Key market players are essential to the information and communication technology industry, driving industrial growth and setting benchmarks for market standards. These players include, Alibaba Group Holding Limited (China), Amazon Web Services (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.) and VMware, Inc. (U.S.).
In October 2023, Hitachi Vantara introduced the Hitachi Virtual Storage Platform One, a hybrid cloud data platform that lets businesses store structured and unstructured data. It supports running applications both on the cloud and on-premises, enhancing operational flexibility and efficiency.
Segmentation Table
Global Cloud Storage Market Scope
Study Period 2019-2032
Base Year 2023
Forecast Period 2024-2032
Growth Rate CAGR of 22.4% from 2024 to 2032
Historical Period 2019-2022
Unit Value (USD Billion)
Segmentation By Component, Type, Enterprise Type, Vertical, and Region
By Component Storage Model
- Object Storage
- File Storage
- Block Storage
Services
By Type Public
Private
Hybrid
By Enterprise Type Small and Medium Enterprises (SMEs)
Large Enterprises
By Vertical BFSI
IT and Telecommunication
Government and Public Sector
Manufacturing
Healthcare and Life Sciences
Retail and Consumer Goods
Media and Entertainment
Others (Energy & Utilities, Chemical, Travel & Hospitality etc.)
By Region North America
- U.S. (By Vertical)
- Canada (By Vertical)
- Mexico (By Vertical)
South America
- Brazil (By Vertical)
- Argentina (By Vertical)
- Rest of South America
Europe
- U.K. (By Vertical)
- Germany (By Vertical)
- France (By Vertical)
- Italy (By Vertical)
- Spain (By Vertical)
- Russia (By Vertical)
- Benelux (By Vertical)
- Nordics (By Vertical)
- Rest of Europe
The Middle East & Africa
- Turkey (By Vertical)
- Israel (By Vertical)
- GCC (By Vertical)
- South Africa (By Vertical)
- North Africa (By Vertical)
- Rest of Middle East & Africa
Asia Pacific
- China (By Vertical)
- Japan (By Vertical)
- India (By Vertical)
- South Korea (By Vertical)
- ASEAN (By Vertical)
- Oceanic (By Vertical)
- Rest of Asia Pacific
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Cloud Storage Key Players Market Share Insights and Analysis, 2023
- 5. Global Cloud Storage Market Size Estimates and Forecasts, By Segments, 2019-2032
- 5.1. Key Findings
- 5.2. By Type (USD)
- 5.2.1. Public Cloud
- 5.2.2. Private Cloud
- 5.2.3. Hybrid
- 5.3. By Component (USD)
- 5.3.1. Storage Model
- 5.3.1.1. Object Storage
- 5.3.1.2. File Storage
- 5.3.1.3. Block Storage
- 5.3.2. Services
- 5.4. By Enterprise Type (USD)
- 5.4.1. SMEs
- 5.4.2. Large Enterprises
- 5.5. By Vertical (USD)
- 5.5.1. BFSI
- 5.5.2. IT & Telecommunication
- 5.5.3. Government & Public Sector
- 5.5.4. Manufacturing
- 5.5.5. Healthcare & Life Sciences
- 5.5.6. Retail & Consumer Goods
- 5.5.7. Media & Entertainment
- 5.5.8. Others (Energy & Utilities, Travel & Hospitality, etc.)
- 5.6. By Region (USD)
- 5.6.1. North America
- 5.6.2. South America
- 5.6.3. Europe
- 5.6.4. The Middle East & Africa
- 5.6.5. Asia Pacific
- 6. North America Cloud Storage Market Size Estimates and Forecasts, By Segments, 2019-2032
- 6.1. Key Findings
- 6.2. By Type (USD)
- 6.2.1. Public Cloud
- 6.2.2. Private Cloud
- 6.2.3. Hybrid
- 6.3. By Component (USD)
- 6.3.1. Storage Model
- 6.3.1.1. Object Storage
- 6.3.1.2. File Storage
- 6.3.1.3. Block Storage
- 6.3.2. Services
- 6.4. By Enterprise Type (USD)
- 6.4.1. SMEs
- 6.4.2. Large Enterprises
- 6.5. By Vertical (USD)
- 6.5.1. BFSI
- 6.5.2. IT & Telecommunication
- 6.5.3. Government & Public Sector
- 6.5.4. Manufacturing
- 6.5.5. Healthcare & Life Sciences
- 6.5.6. Retail & Consumer Goods
- 6.5.7. Media & Entertainment
- 6.5.8. Others (Energy & Utilities, Travel & Hospitality, etc.)
- 6.6. By Country (USD)
- 6.6.1. United States
- 6.6.1.1. By Vertical
- 6.6.2. Canada
- 6.6.2.1. By Vertical
- 6.6.3. Mexico
- 6.6.3.1. By Vertical
- 7. South America Cloud Storage Market Size Estimates and Forecasts, By Segments, 2019-2032
- 7.1. Key Findings
- 7.2. By Type (USD)
- 7.2.1. Public Cloud
- 7.2.2. Private Cloud
- 7.2.3. Hybrid
- 7.3. By Component (USD)
- 7.3.1. Storage Model
- 7.3.1.1. Object Storage
- 7.3.1.2. File Storage
- 7.3.1.3. Block Storage
- 7.3.2. Services
- 7.4. By Enterprise Type (USD)
- 7.4.1. SMEs
- 7.4.2. Large Enterprises
- 7.5. By Vertical (USD)
- 7.5.1. BFSI
- 7.5.2. IT & Telecommunication
- 7.5.3. Government & Public Sector
- 7.5.4. Manufacturing
- 7.5.5. Healthcare & Life Sciences
- 7.5.6. Retail & Consumer Goods
- 7.5.7. Media & Entertainment
- 7.5.8. Others (Energy & Utilities, Travel & Hospitality, etc.)
- 7.6. By Country (USD)
- 7.6.1. Brazil
- 7.6.1.1. By Vertical
- 7.6.2. Argentina
- 7.6.2.1. By Vertical
- 7.6.3. Rest of South America
- 8. Europe Cloud Storage Market Size Estimates and Forecasts, By Segments, 2019-2032
- 8.1. Key Findings
- 8.2. By Type (USD)
- 8.2.1. Public Cloud
- 8.2.2. Private Cloud
- 8.2.3. Hybrid
- 8.3. By Component (USD)
- 8.3.1. Storage Model
- 8.3.1.1. Object Storage
- 8.3.1.2. File Storage
- 8.3.1.3. Block Storage
- 8.3.2. Services
- 8.4. By Enterprise Type (USD)
- 8.4.1. SMEs
- 8.4.2. Large Enterprises
- 8.5. By Vertical (USD)
- 8.5.1. BFSI
- 8.5.2. IT & Telecommunication
- 8.5.3. Government & Public Sector
- 8.5.4. Manufacturing
- 8.5.5. Healthcare & Life Sciences
- 8.5.6. Retail & Consumer Goods
- 8.5.7. Media & Entertainment
- 8.5.8. Others (Energy & Utilities, Travel & Hospitality, etc.)
- 8.6. By Country (USD)
- 8.6.1. United Kingdom
- 8.6.1.1. By Vertical
- 8.6.2. Germany
- 8.6.2.1. By Vertical
- 8.6.3. France
- 8.6.3.1. By Vertical
- 8.6.4. Italy
- 8.6.4.1. By Vertical
- 8.6.5. Spain
- 8.6.5.1. By Vertical
- 8.6.6. Russia
- 8.6.6.1. By Vertical
- 8.6.7. Benelux
- 8.6.7.1. By Vertical
- 8.6.8. Nordics
- 8.6.8.1. By Vertical
- 8.6.9. Rest of Europe
- 9. The Middle East & Africa Cloud Storage Market Size Estimates and Forecasts, By Segments, 2019-2032
- 9.1. Key Findings
- 9.2. By Type (USD)
- 9.2.1. Public Cloud
- 9.2.2. Private Cloud
- 9.2.3. Hybrid
- 9.3. By Component (USD)
- 9.3.1. Storage Model
- 9.3.1.1. Object Storage
- 9.3.1.2. File Storage
- 9.3.1.3. Block Storage
- 9.3.2. Services
- 9.4. By Enterprise Type (USD)
- 9.4.1. SMEs
- 9.4.2. Large Enterprises
- 9.5. By Vertical (USD)
- 9.5.1. BFSI
- 9.5.2. IT & Telecommunication
- 9.5.3. Government & Public Sector
- 9.5.4. Manufacturing
- 9.5.5. Healthcare & Life Sciences
- 9.5.6. Retail & Consumer Goods
- 9.5.7. Media & Entertainment
- 9.5.8. Others (Energy & Utilities, Travel & Hospitality, etc.)
- 9.6. By Country (USD)
- 9.6.1. Turkey
- 9.6.1.1. By Vertical
- 9.6.2. Israel
- 9.6.2.1. By Vertical
- 9.6.3. GCC
- 9.6.3.1. By Vertical
- 9.6.4. North Africa
- 9.6.4.1. By Vertical
- 9.6.5. South Africa
- 9.6.5.1. By Vertical
- 9.6.6. Rest of MEA
- 10. Asia Pacific Cloud Storage Market Size Estimates and Forecasts, By Segments, 2019-2032
- 10.1. Key Findings
- 10.2. By Type (USD)
- 10.2.1. Public Cloud
- 10.2.2. Private Cloud
- 10.2.3. Hybrid
- 10.3. By Component (USD)
- 10.3.1. Storage Model
- 10.3.1.1. Object Storage
- 10.3.1.2. File Storage
- 10.3.1.3. Block Storage
- 10.3.2. Services
- 10.4. By Enterprise Type (USD)
- 10.4.1. SMEs
- 10.4.2. Large Enterprises
- 10.5. By Vertical (USD)
- 10.5.1. BFSI
- 10.5.2. IT & Telecommunication
- 10.5.3. Government & Public Sector
- 10.5.4. Manufacturing
- 10.5.5. Healthcare & Life Sciences
- 10.5.6. Retail & Consumer Goods
- 10.5.7. Media & Entertainment
- 10.5.8. Others (Energy & Utilities, Travel & Hospitality, etc.)
- 10.6. By Country (USD)
- 10.6.1. China
- 10.6.1.1. By Vertical
- 10.6.2. India
- 10.6.2.1. By Vertical
- 10.6.3. Japan
- 10.6.3.1. By Vertical
- 10.6.4. South Korea
- 10.6.4.1. By Vertical
- 10.6.5. ASEAN
- 10.6.5.1. By Vertical
- 10.6.6. Oceania
- 10.6.6.1. By Vertical
- 10.6.7. Rest of Asia Pacific
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. Amazon Web Services
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. Google
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. Microsoft
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. Oracle Corporation
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. Alibaba Group Holding Limited
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. IBM Corporation
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. Dropbox, Inc.,
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. Vmware, Inc.,
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. Dell Technologies Inc.
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. HPE
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
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