The Cloud Storage Market size is estimated at USD 117.12 billion in 2024, and is expected to reach USD 343.33 billion by 2029, growing at a CAGR of 24% during the forecast period (2024-2029).
The increasing demand for low-cost data backup, storage, and protection across all enterprises, coupled with the need to handle data generated by augmented usage of mobile technologies, favors the adoption rate of cloud storage.
The cloud storage market is moderately concentrated owing to some major players, such as Microsoft, IBM, and Oracle, holding significant market share. Their ability to continually innovate their offerings has allowed them to gain a competitive advantage over others. Through strategic partnerships, research and developments, and mergers & acquisitions, these players have gained a more significant footprint in the market.
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