The global cloud storage market size is projected to grow from USD 78.6 billion in 2022 to USD 187.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period. The cloud storage market is expected to grow at a fast pace, owing to several factors such as emerging requirement of data across enterprises and business units, enhancing the quality, security of provision of data and files to be made omnipresent for all remote workforce engaged and involved, emerging need for real-time updated information, reduction of existing IT infrastructure without any impact on capabilities and efficiency/productivity, enabling dispersed workgroups to come together on cloud platforms in order to forge product development and minimization of time required for marketing by improving customer service, and cost-saving and low Total Cost of Ownership (TCO) benefits of cloud storage solutions.
Solutions segment to hold a larger market size during the forecast period
Cloud storage solutions, including block, file, and object, are offered differently for different applications. These solutions are instrumental in offering end-users reliable, cost-efficient, time-saving, and scalable cloud storage features. Cloud storage vendors offer customized cloud storage solutions to meet property managers’ real-time and complex requirements. These solutions also assist corporates and property managers in aligning business strategies with the enterprises’ long-term growth strategies. Cloud storage solutions enable optimal maintenance throughout the asset life cycle, leading to high asset utilization and cost optimization.
By vertical, Telecommunications industry to register highest CAGR during the forecast period
The growing need for storing customer-related data, such as call records, transactional data, and user preferences, is expected to drive the growth of cloud storage in the telecommunications vertical. The telecommunication industry leverages powerful cloud-based storage platforms to improve data flexibility and scalability through multiple-line access via desktops and smart devices. The cloud storage market enables centralized control and management for the telecommunication enterprises over the data stored. Hence, the telecommunication vertical is expected to adopt cloud storage solutions due to improved flexibility, better scalability, and reduced costs.
Europe to register higher growth rate during the forecast period
The region is among the early adopters of cloud computing technology due to the strong technical expertise and better IT budget of enterprises in this region. Europe is expected to be the second-largest regional market in terms of revenue. This region is the second most preferred location among cloud storage providers for expanding cloud infrastructure regions. The UK is the most developed country in Europe and is expected to contribute significantly to the cloud storage market. Cloud storage solutions and services have been widely adopted by European enterprises, as they provide improved flexibility, increased productivity, provide better control, and reduced involved physical infrastructure costs. Countries considered for market analysis include the UK, France, and Germany, which are expected to contribute significantly to the European cloud storage market. Europe has strict rules and regulations for data privacy and security, owing to which many cloud storage providers have improved their infrastructure to address the data localization needs of companies in the region.
- By Company Type: Tier 1 – 32%, Tier 2 – 49%, and Tier 3 – 19%
- By Designation: C-level executives– 33%, Director Level – 22%, and Others – 45%
- By Region: North America – 40%, Europe – 20%, APAC – 35%, Rest of World (RoW) – 5%
Major vendors offering cloud storage solutions are AWS (US), Google (US), Microsoft (US), IBM (US), Alibaba Cloud (China), Huawei (China), Oracle (US), Rackspace Technology (US), HPE (US), Dell Technologies (US), Dropbox (US), Box (US), Tencent Cloud (China), Fujitsu (Japan), VMware (US), NetApp (US), Hitachi Vantara (US), Scality (US), and Citrix (US).
The market study covers the cloud storage market size across segments. It aims at estimating the market size and the growth potential of the market across segments by component, application, organization size, deployment type, vertical, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall cloud storage market and its subsegments. The report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.