[194 Pages Report] The Cloud Computing & Storage Market size was estimated at USD 821.30 billion in 2023 and expected to reach USD 929.14 billion in 2024, at a CAGR 13.32% to reach USD 1,971.18 billion by 2030.
Cloud computing & storage refer to the delivery of computer services, including software, storage, processing power, and other resources, over the Internet. This innovative technology enables users to access these resources on demand without investing in physical infrastructure or maintaining it at their premises. Rapid advancements in technology have fueled market growth by enabling innovative applications such as big data analytics, artificial intelligence (AI), machine learning (ML), Internet of Things (IoT), and edge computing that rely heavily on powerful cloud-based infrastructures. Companies are shifting toward a remote work culture due to recent global events such as COVID-19, accelerating the demand for reliable collaboration tools and virtual workspace solutions provided through SaaS platforms. However, data privacy concerns and downtime risks associated with cloud computing & storage impact their utilization. Market players are working on developing technologies that enable secure cross-border transfer of data while complying with regional laws and regulations. In addition, market players are building hybrid clouds and multi-clouds where organizations can leverage public and private clouds to optimize costs while maintaining control over sensitive data, opening opportunities for cloud service providers to offer tailored solutions.
Regional Insights
The Americas, particularly North America, have an advanced landscape in utilizing cloud computing services, driven by their shift to remote work capabilities and robust data management solutions. The region houses several major global players in the industry, which has significantly contributed to widespread adoption, and are investing heavily in expanding their local data centers to support the growing demand for cloud services. Asia is experiencing exponential growth in cloud computing usage as emerging economies seek scalable IT solutions to support their expanding businesses. China, Japan, and India play a significant role as they invest heavily in their domestic technology industry, build a strong focus on technology and innovation, and include initiatives expanding cloud computing usage. The APAC region is witnessing significant cloud computing adoption owing to the rapid digital transformation, increasing internet penetration, and a growing number of small and medium-sized enterprises (SMEs) leveraging technology-based services. Economic integration within the European Union has facilitated consistent growth in the demand for cloud computing services across the region. Europe has launched GAIA-X – a joint initiative aimed at establishing a federated European cloud infrastructure that adheres to EU values concerning data privacy and digital autonomy. The presence of major IT companies provides the potential for organizations in the EMEA to adopt cloud computing solutions seamlessly.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Cloud Computing & Storage Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis 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: 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 examination of the current state of vendors in the Cloud Computing & Storage Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. 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 this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Cloud Computing & Storage Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, Adobe Inc., Akamai Technologies, Inc., Alibaba Group Holding Limited, Amazon Web Services, Inc., Box, Inc., Capgemini Services SAS, Cisco Systems, Inc., Cloud Software Group, Inc., Cloudera, Inc., Cognizant Technology Solutions Corporation, Dell Inc., DigitalOcean Holdings, Inc., Dropbox, Inc., Epicor Software Corporation, Fujitsu Limited, Google Inc. by Alphabet Inc., Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Lumen Technologies, Microsoft Corporation, NetApp, Inc., Nutanix Group, OpenText Corporation, Oracle Corporation, Rackspace Technology’s, Salesforce, Inc., SAP SE, ServiceNow, Inc., Snowflake Inc., Tencent Cloud, VMware by Broadcom Inc., and Zoho Corporation.
Market Segmentation & Coverage
This research report categorizes the Cloud Computing & Storage Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Component
- Services
- Integration & Migration
- Managed Services
- Support & Maintenance
- Training & Consulting
- Solution
- Cloud Storage Gateway
- Collaboration & Productivity Suites
- Customer Relationship Management
- Data Archiving
- Disaster Recovery Backup
- Human Capital Management
- Primary Storage
- Supply Chain Management
- Services
- Type
- Block Storage
- File Storage
- Object Storage
- Workload
- Application Development & Testing
- Business Analytics
- Collaboration & Content Management
- Database Management
- Enterprise Resource Management
- Hypervisor & Edge computing
- Integration & Orchestration
- Storage, Backup & Disaster Recovery
- 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
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Cloud Computing & Storage Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Cloud Computing & Storage Market?
- What are the technology trends and regulatory frameworks in the Cloud Computing & Storage Market?
- What is the market share of the leading vendors in the Cloud Computing & Storage Market?
- Which modes and strategic moves are suitable for entering the Cloud Computing & Storage Market?
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