The Cloud Storage market size is expected to grow from USD 99.2 billion in 2023 to USD 234.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 18.8% during the forecast period. The market has excellent growth opportunities, such as convenient deployment in remote areas with remote management support, flexibility and ease of access, redundancy for backup, demand for advanced technologies implementation/practice such as AI and 5G, and demand increase in government policies and schemes to leverage Cloud Storage adoption across verticals and regions.

“By organization size, large enterprises to record a larger market share during the forecast period.“
Enterprises with more than 1,000 employees are categorized as large enterprises. The adoption of cloud storage solutions in large enterprises is witnessed due to the high volumes of data generated that must be managed without investing huge budgets. With the ever-increasing data volumes, large enterprises need to invest in the storage infrastructure for primary data storage and backup. Large enterprises widely adopt cloud storage solutions and associated services to reduce the CAPEX and OPEX on storage infrastructure. This trend is expected to continue during the forecast period.

“By deployment model, the hybrid cloud segment will hold the highest CAGR during the forecast period.”
Hybrid cloud storage seamlessly combines the advantages of both on-premises and cloud-based solutions, providing a flexible and scalable infrastructure for businesses. This model stores and manages data across private and public cloud services. The deployment of cloud storage over a hybrid cloud architecture offers numerous benefits. First and foremost, it allows organizations to balance the control and security of on-premises infrastructure and the agility and cost-effectiveness of the cloud. Critical and sensitive data can be stored on-premises, while non-sensitive or less critical data can be offloaded to the cloud, optimizing resource utilization. The hybrid approach also enables dynamic scalability, allowing businesses to seamlessly expand their storage capacity as needed without the limitations of traditional on-premises systems. Moreover, it enhances data accessibility and availability, ensuring users can retrieve and collaborate on information from anywhere, fostering increased productivity and efficiency. Ultimately, deploying cloud storage over a hybrid cloud infrastructure empowers organizations to tailor their solutions to their specific needs, delivering a robust and adaptive storage environment.

“By vertical, the BFSI segment is projected to hold the highest market share during the forecast period.”
The BFSI industry is rapidly adopting electronic banking, paperless storage, and virtualization, which has increased the demand for safe, resilient, cost-effective, and energy-efficient Cloud Storage solutions. As the BFSI industry deals with vast amounts of customers’ data regularly, it requires reliable IT equipment to store and manage it. Reliable data centers must offer uninterrupted financial services and improve the response time for running end-user applications. Cloud Storage provides agility in computing power, reduces computational time for BFSI institutions, and ensures business continuity by focusing on management, scalability, efficiency, and energy efficiency. Therefore, Cloud Storage solutions are essential in minimizing business continuity risk and providing cost-effective solutions in the BFSI sector.

The breakup of the profiles of the primary participants is below:

  • By Company Type: Tier I: 32%, Tier II: 49%, and Tier III: 19%
  • By Designation: C-Level Executives: 33%, Director Level: 22%, and *Others: 45%
  • By Region: North America: 40%, Europe: 20%, Asia Pacific: 35%, **RoW: 5%

* Others include sales managers, marketing managers, and product managers
**RoW include Middle East & Africa and Latin America
Note: Tier 1 companies have revenues of more than USD 100 million; tier 2 companies’ revenue ranges from USD 10 million to USD 100 million; and tier 3 companies’ revenue is less than 10 million
Source: Secondary Literature, Expert Interviews, and MarketsandMarkets Analysis

Key Players
Some of the key players operating in the Cloud Storage market are IBM (US), AWS (US), Google (US), Microsoft (US), Alibaba Cloud (China), Huawei Cloud (China), Oracle (US), Rackspace Technology (US), HPE (US), Dell (US), VMware (US), among others.

Research coverage:
The market study covers the Cloud Storage market across segments. It aims to estimate the market size and the growth potential across different segments such as offering, use cases, deployment model, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Reasons To buy this 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 the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

  • Analysis of key drivers, restraints, opportunities, and challenges influencing the growth of the Cloud Storage market.
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the Cloud Storage market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the Cloud Storage market across varied regions.
  • Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the Cloud Storage market.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players such as AWS, IBM, Google, Microsoft, and Oracle in the Cloud Storage market.