Cloud Storage Market Information By Component (Solution and Service), By Deployment Model (Private, Public, and Hybrid), By Vertical (Retail, IT and Telecommunication, Healthcare, and BFSI), and By Region (Asia-Pacific, North America, Europe, and Rest of the World)—Forecast till 2030

Global Cloud Storage Market Research (MRFR Insights)

The Cloud Storage Market size is anticipated to reach approximately USD 104 billion by 2030, With a CAGR of 25.00% from 2022 to 2030.

The significant shift to hybrid clouds as the primary deployment model, the rise in demand for quick access to data and low-cost storage, the adoption of the cloud across a variety of industry verticals, security concerns regarding cloud-based data storage, and the expansion of cloud adoption among small and medium-sized businesses are the key factors influencing the growth of the  market.

Furthermore, cloud-based technologies offers faster data access regardless of where the data center is located. This further fuels the market's expansion. Other constraints that are, in part, limiting market growth include growing privacy and security concerns, significant dependence on reliable Internet connectivity, and other similar issues.

COVID-19 Impact Analysis

COVID-19 has compelled organizations to move to cloud environments to cope-up with the crisis, facilitating daily data access, sharing, and work collaboration among geographically dispersed teams. This is due to imposed  lockdowns, business continuity challenges, and rapidly rising work-from-home trends. Organizations have observed a growing demand for cloud-based solutions and services, adopting a dynamic paradigm in the process. Cloud-based operating models are ready for increased competitiveness, particularly in the rapidly changing business environment caused by the pandemic outbreak.

Market Dynamics

In the forecast period, it is anticipated that factors like the expanding number of IT and software companies, the production of increasing amounts of data, and the advantages of portability storage and access from network-compatible areas will emerge as the key drivers accelerating the growth of the market. Along with these factors, the rapid adoption of hybrid cloud object storage, improvements in the internet of things (IoT), rising adoption of artificial intelligence and video analytics to accelerate growth, and rising desire for corporate flexibility to increase performance is assisting cloud storage businesses to advance, which will aggravate the expansion of the market over the projected period.

Market Drivers

• Implementation and usability of cloud storage are required due to the growth in data volume

Work-from-home culture has increased as a result of the COVID-19 pandemic. Businesses must guarantee business continuity, accommodate rising workloads, and promote improved collaboration. Enterprises have many data management and storage difficulties due to the rapid development in the volume and variety of data and the rise in data sprawl and silos, particularly due to the transition to a remote workforce. Effective data handling has become more important as enterprise cloud storage has increased. Since the various cloud environments allow for storing massive data sets regardless of the data type, enterprises increasingly turn to them for their storage needs.

Market Restraints:

• The market growth may be impeded by strict regulations and laws related to privacy and data security

The most important components of the cloud storage ecosystem are data security and confidentiality. It is anticipated that the government's rigorous laws and rules on cloud computing will limit market expansion. Even though the worries are mostly irrational and hypothetical, consumers may have legitimate worries about the service provider's capabilities and operating procedures due to consumers' immaturity and lack of awareness of cloud storage services, especially in developing and undeveloped nations. The adoption of cloud-based storage is predicted to be hampered by worries about privacy and security.

Market Opportunities:

• AI integration to achieve data integrity

Companies search for AI and Machine Learning (ML) capabilities in their cloud storage solutions when dealing with the enormous amount of data that has emerged due to remote workforce shifts and organizations moving largely to the cloud. To address difficulties with data integrity, AI enables businesses to segment data based on its nature, eliminate redundancy, filter, and consolidate the data. Additionally, several cloud storage providers incorporated AI and ML algorithms into their products to assist their clients in resolving data quality issues before migrating to the cloud or while using the cloud.

Segmentation

Component Insights

The cloud storage market segmentation, based on components, is solution and service. The  market growth was prominently high under the solution sector. Primary storage, data archiving, cloud storage gateway, backup storage, and disaster recovery are the solutions that make up the market segmentation. Additionally, in 2021, the service sector witnessed significant growth. As connectivity and data flow are maintained with the help of services like training, installation, support, and maintenance, it is projected that the need for services will rise in the future years.

Deployment Model Insights

According to the deployment model, the market is categorized into private, public, and hybrid. With a revenue share of more than 46% in 2021, the private deployment category was the market leader in cloud storage adoption. Private cloud-based solutions and services offers computer resources over a private network or the internet, and they are accessible to a select number of users instead of the general public. In 2021, the public segment's revenue share was significantly big. The main drivers boosting this segment's revenue growth are cost-effectiveness, great reliability, no need for maintenance, and unlimited scalability.

Vertical Insights

The market segmentation, based on components, is retail, IT and telecommunication, healthcare, and BFSI. In 2021, the BFSI segment's revenue share was over 25%, which was the highest. Moneylenders have adopted digital transformation due to a growth in online banking activity in the BFSI industry, with cloud computing playing a crucial part in this strategy. The government and public sector vertical will expand tremendously during the anticipated timeframe. Government entities are deploying cloud storage solutions to store the growing amounts of data produced by equipment used for surveillance and monitoring in public spaces.

Global Cloud Storage Market Share by Region, 2021 (%)

Cloud Storage Industry Overview by Region

By region, the cloud storage has been categorized into Asia-Pacific, Europe, North America, and the Rest of the World. The fastest CAGR is anticipated for Asia-Pacific during the review period. The largest share of the market was in North America.

North America

North America's market had the greatest revenue share in 2021. The cloud storage market growth in this region is expanding due to large cloud service providers, an increase in data centers, and the rapid adoption of cutting-edge technologies and smart home devices. Additionally, video streaming services and electronic payments are growing, supporting a continuous demand for cloud storage options. The market is also growing due to increased high-value financing for various Research & Development (R&D) projects for cloud-based solutions and improved IT infrastructure.

Asia-Pacific

Over the projected period, the Asia-Pacific is expected to become the region with the quickest growth. The advent of local players like Alibaba Group and the rapid rise of China and India contributed to regional market expansion. Making large investments in the manufacturing and IT sectors through programs like Make in India has created a demand for the country's cloud computing business. Hyper-scale cloud service providers like Microsoft Corporation, Amazon.com Inc., and Google LLP are also constructing data centers in places like Thailand and Indonesia to match the government's goals for data sovereignty.

Market Competitive Landscape

There are tier-1, tier-2, and local companies in the market. The most efficient means for industry participants to increase their technical skills and get speedy access to growing markets are projected to be partnerships, strategic mergers, and acquisitions. For instance, in May 2022, Oracle announced the expansion of security services and capabilities for Oracle Infrastructure Cloud services to assist clients in protecting data and cloud applications from evolving threats. Furthermore, in April 2022, Amazon Web Services (AWS) EFS integrated the new and improved EC2 Console launch experience. The user may now immediately attach Amazon EFS file systems to new Amazon EC2 instances created from the Configure storage portion of the new and improved instance launch experience, enabling serverless and elastic file storage with their EC2 instances simpler and easier.

Prominent players in the  cloud storage industry research include IBM Corporation (U.S.), Amazon Web Services (U.S.), Microsoft Corporation (U.S.), HP Enterprise Company (U.S.), Google Inc. (U.S.), Oracle Corporation (U.S.), Rackspace Hosting Inc. (U.S.), EMC Corporation (U.S.), VMware Inc. (U.S.), and Dropbox Inc. (U.S.).

Scope of the Cloud Storage Industry Report

Component outlook

• Solution


• Service

Deployment Model Outlook

• Private


• Public


• Hybrid

Vertical Outlook

• Retail


• IT and Telecommunication


• Healthcare


• BFSI

Region Outlook

• North America
  
  
  
  • Canada
  
  
  • Mexico
  
  
  • US
  
  
  • Asia-Pacific
  
  
  • India
  
  
  • China
  
  
  • Australia and New Zealand
  
  
  • Japan
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • France
  
  
  • Rest of Europe
  
  
  
  


• Rest of the World
  
  
  
  • Africa
  
  
  • South America
  
  
  • Middle East
  
  
  
  

Objectives of the Study

The study's objectives are outlined in five stages. They are as mentioned below:

Cloud Storage Market Forecast & Size:

The cloud storage market report is segmented by component, deployment model, and vertical by value (in US dollars) to determine and evaluate the market's size. Additionally, to comprehend the need for and consumption by consumers in the  cloud storage market forecast between 2022 and 2030

Market Landscape and Trends:

To determine and infer the drivers, restraints, opportunities, and challenges in the cloud storage industry growth

Market Influencing Factors:

To find out the factors which are impacting the  cloud storage industry size among the consumers

Impact of COVID-19:

To determine and understand the various factors involved in the market affected by the pandemic

Company Profiling:

To provide detailed information into the leading market players operating in the market. The company's financial performance during the last two to three years will be described, along with product offers, recent developments, SWOT assessments, and significant business efforts.

Intended Audience

• Cloud Developers


• Storage Providers


• Cloud Storage Distributors


• Governments, associations, and industrial bodies


• IT Sector