Cloud Storage Market Research Report- Global Forecast 2030

Global Cloud Storage Market, By Component (Solution, Service) Deployment Model (Private, Public, Hybrid), Vertical (Retail, IT and Telecommunication, Healthcare, BFSI Forecast 2030

ID: MRFR/ICT/2210-HCR | October 2022 | Region: Global | 100 Pages         

Cloud Storage Market

The cloud storage market reach approximately USD 104 billion towards the end of 2030 with a CAGR of 25 percent during the forecast period (2021-2030).

Segmentation

By Component Solution Service
By Deployment Model Private Public Hybrid
By Vertical Retail It And Telecommunication Healthcare Bfsi

Key Players

  • 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.)
  • Dropbox Inc. (U.S.)

Drivers

  • The cloud storage market is prospering rapidly all across the globe
  • and multiple factors act as a prominent driving force for the market growth.
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Cloud Storage Market Overview:
The cloud storage market is soaring up at a faster rate over the years and will exhilarate to greater heights in the upcoming times. The cloud storage market statistics project that the market valuation is estimated to reach approximately USD 104 billion towards the end of 2030 with a CAGR of 25 percent during the forecast period (2021-2030).


The term cloud storage is defined as the storage of data on remote servers, and these data can be accessed when necessary through the internet. The cloud storage market enables enterprises to utilize these storage systems to keep a huge amount of data without any hassle. These remote servers are properly operated, maintained, and managed by the service providers of cloud storage. The storage facility of the cloud storage industry is a virtual way of keeping data that can be shared across devices and accessed with the help of the internet. As per the cloud storage market analysis, the convenience and easy accessibility that cloud storage provides are helps in the enhancement of the cloud storage market growth.


In recent years, the need for cloud storage escalated as the requirement of enterprise mobility has surged. The rising demand for hybrid cloud storage has resulted in the progression of the growth of cloud storage market share. Along with the need for hybrid cloud storage, the requirement of cloud storage systems implementation with ease is escalating the global cloud storage market demand. Numerous cloud storage market opportunities that the market provides like cloud storage gateway, primary storage, data archiving, backup storage, and data archiving allow access to the cloud storage market growth to attain optimum levels. Cloud storage gateway will enhance the market potential as the ability to easily integrate into the existing infrastructure of an organization.


The cloud storage market report highlights the entire market structure along with the forecasted growth rate and valuation of the market in the coming years. It provides an analysis of the COVID19 effect on the cloud storage industry and tells about the factors affecting the cloud storage market, including the restraints and opportunities for market growth. It describes various segments and sub-segments of the market and gives an idea about the cloud storage market key players that impact the global cloud storage market. The cloud storage market research report explains several geographies that can influence the cloud storage market growth in the forecast years.


COVID19 Analysis:
The outbreak of the COVID19 pandemic resulted in health as well as economic crisis and has adversely affected the world. The working sector and enterprises faced innumerable challenges during the pandemic and encountered immense financial loss. The growth rate of the global economy has stooped down to way lower rates which will require several years to come back to a normal state again. With the imposition of lockdown restrictions, the industrial operations and functioning of manufacturing industries remained shut down, which brought a gap in the entire supply chain.


In the lockdown, people stayed inside their homes and worked remotely, which led to a huge amount of data consumption and required a lot of storage space. The increased requirement for storage space surged the cloud storage market demand, which helped the cloud storage market to maintain a stable growth rate and sustain in these critical situations. Easy implementation of these systems has raised the demand for cloud storage, and the facility of cloud storage market that helps in enterprise mobility is enabling to elevate the cloud storage market opportunities for growth presently and also in the near future.


Market Dynamics:
Major drivers of the market
The cloud storage market is prospering rapidly all across the globe, and multiple factors act as a prominent driving force for the market growth. According to the cloud storage market statistics, the increase in requirement of enterprise mobility is fuelling the expansion of the cloud storage market size. The rising demand for hybrid cloud storage is pushing the growth of the market. The ability of the cloud storage industry to enable enterprises to utilize the cloud storage systems for keeping a huge amount of data without any hassle propels the increase in cloud storage market share. Implementation of the systems of cloud storage is easy and quite convenient, which raises the demand for cloud storage facilities.

The ease of accessing data and share across different devices through the internet makes cloud storage systems suitable for adoption in organizations. The cloud storage market opportunities provide a large number of solution facilities such as cloud storage gateway, backup storage, data archiving, primary storage, and disaster recovery prompts the cloud storage market growth.

Significant opportunities for growth:
With the escalation in demand for hybrid cloud storage, the growth of the cloud storage market is reaching the highest points and booming globally. The rising requirement of enterprise mobility is giving rise to the cloud storage market demand as these systems facilitate a huge amount of storage facilities that can be accessed anywhere using the internet. The convenience one gets by utilizing cloud storage helps in the elevation of cloud storage market size.

Along with that, the solutions of the cloud storage industry like backup storage, cloud storage gateway, primary storage, data archiving, and disaster recovery propels the market potential. The cloud storage gateway is soon going to dominate the cloud storage market as the ease of integration of cloud storage systems into the enterprises existing infrastructure is exhilarating the cloud storage market growth. All these advantageous cloud storage market opportunities are sufficient for pushing the market expansion towards stupendous heights.


Market Restraints:
The coronavirus epidemic impacted the cloud storage market and constrained the potential of the market during the forecast period. During the pandemic, enterprises became unable to perform their day-to-day operations and remained closed for an indefinite time period. However, the lockdown restriction shifted the attention of organizations to adopt a cloud storage system as it is easy to access. This helped in balancing the growth rate of the cloud storage industry in these critical circumstances.

Market growth challenges:
There is no doubt that the innumerable cloud storage market opportunities are boosting market growth. But certain limitations can hamper the cloud storage market growth in the forecast years. One such challenge is the reduction of data security as an increase in malicious hacking technologies is common these days. Once any information is leaked from cloud storage, it can cause severe damage to the company. Another factor that can hinder the expansion of cloud storage market size is the shortage of high network bandwidth for transferring data and regulatory compliance issues.

Value Chain Analysis
As per the cloud storage market analysis, the revenue generated from the global cloud storage market is reaching maximum levels over the last couple of years. Within few years, the value of cloud storage market share will surpass all historical growth values and will project to way higher points. The upsurge in demand for cloud storage will progress the market growth in the coming time.


Segment Overview:
The cloud storage market segmentation is conducted on the basis of components, verticals, and deployment models. The component segment is further bifurcated into different sub-segments that are solutions and services. On the basis of solutions, the cloud storage market segmentation involves backup storage and disaster recovery, data archiving, cloud storage gateway, and primary storage. The service section of the cloud storage segment includes support and maintenance, migration and cloud integration, training and consulting, and managed services.


On the basis of verticals, the cloud storage market segmentation comprises sectors like education, BFSI, healthcare industry, travel and hospitality, e-commerce and retail, IT and telecommunication, government, and others. The cloud deployment model segment of cloud storage market size consists of private cloud, hybrid cloud, and public cloud.


Regional Analysis:
The cloud storage market analysis is done of various geographical areas such as North America, Asia-Pacific, Europe, and the remaining parts of the world. Greater investments in cloud-based solutions and rapid adoption of advanced technologies are prompting North America to hold the largest cloud storage market share all around the world. Asia-Pacific region is also anticipated to reflect a positive growth during the forecast years as it is one of the rapidly growing markets of cloud storage systems.


Competitive Landscape of the market:
The major key players of the cloud storage market are:




Report Scope:

Report Attribute/Metric Details
  Market Size   USD 104 Billion (2030)
  CAGR   25% (2021-2030)
  Base Year   2019
  Forecast Period   2021-2030
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Component, Deployment Model
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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.), Dropbox, Inc. (U.S.)
  Key Market Opportunities   Numerous cloud storage market opportunities that the market provides like cloud storage gateway, primary storage, data archiving, backup storage, and data archiving allow access to the cloud storage market growth to attain optimum levels.
  Key Market Drivers   The cloud storage market is prospering rapidly all across the globe, and multiple factors act as a prominent driving force for the market growth.


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Frequently Asked Questions (FAQ) :

The cloud storage market is presumed to have a valuation of USD 104 billion by the end of the year 2030.

A few significant players in the global cloud storage market are IBM Corporation (U.S.), Microsoft Corporation (U.S.), HP Enterprise Company (U.S.),VMware, Inc. (U.S.), Google, Inc. (U.S.), Amazon Web Services (U.S.), Oracle Corporation (U.S.), and others.

The North America region is accountable for the largest share of the market across the globe, followed by the Asia Pacific and Europe region. The U.S. and Canada are contributing considerably towards the North America market share.

The global cloud storage market is analyzed on the basis of type and application, wherein the BFSI application segment is anticipated to witness maximum demand over the review period.

The increasing demand for cloud storage from the enterprise mobility sector, coupled with the integration of technological innovation, is creating opportunities for market players.

Cloud storage market reach end of 2030 with a CAGR of 25 percent during the forecast period (2021-2030).