Cloud Storage Market: Key Trends and Growth Opportunities
The global cloud storage market size is projected to reach USD 111.758709 billion by 2032, registering a CAGR of 25.00% during the forecast period 2023-2032. The growth of this market is driven by rising volume of digital data, increasing adoption of hybrid cloud services, and growing inclination towards cloud-based storage solutions.
Cloud Storage Market Overview:
Cloud storage refers to storing data online in the cloud rather than on physical devices. It allows users to store files online so that they can access them from any location via the internet. Key benefits offered by cloud storage include flexibility, scalability, accessibility, collaboration, and cost reduction.
North America held the largest share of the global cloud storage market in 2021. However, the Asia Pacific market is slated to grow at the highest CAGR during 2022-2030 owing to rapid adoption of cloud-based services across emerging economies like China, India, and Southeast Asian countries.
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Key Segments:
By type, the market is segmented into object storage, file storage, and block storage. Object storage dominated the market in 2021 and is expected to maintain its lead over the forecast period.
Based on the enterprise size, large enterprises account for the highest market share. Though, small and medium enterprises are anticipated to showcase the fastest growth rate during the forecast timeframe.
On the basis of end-use industry, the cloud storage market is categorized into BFSI, IT & telecom, government, healthcare, manufacturing, and others. Of these, the IT and telecom sector accounted for the largest share in 2021.
Cloud Storage Industry Key Players:
The competitive landscape of the cloud storage industry includes companies like AWS, Microsoft, IBM, Google, Oracle, Rackspace, Dropbox, Box, Alibaba Cloud, VMware, and SAP. These players are focusing on expanding their global footprint through strategic partnerships and enhancing their product portfolio.
Major Growth Drivers:
The key factors propelling the cloud storage market growth are:
- Increased generation of unstructured data requiring scalable and flexible storage
- Growing adoption of hybrid multi-cloud and SaaS models by enterprises
- Increased need for enterprise mobility, collaboration, and remote working
- Rapid growth of connected devices and shift towards cloud-centric approaches
- Rising demand for data backup, disaster recovery, and data protection solutions
- Increased government initiatives and investments in digital infrastructure
- Technological advancements in flash storage, data warehousing, and cloud security
Regional Insights:
- North America will retain its dominant market position during 2022-2030 driven by early adoption of cloud platforms.
- Asia Pacific is likely to exhibit the fastest growth in adoption of cloud storage solutions owing to rapid digitalization across emerging economies.
- Europe accounts for a significant share in the global cloud storage market due to high technology spending and presence of key market participants.
- Latin America and Middle East & Africa offer lucrative opportunities considering the growing investment in advanced storage technologies.
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Recent Industry Developments:
- In March 2022, IBM acquired Neudesic, a U.S.-based cloud services provider, to expand its hybrid multi-cloud portfolio.
- In May 2022, Microsoft announced the general availability of Azure Disk Storage premium service to provide persistent, secured SSD storage for Azure Virtual Machines.
- In April 2022, Google introduced its latest cloud storage service called Coldline for long-term data retention and archival at a low cost compared to its existing storage services.
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