Cloud Storage Global Market Report 2024

The cloud storage market size has grown rapidly in recent years. It will grow from $94.27 billion in 2023 to $110.08 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. Historical growth was spurred by a significant increase in data volume, a drive for cost efficiency, the facilitation of remote access and collaboration tools, ensuring disaster recovery and business continuity measures, and the pursuit of globalization and scalability in operations.

The cloud storage market size is expected to see rapid growth in the next few years. It will grow to $221.17 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. Anticipated growth in the upcoming period is linked to the integration of edge computing, a focus on data lifecycle management, and the implementation of enhanced security measures. Major trends expected in this forecast period encompass advancements in technology, the incorporation of artificial intelligence (AI) and machine learning (ML) solutions, sustainability initiatives within storage practices, the dominance of object storage methodologies, and the utilization of storage class tiers for cost optimization strategies.

The exponential surge in data volumes stands as a pivotal factor driving the anticipated growth of the cloud storage market in the foreseeable future. Data volume denotes the size of datasets, often surpassing terabytes and petabytes, requiring analysis and processing. The increased integration of computers and digital technologies within organizations has resulted in a substantial upsurge in data generation. Consequently, there is a heightened demand for storage systems such as cloud storage, which facilitate data storage via the internet, alleviating the need for organizations to maintain physical data centers. For instance, as per a report released by the World Economic Forum, a Switzerland-based international non-governmental organization, it is projected that by the year 2025, a staggering 463 exabytes of data, equivalent to 212.77 million DVDs per day, will be generated globally each day. This exponential growth in data volumes is a driving force behind the expansion of the cloud storage market, as organizations seek scalable and efficient solutions to manage and store the burgeoning amount of data generated by digital operations.

The escalating prevalence of the Internet of Things (IoT) is anticipated to significantly drive the growth of the cloud storage market in the foreseeable future. IoT involves a network of physical devices equipped with sensors, software, and connectivity, enabling them to gather and exchange data across the Internet or other communication networks. Cloud storage serves a crucial role in IoT by providing a flexible infrastructure for storing, processing, and analyzing data, thereby supporting seamless and efficient IoT operations across various industries. For instance, a report by CompTIA, a US-based non-profit trade association, projected the global IoT market size to reach $486 billion in 2023, following a robust growth trend from its $399.41 billion size in 2022. The forecast for the period from 2023 to 2030 predicts a continued compound annual growth rate of 12.7%. Consequently, the escalating proliferation of the Internet of Things (IoT) stands as a driving force behind the growth of the cloud storage market.

Advancements in technology have become a prominent trend driving momentum within the cloud storage market. Key players in this sector are actively enhancing their capabilities by leveraging innovative technologies. This strategic focus aims to safeguard enterprise data, accommodate diverse organizational workloads, and optimize operational costs. An example of this trend occurred in September 2021 when Google, a leading US-based software company, introduced two extensions to its cloud storage capacity: Filestore Enterprise and Backup for Google Kubernetes Engine. These additions collectively streamline data security measures for organizations, providing enhanced protection across various applications and use cases right from the outset. This emphasis on technological innovation reflects a concerted effort among major players to fortify their cloud storage offerings and cater to the evolving needs of businesses in safeguarding and managing their data effectively.

Key players in the cloud storage market are actively innovating with new technologies such as Software as a Service (SaaS) to maintain their competitiveness in the industry. SaaS represents a software delivery model where the software resides on a cloud provider's servers and is accessed by users via a web browser or a lightweight client. An illustration of this occurred in May 2023 when IBM Corporation, a prominent US-based multinational technology corporation, launched the IBM Hybrid Cloud Mesh. This offering is a SaaS solution aimed at empowering enterprises to effectively manage their hybrid multicloud infrastructure. Fueled by Application-Centric Connectivity, this solution automates the management, observability, and connectivity of applications across both public and private cloud environments. The introduction of this SaaS offering reflects a strategic move by major companies to provide advanced solutions that enable enterprises to navigate and optimize their complex multicloud setups efficiently.

In May 2022, Nasuni, a cloud-based file services platform provider headquartered in the US, acquired cloud-native data migration technology from DBM Cloud Systems. The financial details of this acquisition were not disclosed. Nasuni's objective behind this acquisition is to streamline file data migration, tiering, and the movement of data across various cloud platforms. DBM Cloud Systems, a technology ally of Pure Storage based in the US, developed the AIRE product, known for its capability to replicate and migrate data at petabyte scales from object stores within AWS, Azure, GCP, and the Oracle Cloud to Pure's FlashBlade platform. Nasuni's acquisition of this technology aims to enhance its capacity to facilitate seamless and efficient data migration and management across multiple cloud environments, strengthening its position in providing comprehensive cloud-based file services.

Major companies operating in the cloud storage market report are Amazon.com Inc., Apple Inc., Alphabet Inc., Microsoft Corporation, Alibaba Group, Dell Technologies Inc., IBM Corporation, Cisco Systems Inc., Oracle Corporation, Tencent Cloud, Hewlett Packard Enterprise Company, Salesforce.com Inc., NetApp Inc., Akamai Technologies Inc., Rackspace hosting Inc., Bluehost, Dropbox Inc., Endurance International Group, Backblaze Inc., OVH Groupe SA, DigitalOcean Holdings Inc., DreamHost LLC, InMotion Hosting Inc., MEGA Cloud services Ltd., Hetzner Online GmbH, Sync.com Inc., pCloud AG, RamNode LLC, ID Cloud Services LTD., The Constant Company LLC, VMware Inc.

North America was the largest region in the cloud storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cloud storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cloud storage encompasses three primary types such as object storage, file storage, and block storage. Object storage, or object-based storage, manages data storage by organizing it into distinct units known as objects. These components comprise storage models and services, deployed across private, public, and hybrid cloud environments. They cater to organizations of various sizes, including large enterprises and small to medium-sized enterprises (SMEs), across industries such as banking, financial services, insurance (BFSI), IT, telecommunications, government, public sectors, manufacturing, healthcare, life sciences, retail, consumer goods, media, entertainment, and other sectors such as energy and utilities, chemicals, travel, and hospitality.

The cloud storage market research report is one of a series of new reports that provides cloud storage market statistics, including cloud storage industry global market size, regional shares, competitors with a cloud storage market share, detailed cloud storage market segments, market trends and opportunities, and any further data you may need to thrive in the cloud storage industry. This cloud storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cloud storage market consists of revenues earned by entities by providing community cloud storage. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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