Cloud Storage Market Size In 2022 : 23.7% CAGR with Top Countries Data, Trends, Key Regions and Growth Forecast to 2031

Key Companies Covered in the Cloud Storage Market Research are AWS (US), IBM (US), Microsoft (US), Google (US), Oracle (US), VMware (US), Dell EMC (US), and other key market players.

Cloud compliance requirements, enforcing mobility, and uninterrupted business continuity are expected to drive the cloud storage market

The cloud storage market size is expected to grow from USD 30.70 billion in 2022 to USD 88.91 billion by 2031, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period. The demand for cloud storage is driven by many factors, such as increasing adoption of hybrid cloud storage; growing need for enterprise mobility for improved efficiency; significant growth in Internet of Things (IoT); and need for lower Capital Expenditure (CAPEX) and Operational Expenditure (OPEX). However, the market would face some restraints, as not all enterprise services are supported in the cloud, and also due to strict government rules and regulations, and fear of vendor lock-ins.

Data archiving solution type is expected to grow at the highest CAGR during the forecast period

Data archiving solutions provide long-term data storage along with data retention, security, policy regulation, and compliance fulfillment. They assist enterprises in reducing the overall primary storage consumption and costs while moving the inactive data to a separate storage at the same time. Data archiving solutions enable enterprises to identify and move the inactive data to a separate storage system for future reference or sometimes for regulatory compliance.

Managed services segment is expected to record the fastest growth rate during the forecast period

Managed services help enterprises focus on their core business, service quality, and end-user experience while delivering optimized and quality IT services through third-party providers, known as Managed Service Providers (MSPs). MSPs help enterprises by providing IT resources, including servers, networks, and specialized applications, under a delivery agreement. The adoption of managed services has resulted in increased productivity and reduced deployment time.

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North America is expected to hold the largest market share, and APAC to grow at the fastest rate

North America is expected to hold the largest market share during the forecast period, as organizations are shifting toward cloud storage solutions and services, with an increasing adoption of digital business strategies. Furthermore, organizations have invested heavily in advanced technologies to gain a competitive advantage and improve business operations. Asia Pacific (APAC) is expected to be the fastest-growing region in the global cloud storage market. The key reasons for the high growth rate in APAC include the positive economic outlook in the region, increased spending on Information Technology (IT) infrastructure, and the tendency of cloud storage solutions and services to drive customer experience and improve operations.

The break-up profiles of primary participants are given below:

  • By Company: Tier 1 – 43%, Tier 2 – 35%, and Tier 3 – 22%
  • By Designation: C-level – 60%, Director level – 25%, and Others – 15%
  • By Region: North America – 44%, Europe – 25%, APAC – 21%, and RoW – 10%

The following key cloud storage providers are profiled in the report:

1. AWS (US)
2. IBM (US)
3. Microsoft (US)
4. Google (US)
5. Oracle (US)
6. VMware (US)
7. Dell EMC (US)
8. HPE (US)
9. Rackspace (US)
10. Dropbox (US)

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Research Coverage

The cloud storage market has been segmented by type (solutions and services), deployment model, organization size, vertical, and region. A detailed analysis of the key industry players has been done to provide key insights into their business overviews; services; key strategies; new service launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the cloud storage market.

The report will help the market leaders/new entrants in this market in the following ways:

  • This report segments the cloud storage market comprehensively and provides the closest approximations of revenue numbers for the overall market and the subsegments across regions.
  • This report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
  • This report helps stakeholders in better understanding the competitors and gaining more insights to better their position in the business. The competitive landscape section includes the vendor comparison of the top market players in the cloud storage market.

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