Global Cloud Storage Market Report and Forecast 2024-2032

Global Cloud Storage Market Outlook

The global cloud storage market attained a value of about USD 101.43 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 21.8% to reach nearly USD 597.15 billion by 2032.

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Increasing Use of Cloud Storage by Various Governments Boosting the Market Growth of Cloud Storage

Government organisations are increasingly using cloud systems owing to their cost-effectiveness to optimise their business models. It is also adopted to increase business flexibility and improve citizen services. Various government organisations are reducing their IT ownership and hardware costs by expanding their footprints through cloud services while minimising energy consumption. The rising demand to improve efficiency in the public sector is also increasing the use of cloud storage, hence augmenting the industry growth. Moreover, various governments are launching and promoting the deployment of cloud storage, which is propelling the market growth. For instance, the Niti Aayog of the Indian government launched the country’s own cloud storage and data management platform, DiGiBOXX, to offer cost-effective cloud storage services as a part of the country’s self-reliance mission in December 2020.

The increasing adoption of cloud storage in the healthcare industry to improve the focus on healthcare services is aiding the market growth. It is used to improve operational flexibility as well as increase mobility for effective healthcare systems. It can aid the fast-paced industry by providing a convenient and cost-effective platform for updating vital information regarding patient care, diagnosis, and treatment. This is expected to increase the use of cloud storage in various hospitals and nursing facilities to propel the industry growth. Moreover, it can prevent medical errors while increasing access to significant data. Hence, the surging use of cloud storage in the healthcare industry is revolutionising the industry by increasing operational efficiency and productivity, which is projected to facilitate the industry growth.

Cloud Storage: Market Segmentation

Cloud storage is a model of cloud computing that can store a large amount of data on remote servers which are accessible through the internet or cloud. It aids in managing and storing by backing data efficiently and is increasingly deployed as an alternative to storing data on storage networks and on-premise hard drivers.

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The major components of cloud storage are:

• Solutions
• Service

The market can be broadly categorised on the basis of its deployment types into:

• Private
• Public
• Hybrid

Based on organisation size, the market is divided into:

• Large Enterprise
• Small and Medium Enterprise

By industry, the market is classified into:

• BFSI
• Government and Public Sector
• Healthcare 
• IT and Telecom 
• Retail 
• Manufacturing 
• Media and Entertainment 
• Others

The EMR report looks into the regional markets of cloud storage like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Demand for Cloud Storage Owing to the Coronavirus Pandemic to Augment the Cloud Storage Industry

The COVID-19 crisis has accelerated the market growth for cloud storage as it witnessed an exponential surge due to the prevalence of remote working conditions in the private sector. The reliability of cloud storage is increasing its use by various organisations as a significant resource for business conductivity, hence propelling the market growth. As more companies are switching to remote work permanently, the trend is expected to surge. The deployment of cost-effective cloud storage with escalated storage capacity to the presence of various companies in the market is anticipated to fuel the market growth. Moreover, the advent of the 5G technology is increasing the quality of the internet, therefore enabling fast data sharing and transfer, which is projected to surge the use of cloud storage.

The integration of the latest technologies in cloud storage to enhance its quality and offerings is projected to augment the market growth. This is increasing the deployment of artificial intelligence (AI) to offer Graphic Processing Units (GPUs) in various cloud storages to boost performance and provide a cost-effective solution to various enterprises. In addition, they nullify the risk of backup failure and lost files and ensure business conductivity. Artificial intelligence can also aid in streamlining workloads and automating repetitive tasks, hence improving data management to provide real-time information. Therefore, business users are increasingly deploying cloud storage, which is anticipated to bolster the industry growth in the forecast period.

Key Industry Players in the Global Cloud Storage Market

The report presents a detailed analysis of the following key players in the global cloud storage market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Alibaba Group Holding Limited
• Amazon Web Services, Inc.
• Dell Inc. 
• Google LLC
• Hewlett Packard Enterprise Development LP
• IBM Corporation
• Microsoft Corporation
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report