Cloud Storage Market by Type (Public Cloud Storage, Private Cloud Storage, Hybrid Cloud Storage); Organization Size (Large Enterprises, Small and Medium Enterprises); Industry Vertical (BFSI, IT and Telecom, Healthcare, Retail, Energy and Utilities, Government, Manufacturing, Others): Global Market Size Estimates and Forecast (2022–2030)
The cloud storage market crossed US$ 79.2 billion mark in 2022 and is expected to hit US$ 485.3 billion by 2030, recording a CAGR of 25.4% during the forecast period.
Cloud Storage market has been significantly growing with the adoption of Hybrid Cloud
Hybrid technology models include dedicated private clouds, various public clouds for applications and data, and on-premises resources. Over the past few years, it has been estimated that the adoption rates of hybrid cloud methods will increase further. More businesses will adopt multi-cloud environments to disperse their burden as they continue their cloud migration and digital transformation. For instance, 82% of major businesses have chosen a hybrid cloud architecture, and 92% of organizations either have a multi-cloud strategy or are currently developing one. According to Faction, a leading multi-cloud data services provider company, organizations use public clouds and private clouds on average. The cloud infrastructure offers advantages such as failover capabilities for greater redundancy and disaster recovery, avoiding vendor lock-in, and pay-as-you-go models. Organizations now have more control over where and how their data is stored. While utilizing the scalable computing capability of the cloud, businesses may choose to preserve sensitive information on on-premises servers for security or compliance reasons. Thus, the high adoption of hybrid cloud by enterprises will create more opportunities for cloud storage providers in the near future.
Within the report, the cloud storage market is segmented into type, organization size, industry vertical, and geography. On the basis of type the cloud storage market is segmented as Public Cloud Storage, Private Cloud Storage, and Hybrid Cloud Storage. On the basis of organization size the cloud storage market is segmented as large enterprises and small and medium-size enterprises. On the basis of industry vertical the cloud storage market is segmented as BFSI, IT and Telecom, Healthcare, Retail, Energy and Utilities, Government, Manufacturing, Others. Geographically, the cloud storage market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The cloud storage market in Asia Pacific holds the highest growth rate and is expected to retain its position during the forecast period (2022-2030). The high growth is due to the presence of most populous countries such as China and India in the region.
BFSI segment in industry vertical to hold significant share of Cloud Storage market during the forecast period (2022-2030)
Based on industry vertical, the BFSI segment is estimated to account for a significant cloud storage market share in 2022. It is expected to main the same position during the forecast period. The BFSI industry is a pioneer in implementing new technologies. To increase revenue, banks, customer insights, contain costs, deliver market-relevant products quickly and efficiently, and aid monetize enterprise data assets, have started digitizing their work by introducing online portals where a user can complete his work without help from any bank official. Banking service providers worldwide are uptaking cloud storage solutions as they allow banks to synchronize the enterprise, break down operational and data silos across risk, finance, regulatory, and customer support, and allow institutions to combine massive data sets in one place for advanced analytics and integrated insights.
Increasing demand for ubiquitous access to data and files due to remote workforce is one of the major factors accelerating the cloud storage market growth.
The spread of COVID-19 has led to an increase in the work-from-home culture. Therefore, companies must safeguard business continuity, support rising workloads, and improve collaboration. The storage of data in the cloud aids companies in facilitating employees to share and send files via cloud drives and ensures that employees get universal access to the data resources and files. As per the 2020 Cloud 2025 report by LogicMonitor, more than 85% of global IT decision-makers believed that the COVID-19 pandemic increased cloud migration for a majority of organizations in the world. According to the survey, Canada, the US, and the UK are expected to dominate cloud migration. Moreover, various companies in cloud storage depend on file hosting and sharing services, such as Microsoft, Oracle, Google, pCloud, Dropbox, and Box. However, only a few players have succeeded in the cloud storage market.
Recent strategic developments in Cloud Storage market
The cloud storage market has undergone several significant developments, and a few of these have been mentioned below:
- In May 2022, Microsoft Azure announced the general backup availability for Write Accelerator-enabled disks. Azure customers frequently utilize the disks with M-Series Virtual Machines (VMs) to enhance the I/O latency of writes against Azure Premium Storage. Azure Backup has offered backup funding for such disks to enrolled customers as part of the preview.
- In April 2022, Filestore by Google became accessible in Santiago, Chile, for Basic HDD and Basic SSD instances. Furthermore, users can now use customer-managed encryption keys (CMEK) to secure data at rest in Filestore's High Scale SSD Tier instances.
The cloud storage market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Cisco Systems, Inc; Huawei Technologies Co Ltd; Indra; Nokia Corporation; Kapsch BusinessCom AG; Lanner; LACROIX Group; SpinetiX; Siemens AG; and Valerann are among the prominent players operating in the market.
Target audience for the report:
- Cloud Storage software providers
- Cloud Storage service providers
- Cloud Storage associations, organizations, forums, and alliances
- Venture capitalists, private equity firms, and start-up companies
- End users of Cloud Storage
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the cloud storage market has been segmented on the basis of:
- Type
- Public Cloud Storage
- Private Cloud Storage
- Hybrid Cloud Storage
- Organization Size
- Large Enterprises
- Small and Medium Enterprises
- Industry Vertical
- BFSI
- IT and Telecom
- Healthcare
- Retail
- Energy and Utilities
- Government
- Manufacturing
- Others
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Cisco Systems, Inc
- Huawei Technologies Co Ltd
- Indra
- Nokia Corporation
- Kapsch BusinessCom AG
- Lanner
- LACROIX Group
- SpinetiX
- Siemens AG
- Valerann
- Cisco Systems, Inc
- Huawei Technologies Co Ltd
- Indra
- Nokia Corporation
- Kapsch BusinessCom AG
- Lanner
- LACROIX Group
- SpinetiX
- Siemens AG
- Valerann