Cloud Storage Market Size, Share, and Industry Report [2031]

Report Description

Global Cloud Storage Market Outlook 2031

The global cloud storage market size was USD 90.17 Billion in 2022 and is anticipated to reach USD 598.27 Billion by 2031 register a substantial CAGR 23.4% during the projected period, 2023 to 2031. The term "cloud storage" refers to advanced computing platform that allows the storing of data on remote servers that may be accessed when needed using the Internet.

Cloud storage is a technique that uses cloud computing to manage and store data on the Internet, which enables several businesses to use these storage systems to store massive amounts of data with no effort. This storage is a next-generation technology that communicates in human language and assists specialists in making better decisions by comprehending the complexities of unstructured data.

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Natural language processing, automated reasoning, machine learning, and information retrieval are examples of technology utilized in translating large amounts of data to infer, perceive, and forecast best solutions.

Cloud Storage Market Trends, Drivers, Restraints, and Opportunities:

• Increasing data volumes among companies, availability of low-cost data processing platforms, and increasing needs for data security are key factors expected to drive market growth.
• Integration of advanced technology such as autonomous systems and machine learning in cloud computing services for delivering real-time assistance to users present another key driver of the market.
• Growing demand for hybrid cloud computing along with ease of accessing and sharing data across several devices using the Internet is a key factor driving the market growth.
• High cost of using cloud platforms, rising concerns for privacy violation of users, and long-term storage related to public cloud systems are major challenges that can hamper the market growth in the coming years.
• Government-mandated legislation and rules requiring the use of cloud services and other lengthy legal requirements are key restraining factors of the market.
• Artificial Intelligence (AI) infusion to achieve data security and cloud adoption among small & medium businesses are expected to offer lucrative growth opportunities for the market

Scope of the Cloud Storage Market Report:

The report on the global cloud storage market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Cloud Storage Market Segment Insights:

File storage segment is projected to hold significant market share

Based on components, the cloud storage market is bifurcated into services and solutions. The services segment is further classified into consulting, integration & implementation, managed services, and training, support, & maintenance. Additionally, the solutions segment is sub-categorized into block storage, file storage, and object storage.

The file storage segment is projected to hold significant market share due to the improving efficiency and collaboration while preserving and managing day-to-day information from anywhere with anytime access. File storage solutions are ideal for user home folders, media storage, and application development, making them both primary storage solutions and effective archiving.

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Private segment is anticipated to account for a substantial share

On the basis of deployment models, the market is segmented into hybrid, private, and public. The private segment is anticipated to account for a substantial share of the market due to wide cloud deployments deliver services over a private network and the advancement of software and hardware of the segment. This deployment of private cloud platforms helps to increase the data protection and security of several end-users especially by businesses.

The hybrid segment, however, is expected to expand at a rapid pace in the coming years due to rising demand for the hybrid cloud platform as it can offer benefit from both public and private cloud deployments.

Large enterprises segment to register a robust pace in the near future

In terms of organization sizes, the cloud storage market is divided into large enterprises and small & medium enterprises. The large enterprises segment is projected to register a robust pace in the near future due to the availability of IT infrastructure, significant digital adoption, and technological investments. Moreover, the growing flow of data volumes among companies due to rapid expansion of business operations are expected to drive segment growth.

On the other hand, the small & medium-sized enterprises segment is estimated to expand at a faster rate during the forecast period. With the development of enhanced cloud storage capacity, small and medium-sized businesses have now adopted the platform to optimize their spending on data cloud computing.

BFSI segment to expand at substantial growth rate during the forecast period

Based on verticals, the market is segregated into BFSI, consumer goods & retail, education, energy & utilities, government & public sector, healthcare & life sciences, it & ITeS, manufacturing, media & entertainment, telecommunications, travel & hospitality, and others. The BFSI segment is anticipated to expand at a substantial growth rate during the forecast period due to the growing number of internet users and customers.

Reduced investment costs for new software and hardware in insurance, banking, and capital markets are key driver propelling the segment growth. Moreover, BFSI firms normally retrieve, manage, and safeguard massive amounts of data, which demand for constantly implementing of various cloud strategies.

This ongoing migration to multi-cloud systems for improved scalability, data security, and low latency fuel the demand for cloud storage solutions for efficient data management and data analysis in the cloud. The increasing use of digitalization is increasing the demand for this sort of storage to provide services such as payment gateways, web fund transfer, digital wallets, and other related services.

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North America is expected to dominate the market

In terms of regions, the cloud storage market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to dominate the market with the United States as the largest market share in cloud storage. The country is home to well-established service providers and also end-user sectors that are constantly adapting to emerging technologies for increased business productivity and job efficiency.

Companies in the country are implementing cloud storage systems to take advantage of high scalability and flexibility as well as low maintenance costs as the country is home to a number of large and small cloud storage service providers.

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