The Cloud Storage Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s 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%. The growth in the historic period can be attributed to data explosion, cost efficiency, remote access and collaboration, disaster recovery and business continuity, globalization and scalability.

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%. The growth in the forecast period can be attributed to edge computing integration, data lifecycle management, enhanced security measures. Major trends in the forecast period include technology advancements, artificial intelligence (AI) and machine learning (ML), sustainability initiatives, object storage dominance, storage class tiers for cost optimization.

Exponential growth in data volumes is expected to propel the growth of the cloud storage market going forward. Data volume refers to the size of the data sets that need to be analyzed and processed, which are larger than terabytes and petabytes. The increasing use of computers and digital technologies in organizations has led to a rise in the amount of data generated. This further has increased the need for storage systems like cloud storage, which store the data over the internet and thus decrease the burden of organizations to maintain a physical data center. For instance, according to a report released by the World Economic Forum, a Switzerland-based international non-governmental and lobbying organization, by the year 2025, it is predicted that 463 exabytes of data, the equivalent of 212.77 million DVDs per day, is expected to be generated globally each day. Therefore, exponential growth in data volumes is driving the cloud storage market growth.

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The cloud storage market covered in this report is segmented –

1) By Type: Object Storage, File Storage, Block Storage
2) By Component: Storage Model, Services
3) By Mode: Private Cloud, Public Cloud, Hybrid Cloud
4) By Organization Size: Large Enterprises, Small and Medium-sized Enterprises (SMEs)
5) By Vertical: BFSI, IT and Telecommunication, Government and Public Sector, Manufacturing, Healthcare and Life Science, Retail and Consumer Goods, Media and Entertainment, Other Verticals (Energy & Utilities, Chemical, Travel & Hospitality)

Major companies operating in the cloud storage market are innovating new technologies such as software as a service (SaaS) to sustain in the market. SaaS is a software licensing and delivery model in which software is hosted on a cloud provider's servers and accessed by users through a web browser or a thin client. For instance, in May 2023, IBM corporation, a US-based multinational technology corporation, Announces Launch of IBM Hybrid Cloud Mesh to Help Enterprises Regain Control of their Multicloud Infrastructure, a SaaS offering designed to empower enterprises in managing their hybrid multicloud infrastructure. The solution, driven by Application-Centric Connectivity, automates the process, management, and observability of application connectivity across public and private clouds.

The cloud storage market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Major Players:

Amazon.com Inc.
Apple Inc.
Alphabet Inc.
Microsoft Corporation
Alibaba Group

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