Cloud Storage Market is anticipated to grow at a CAGR of 22.3% during forecast period and estimated to reach USD 152 billion by 2027.

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Key Drivers

The major factors which are fuelling the growth of the global cloud storage market include the rising adoption of cloud across various industry verticals such as BFSI, healthcare, and other industries and the strong demand for a cost-effective storage solution. In addition, the increasing penetration of hybrid cloud storage due to its enhanced security, scalability & control, and continuous technological advancements for the development of cloud storage are some other factors resulting in the accelerating adoption of cloud storage during the forecast period. The cloud storage offers remarkable benefits such as easy & quick accessibility of data, reliability, workload balance, enhanced protection at the time of the disaster, and effective information management.

The rising volume of unstructured data and growing demand for sophisticated technologies which include the artificial intelligence, internet of things, analytics, and automation are projected to expand the market growth. The growing adoption of cloud storage owing to the growing demand for cost-effective data backup, storage, and protection across all organizations and the emerging need to manage huge amount of data produced by growing application of mobile technologies. Moreover, the increasing application of cloud storage solutions across the healthcare industry in order to get an easy access to electronic medical records (EMR) required for the diagnosis and treatment of patients, will boost the market growth.

Furthermore, leading market players are emphasizing on offering storage services to businesses to manage their remote employees. For instance, in July 2020, Google Cloud entered into a partnership with cloud content management company, Box, Inc. The partnership intends to help customers to transform their distant workspaces with cloud-based data storage. Moreover, rapid growth in the implementation of IoT and the growing adoption of cloud storage among the small and medium-sized businesses to decrease the Opex and Capex are further energizing the demand of the market in the coming years. The factors that are restraining the growth of the global cloud storage market include the concerns related to data security and lack of network bandwidth. The emergence of the COVID-19 pandemic will benefit the global cloud storage market in the long term. The increasing shift towards remote working and the rising trend for staying at home will encourage the demand of the market, especially in 2020.

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Deployment Model Segment Analysis

The public cloud segment is anticipated to witness a faster growth over the upcoming years, owing to the high-reliability, cost-efficiency, and unlimited spending. The increasing end-user expenditure in the public cloud will expedite the market growth. The hybrid cloud is anticipated to hold a larger share due to surging demand for hybrid cloud storage owing to the remarkable features such as data security, flexibility, and agility. The hybrid multi-cloud offers control and visibility over the infrastructure, helping to access and secure files, driving the market growth.

Offering Segment Analysis

Services segment is expected to grow at a higher CAGR over the forecast period owing to the high adoption of cloud data services across businesses. In addition, the strong demand for training & consulting services owing to their several benefits that include the ability to make informed and right decisions to achieve the required outcomes is also a factor propelling the market growth of this segment.

Vertical Segment Analysis

BFSI segment is anticipated to increase at a higher compound annual growth rate during the forecast period as a result of an increase in the implementation of cloud storage in this vertical owing to the demand for handling the large data volumes. The growing demand for enhancing the revenue generation, increasing customer insights, and various advantages of using cloud storage such as ensuring secure transactions, smoothening customer experience along with enhanced feasibility & productivity are further surging the demand of this segment.

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Regional Analysis

North America is anticipated to grow at a higher compound annual growth rate during the forecast period owing to the presence of various enterprises adopting cloud storage and improved IT infrastructure. Furthermore, the presence of the key cloud storage vendors, increasing demand for enterprise mobility to enhance the efficiency, and rising investments in the research & development activities for the cloud-based solutions are some other factors bolstering the growth of the market in this region.

Various notable players operating in the market include Microsoft, IBM Corporation, Google Inc., Amazon Web Services, Inc., Oracle Corporation, VMWare, Alibaba Cloud, Hewlett Packard Enterprise Development LP, Rackspace Inc., and Dell EMC, among others.

Key Developments:

• • In 2021 – Telefonica España entered into a partnership with Oracle in a multi-year partnership for transfer of its database to Oracle Exadata Cloud. This partnership is intended to encourage the cloud adoption and the development of new communication services for consumers and businesses of telecom companies.
  • In 2019, IBM Corporation launched financial services-specific cloud technology in collaboration with Bank of America. This is the first industry-specific cloud of the company and is developed to meet the high security, regulatory, and resiliency standards which are needed by the financial services industry.
  • In 2019, Google Inc. acquired Elastifile, which is a cloud storage company. Through this acquisition, the company planned to expand its share in the market in the cloud space.

The global cloud storage market has been segmented on the basis of type, component, deployment model, organization size, vertical, and region. Based on the type, the market is segmented into file storage, object storage, and block storage. Based on the component, the market is segmented into the solutions and services. The solutions segment is further categorized into disaster recovery & backup, primary storage, data archiving, and cloud storage gateway. The services market is further categorized into integration & migration, training & consulting, support & maintenance, and managed services. Based on the deployment model, the market is segmented into the private cloud, public cloud, and hybrid cloud. Based on the organization size, the market is segmented into small & medium-sized enterprises and large enterprises. Based on the vertical, the market is segmented into telecommunications, BFSI, energy & utilities, IT & ITeS, healthcare & life sciences, education, manufacturing, government & public sector, consumer goods & retail, media & entertainment, and others.

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Key questions answered in this research report:

• • At what pace is the global cloud storage market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global cloud storage market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global cloud storage market?
  • Which type generated maximum revenues in 2019 and identify the most promising products during the forecast period?
  • What are the various verticals in the cloud storage market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2027)	USD 152 billion
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Component, By Deployment Model, By Organization Size, By Vertical, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Microsoft, IBM Corporation, Google Inc., Amazon Web Services, Inc., Oracle Corporation, VMWare, Alibaba Cloud, Hewlett Packard Enterprise Development LP, Rackspace Inc., and Dell EMC, among others; a total of 10 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Cloud Storage Market by Type

• • File Storage
  • Object Storage
  • Block Storage

Global Cloud Storage Market by Component

• • Solutions
    • Disaster Recovery & Backup
    • Primary Storage
    • Data Archiving
    • Cloud Storage Gateway
  • Services
    • Integration & Migration
    • Training & Consulting
    • Support & Maintenance
    • Managed Services

Global Cloud Storage Market by Deployment Model

• • Private Cloud
  • Public Cloud
  • Hybrid Cloud

Global Cloud Storage Market by Organization Size

• • Small & Medium-Sized Enterprises
  • Large Enterprises

Global Cloud Storage Market by Vertical

• • Telecommunications
  • BFSI
  • Energy & Utilities
  • IT & ITeS
  • Healthcare & Life Sciences
  • Education
  • Manufacturing
  • Government & Public Sector
  • Consumer Goods & Retail
  • Media & Entertainment
  • Others

Global Cloud Storage Market by Region

• • North America Cloud Storage Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Component
    • By Deployment Model
    • By Organization Size
    • By Vertical
    • US Market All-Up
    • Canada Market All-Up
  • Europe Cloud Storage Market (Option 2: As a part of the free 25% Customization)
    • By Type
    • By Component
    • By Deployment Model
    • By Organization Size
    • By Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Cloud Storage Market (Option 3: As a part of the free 25% Customization)
    • By Type
    • By Component
    • By Deployment Model
    • By Organization Size
    • By Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Cloud Storage Market (Option 4: As a part of the free 25% Customization)
    • By Type
    • By Component
    • By Deployment Model
    • By Organization Size
    • By Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Cloud Storage Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Microsoft
  • IBM Corporation
  • Google Inc.
  • Amazon Web Services, Inc.
  • Oracle Corporation
  • VMWare
  • Alibaba Cloud
  • Hewlett Packard Enterprise Development LP
  • Rackspace Inc.
  • Dell EMC