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The global cloud storage market was valued at USD 96.16 Billion in 2022 and grew at a CAGR of 25.18% from 2023 to 2032. The market is expected to reach USD 908.60 Billion by 2032. The growth of the cloud storage market can be attributed to the rise in demand for accessibility across industries such as healthcare, retail, BFSI, IT and telecom, etc.
Users can save data and files using cloud storage in an off-site location connected to a dedicated private network or the public internet. A more affordable and scalable alternative to on-premise hard drives or storage networks is cloud storage. A limited amount of data can be stored on computer hard discs. Users must move files to an external storage device when their internal storage is full. Businesses have historically created and managed storage area networks to archive data and files. Cloud storage services offer elasticity, allowing users to add or decrease capacity as their data volumes change. Instead of spending money on the capital expenditures of constructing and maintaining internal storage networks, the client organization can save money by storing data in the cloud.
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Dynamic work culture in organizations: The dynamic nature of work culture in organizations has propelled cloud storage. It helps to meet the changing needs of the business and act accordingly. The rapidly changing consumer behaviour has called for frequent updates of the product. In this technology-driven era, the needs and requirements of consumers change consequently. Thus, organizations must work in a dynamic culture to sustain the business. Further, supply chain disruptions force organizations to make necessary changes in the workforce and working patterns continually. The configuration, provisioning, analytics and monitoring process has become more relevant than ever, and the interconnection between different departments has become essential to adapt to the changes quickly. The employees can connect better and act fast through cloud storage. The implementation of cloud storage enables integration among the public and private cloud, which propels a hybrid cloud structure.
Data security risk and complex processes: Organizations are reluctant to save their crucial data with third-party providers. Many cloud storage platforms have been found guilty of using the data of their end consumers. Apart from this, there are several inefficiencies in cloud storage, such as insecure interfaces, unauthorized access, and misconfiguration.
Increased focus on R&D activities for developing new products: Companies face intense competition among different industries. Additionally, the quality of the goods given by competing businesses is essentially the same, reducing suppliers' market power. Thus, a lot of businesses are putting their attention towards building their R&D foundation to concentrate more on product differentiation. Due to the growing demand for the cloud, businesses are engaging in research and development to acquire as many ideas as possible that can boost their bottom line. Therefore, the organization opts for cloud storage as it provides a common platform and facilitates the monitoring process. By investing in innovative solutions, the time associated with infrastructure and applications can be reduced drastically. Thus, many IT, retail, and finance industries invest in automated products to gain a competitive edge in their respective markets.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Europe emerged as the most significant cloud storage market, with a 41.02% market revenue share in 2022.
North American region will account for the largest market share with revenue growth. The increasing investment in IT and telecom, healthcare, government and public sector, etc., will drive the demand for cloud storage. Also, the increasing scope of advancement in cloud technology has propelled the key players to expand their base in the region.
Europe region Cloud Storage Market Share in 2022 - 41.02%
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The component segment is divided into solutions and services. The solution segment dominated the market, with a share of around 62.01% in 2022. Cloud storage solutions can be used across industries toback upp crucial data. Confidential data can benefit from the different cloud storage solutions available.
The deployment type segment is divided into private, public and hybrid. The hybrid segment dominated the market, with a share of around 48.10% in 2022. Hybrid cloud provides features for both private and public cloud solutions. It is an ideal data storage solution for companies those have customized requirements.
The user type segment is divided into large enterprises and SMEs. The large enterprise segment dominated the market, with a share of around 67.11% in 2022. These large enterprises require cloud storage to gain a competitive edge in the industry and grab maximum market shares through implementing cloud storage.
The industry vertical segment is divided into BFSI, government & public sector, healthcare, IT & telecom, retail, manufacturing, media & entertainment and others. The BFSI segment dominated the market, with a share of around 34.19% in 2022. The BFSI industry always works on the edge, and thus it needs to deal with various transaction data to develop products and services that can stand out in the market. Thus, BFSI companies opt for cloud storage to store this crucial information.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 96.16 Billion |
| Market size value in 2032 | USD 908.60 Billion |
| CAGR (2023 to 2032) | 25.18% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Component, Deployment Type, User Type and Industry Vertical |
As per The Brainy Insights, the size of the cloud storage market was valued 96.16 billion in 2022 to USD 908.60 Billion by 2032.
Global cloud storage market is growing at a CAGR of 25.18% during the forecast period 2023-2032.
North America region emerged as the largest market for the cloud storage.
The market's growth will be influenced by the growing usage of cloud storage across industries.
The lack of infrastructure can hamper the market growth.
The security concern of data could hamper the market growth.
Key players are AWS, IBM, Microsoft, Google, Oracle, HPE, Dell EMC, VMware, Rackspace, Dropbox among others.
1. Introduction
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.4. Currency
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis by Component
4.3.2. Market Attractiveness Analysis by Deployment Type
4.3.3. Market Attractiveness Analysis by User Type
4.3.4. Market Attractiveness Analysis by Industry Vertical
4.3.5. Market Attractiveness Analysis by Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. Increasing use of cloud storage in different end-user industries
5.3. Restraints
5.3.1. High cost of installation
5.4. Opportunities
5.4.1. Increasing investment in IT and telecom industry
5.5. Challenges
5.5.1. Integration issues
6. Global Cloud Storage Market Analysis and Forecast, By Component
6.1. Segment Overview
6.2. Solution
6.3. Services
7. Global Cloud Storage Market Analysis and Forecast, By Deployment Type
7.1. Segment Overview
7.2. Private
7.3. Public
7.4. Hybrid
8. Global Cloud Storage Market Analysis and Forecast, By User Type
8.1. Segment Overview
8.2. Large Enterprises
8.3. SMEs
9. Global Cloud Storage Market Analysis and Forecast, By Industry Vertical
9.1. Segment Overview
9.2. BFSI
9.3. Government & Public Sector
9.4. Healthcare
9.5. IT & Telecom
9.6. Retail
9.7. Manufacturing
9.8. Media & Entertainment
9.9. Others
10. Global Cloud Storage Market Analysis and Forecast, By Regional Analysis
10.1. Segment Overview
10.2. North America
10.2.1. U.S.
10.2.2. Canada
10.2.3. Mexico
10.3. Europe
10.3.1. Germany
10.3.2. France
10.3.3. U.K.
10.3.4. Italy
10.3.5. Spain
10.4. Asia-Pacific
10.4.1. Japan
10.4.2. China
10.4.3. India
10.5. South America
10.5.1. Brazil
10.6. Middle East and Africa
10.6.1. UAE
10.6.2. South Africa
11. Global Cloud Storage Market-Competitive Landscape
11.1. Overview
11.2. Market Share of Key Players in the Cloud Storage Market
11.2.1. Global Company Market Share
11.2.2. North America Company Market Share
11.2.3. Europe Company Market Share
11.2.4. APAC Company Market Share
11.3. Competitive Situations and Trends
11.3.1. Product Launches and Developments
11.3.2. Partnerships, Collaborations, and Agreements
11.3.3. Mergers & Acquisitions
11.3.4. Expansions
12. Company Profiles
12.1. AWS
12.1.1. Business Overview
12.1.2. Company Snapshot
12.1.3. Company Market Share Analysis
12.1.4. Company Product Portfolio
12.1.5. Recent Developments
12.1.6. SWOT Analysis
12.2. IBM
12.2.1. Business Overview
12.2.2. Company Snapshot
12.2.3. Company Market Share Analysis
12.2.4. Company Product Portfolio
12.2.5. Recent Developments
12.2.6. SWOT Analysis
12.3. Microsoft
12.3.1. Business Overview
12.3.2. Company Snapshot
12.3.3. Company Market Share Analysis
12.3.4. Company Product Portfolio
12.3.5. Recent Developments
12.3.6. SWOT Analysis
12.4. Google
12.4.1. Business Overview
12.4.2. Company Snapshot
12.4.3. Company Market Share Analysis
12.4.4. Company Product Portfolio
12.4.5. Recent Developments
12.4.6. SWOT Analysis
12.5. Oracle
12.5.1. Business Overview
12.5.2. Company Snapshot
12.5.3. Company Market Share Analysis
12.5.4. Company Product Portfolio
12.5.5. Recent Developments
12.5.6. SWOT Analysis
12.6. HPE
12.6.1. Business Overview
12.6.2. Company Snapshot
12.6.3. Company Market Share Analysis
12.6.4. Company Product Portfolio
12.6.5. Recent Developments
12.6.6. SWOT Analysis
12.7. Dell EMC
12.7.1. Business Overview
12.7.2. Company Snapshot
12.7.3. Company Market Share Analysis
12.7.4. Company Product Portfolio
12.7.5. Recent Developments
12.7.6. SWOT Analysis
12.8. VMware
12.8.1. Business Overview
12.8.2. Company Snapshot
12.8.3. Company Market Share Analysis
12.8.4. Company Product Portfolio
12.8.5. Recent Developments
12.8.6. SWOT Analysis
12.9. Rackspace
12.9.1. Business Overview
12.9.2. Company Snapshot
12.9.3. Company Market Share Analysis
12.9.4. Company Product Portfolio
12.9.5. Recent Developments
12.9.6. SWOT Analysis
12.10. Dropbox
12.10.1. Business Overview
12.10.2. Company Snapshot
12.10.3. Company Market Share Analysis
12.10.4. Company Product Portfolio
12.10.5. Recent Developments
12.10.6. SWOT Analysis
List of Table
1. Global Cloud Storage Market, By Component, 2019-2032 (USD Billion)
2. Global Solution, Cloud Storage Market, By Region, 2019-2032 (USD Billion)
3. Global Services, Cloud Storage Market, By Region, 2019-2032 (USD Billion)
4. Global Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
5. Global Private, Cloud Storage Market, By Region, 2019-2032 (USD Billion)
6. Global Public, Cloud Storage Market, By Region, 2019-2032 (USD Billion)
7. Global Hybrid, Cloud Storage Market, By Region, 2019-2032 (USD Billion)
8. Global Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
9. Global Large Enterprises, Cloud Storage Market, By Region, 2019-2032 (USD Billion)
10. Global SMEs, Cloud Storage Market, By Region, 2019-2032 (USD Billion)
11. Global Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
12. Global BFSI, Cloud Storage Market, By Region, 2019-2032 (USD Billion)
13. Global Government & Public Sector, Cloud Storage Market, By Region, 2019-2032 (USD Billion)
14. Global Healthcare, Cloud Storage Market, By Region, 2019-2032 (USD Billion)
15. Global IT & Telecom, Cloud Storage Market, By Region, 2019-2032 (USD Billion)
16. Global Retail, Cloud Storage Market, By Region, 2019-2032 (USD Billion)
17. Global Manufacturing, Cloud Storage Market, By Region, 2019-2032 (USD Billion)
18. Global Media & Entertainment, Cloud Storage Market, By Region, 2019-2032 (USD Billion)
19. Global Others, Cloud Storage Market, By Region, 2019-2032 (USD Billion)
20. Global Cloud Storage Market, By Region, 2019-2032 (USD Billion)
21. North America Cloud Storage Market, By Component, 2019-2032 (USD Billion)
22. North America Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
23. North America Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
24. North America Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
25. U.S. Cloud Storage Market, By Component, 2019-2032 (USD Billion)
26. U.S. Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
27. U.S. Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
28. U.S. Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
29. Canada Cloud Storage Market, By Component, 2019-2032 (USD Billion)
30. Canada Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
31. Canada Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
32. Canada Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
33. Mexico Cloud Storage Market, By Component, 2019-2032 (USD Billion)
34. Mexico Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
35. Mexico Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
36. Mexico Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
37. Europe Cloud Storage Market, By Component, 2019-2032 (USD Billion)
38. Europe Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
39. Europe Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
40. Europe Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
41. Germany Cloud Storage Market, By Component, 2019-2032 (USD Billion)
42. Germany Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
43. Germany Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
44. Germany Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
45. France Cloud Storage Market, By Component, 2019-2032 (USD Billion)
46. France Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
47. France Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
48. France Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
49. U.K. Cloud Storage Market, By Component, 2019-2032 (USD Billion)
50. U.K. Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
51. U.K. Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
52. U.K. Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
53. Italy Cloud Storage Market, By Component, 2019-2032 (USD Billion)
54. Italy Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
55. Italy Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
56. Italy Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
57. Spain Cloud Storage Market, By Component, 2019-2032 (USD Billion)
58. Spain Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
59. Spain Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
60. Spain Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
61. Asia Pacific Cloud Storage Market, By Component, 2019-2032 (USD Billion)
62. Asia Pacific Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
63. Asia Pacific Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
64. Asia Pacific Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
65. Japan Cloud Storage Market, By Component, 2019-2032 (USD Billion)
66. Japan Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
67. Japan Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
68. Japan Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
69. China Cloud Storage Market, By Component, 2019-2032 (USD Billion)
70. China Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
71. China Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
72. China Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
73. India Cloud Storage Market, By Component, 2019-2032 (USD Billion)
74. India Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
75. India Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
76. India Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
77. South America Cloud Storage Market, By Component, 2019-2032 (USD Billion)
78. South America Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
79. South America Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
80. South America Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
81. Brazil Cloud Storage Market, By Component, 2019-2032 (USD Billion)
82. Brazil Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
83. Brazil Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
84. BrazilCloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
85. Middle East and Africa Cloud Storage Market, By Component, 2019-2032 (USD Billion)
86. Middle East and Africa Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
87. Middle East and Africa Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
88. Middle East and Africa Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
89. UAE Cloud Storage Market, By Component, 2019-2032 (USD Billion)
90. UAE Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
91. UAE Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
92. UAE Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
93. South Africa Cloud Storage Market, By Component, 2019-2032 (USD Billion)
94. South Africa Cloud Storage Market, By Deployment Type, 2019-2032 (USD Billion)
95. South Africa Cloud Storage Market, By User Type, 2019-2032 (USD Billion)
96. South Africa Cloud Storage Market, By Industry Vertical, 2019-2032 (USD Billion)
List of Figures
1. Global Cloud Storage Market Segmentation
2. Cloud Storage Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Cloud Storage Market Attractiveness Analysis by Component
9. Global Cloud Storage Market Attractiveness Analysis by Deployment Type
10. Global Cloud Storage Market Attractiveness Analysis by User Type
11. Global Cloud Storage Market Attractiveness Analysis by Industry Vertical
12. Global Cloud Storage Market Attractiveness Analysis by Region
13. Global Cloud Storage Market: Dynamics
14. Global Cloud Storage Market Share by Component (2022 & 2032)
15. Global Cloud Storage Market Share by Deployment Type (2022 & 2032)
16. Global Cloud Storage Market Share by User Type (2022 & 2032)
17. Global Cloud Storage Market Share by Industry Vertical (2022 & 2032)
18. Global Cloud Storage Market Share by Regions (2022 & 2032)
19. Global Cloud Storage Market Share by Company (2022)
This study forecasts revenue at global, regional, and country levels from 2023 to 2032. The Brainy Insights has segmented the global Cloud Storage market on the basis of below mentioned segments:
Global Cloud Storage Market by Component:
Global Cloud Storage Market by Deployment Type:
Global Cloud Storage Market by User Type:
Global Cloud Storage Market by Industry Vertical:
Global Cloud Storage Market by Region:
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The data procurement stage involves in data gathering and collecting through various data sources.
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