Cloud Storage Market worth $234.9 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 6, 2024 /PRNewswire/ -- Driven by trends including growing use of hybrid and multi-cloud solutions, increasing need for edge computing, and an emphasis on data privacy and security, the Cloud Storage Market is expected to continue growing and innovating in the future. Future shaping the market's evolution to meet changing corporate needs and propel future advancements in cloud storage solutions will be emerging technologies such as AI and analytics, object storage, sustainability initiatives, and integration with blockchain and quantum computing.

The Cloud Storage Market size is expected to grow from USD 99.2 billion in 2023 to USD 234.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 18.8% during the forecast period, according to a new report by MarketsandMarkets™. Enhanced data resilience, accessibility, collaboration, seamless integration between solutions offered by key Cloud Storage vendors, cloud ecosystem maturity, and transition towards OpEx models are a few fundamental driving forces to leverage Cloud Storage adoption across verticals and regions.

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260 – Tables
58 - Figures
210 – Pages

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Scope of the Report

The content delivery & distribution segment will record the highest CAGR during the forecast period by use cases.

Content Delivery & Distribution applications represent a critical facet of the digital landscape, serving as the backbone for delivering digital content to end-users across the globe efficiently and reliably. In the era of cloud storage, these applications have undergone a transformative evolution, leveraging cloud storage solutions to enhance their agility, scalability, and performance. Traditionally, Content Delivery & Distribution relied on centralized, hardware-intensive architectures. However, cloud storage has ushered in a new era where content providers can harness the power of distributed, containerized environments, such as Kubernetes, to optimize content delivery strategies. This shift empowers organizations to dynamically allocate resources, auto-scale to accommodate fluctuating demand, and seamlessly distribute content across multiple edge locations and cloud regions.

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Based on offering, Storage type holds a higher market share in the Cloud Storage Market during the forecast period.

Cloud storage types, including block, file, and object, are offered differently for different applications. These storage types provide end-users with reliable, cost-efficient, time-saving, and scalable cloud storage features. Cloud storage vendors offer customized cloud storage types to meet property managers' real-time and complex requirements. These storage types also assist corporates and property managers align business strategies with the enterprises' long-term growth strategies. Cloud storage types enable optimal maintenance throughout the asset life cycle, leading to high asset utilization and cost optimization.

By region, the Asia Pacific region recorded the highest CAGR during the forecast period.

Due to the rising uptake of cutting-edge technologies like cloud computing and the Internet of Things, the Asia Pacific area is anticipated to witness substantial growth prospects. Rising rates of urbanization, technical developments, and government backing for the digital economy are significant drivers of technological advancements in the region. Many firms are using cloud-based strategies due to the quick developments in cloud computing, IoT, and telecommunications. Throughout the projected period, the region is anticipated to increase significantly. The use of cloud storage solutions has risen considerably due to the growing number of business activities and the growing use of cloud technology. The complexity of managing workloads and applications manually results from the increasing usage of cloud technologies and massive data volumes. This is the primary driver driving the adoption of cloud Cloud Storage solutions among organizations in this region. The primary motivators for cloud technology adoption among businesses would be the low cost and simple implementation of cloud storage solutions. The region's Cloud Storage Market is anticipated to rise rapidly due to the growing trend toward cloud-based solutions.

Top Key Companies in Cloud Storage Market:

Some of the key players operating in the Cloud Storage Market are IBM (US), AWS (US), Google (US), Microsoft (US), Alibaba Cloud (China), Huawei Cloud (China), Oracle (US), Rackspace Technology (US), HPE (US), Dell (US), VMware (US), among others.

Recent Developments

• In September 2023, with the addition of a new feature, Amazon FSx for Windows File Server, Amazon (AWS) now enables its users to select and update the level of I/O operations per second (IOPS) separately from the storage capacity on the file system. Earlier, the IOPS performance level for accessing data on a user's file Solid State Drive (SSD) storage disks was fixed at a ratio of 3 IOPS per Gigabyte (GB) of storage capacity. Now, customers can configure SSD IOPS independently from storage capacity up to a ratio of 500 IOPS per GB.
• In September 2023, an MoU signed between Alibaba Cloud and Astra Tech will leverage Alibaba Cloud's Enterprise Mobile Application Studio (EMAS) mobile testing solution into Botim (which is underway to become an ultra-app) to enhance users' experience through unparalleled app performance, reliability, and seamless functionality. Botim is the Middle East & North Africa's leading communications platform.
• The partnership between both entities where Botim has leveraged Alibaba Cloud's products and services, including Elastic Compute Service (ECS), storage, networking, and database services.
• In August 2023, Google Cloud announced a private preview of a parallel file system named Parallelstore that helps users avoid/negate wasting precious GPU resources while parallelly waiting for storage I/O (Input/Output) by providing a high-performing parallel file storage solution for AI/ML and HPC (High-Performance Computing) workloads. The solution is based on the next-generation Intel Distributed Asynchronous Object Storage (DAOS) architecture.
• In March 2023, the collaboration between IBM and Wasabi aimed to enable enterprises to run applications across any environment, be it on-premises, in the cloud, or at the edge, while allowing users to access and utilize critical business data and analytics in real-time with cost-effectiveness. The Boston Red Sox will be the first to leverage the joint power (collaboration) of IBM Cloud Satellite® and Wasabi hot cloud storage, designed to improve the club's operations across its entire business unit.

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Cloud Storage Market Advantages:

• Without the need for extra infrastructure expenditures or hardware upgrades, cloud storage provides scalable storage solutions that let businesses simply adjust storage capacity to meet changing needs.
• By allowing organisations to pay only for the storage capacity they use on a pay-as-you-go or subscription basis, cloud storage reduces total storage expenses and improves cost predictability. This eliminates the need for upfront capital investments on hardware and maintenance.
• With cloud storage, users can work remotely, collaborate with others, and share data among dispersed teams from any location with an internet connection using a variety of devices, including computers, smartphones, and tablets.
• High availability, data durability, and business continuity are guaranteed in the event of hardware malfunctions, natural catastrophes, or other disturbances thanks to cloud storage providers' redundant architecture and data replication across many data centres.
• Cloud storage solutions minimise downtime and data loss risks by providing organisations with automatic backup and disaster recovery capabilities. This enables businesses to regularly back up their data and restore it swiftly in case of data loss, corruption, or system failures.
• Cloud storage providers ensure regulatory compliance and data protection by providing features and tools such as data retention policies, audit logs, and compliance certifications to assist enterprises stay in line with industry regulations and data governance needs.
• In order to help businesses get more value out of their stored data, cloud storage providers constantly innovate by providing cutting-edge services and features like object storage, file sharing and collaboration, content delivery networks (CDNs), data analytics, machine learning, and artificial intelligence.

Report Objectives

• To define, describe, and forecast the global Cloud Storage Market based on offering, use case, deployment model, organization size, vertical, and region.
• To forecast the market size of the five major regional segments: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To strategically analyze the market subsegments for individual growth trends, prospects, and contributions to the total market
• To provide detailed information related to the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To strategically analyze macro and micro-markets for growth trends, prospects, and their contributions to the overall market
• To analyze industry trends, patents and innovations, and pricing data related to the Cloud Storage Market.
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for major players.
• To profile key players in the market and comprehensively analyze their market share/ranking and core competencies
• To track and analyze competitive developments, such as mergers & acquisitions, product developments, and partnerships & collaborations in the market.

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