The global cloud storage market size is expected to reach USD 361.3 billion by 2030, according to new study by Polaris market research. The report “Cloud Storage Market Share, Size, Trends, Industry Analysis Report, By Component; By Type; By Enterprise Size (Small & Medium Enterprises, Large Enterprises); By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rise in demand for easily accessible data storage for remote workers, decreasing Total Cost of Ownership, and growing data volumes across industries are the factors driving the market’s revenue growth. The simplicity of collaboration and sharing, the availability of back-up, and data storage for longer periods are prime factors driving demand for solutions & services for cloud storage for efficient data management.
Additionally, it is anticipated that in the next years, demand for cloud-based storage solutions will expand due to the increased adoption of a number of cutting-edge technologies, including artificial intelligence, remote sensing, and advanced video systems. Enterprises that employ analytics-driven solutions also generate a substantial volume of data. Hybrid storage alternatives are less preferred than alternatives to traditional storage. However, because of concerns about data privacy and confidentiality, governmental organizations are continually enforcing tight restrictions on the use of cloud services.
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Throughout the forecast period, COVID-19 is expected to have a major impact on the market’s growth. More storage capacity was consequently needed to accommodate the operations of distant workers. File storage systems are a great substitute for archiving and main storage because they were initially designed for media storage, user home directories, and application development. According to studies, 50% of all company data will be kept in the cloud by 2020. On June 2022, an investment of USD 42 million was made in Lightbits Labs, a company that develops software-powered NVMe/TCP-accessed storage devices, bringing its total funding to USD 100 million.
Furthermore, Employees can communicate and retain connections as businesses transition to remote working environments using cloud-based technologies. Due to this, partnerships and alliances aid in market expansion during the COVID-19 pandemic. Cloud infrastructure is increasingly required as data volume rises. A rise in investments by leading market players to build data centers throughout the globe in response to the COVID-19 pandemic is projected to drive the market in the ensuing years.
Cloud Storage Market Report Highlights
- Block storage is expected to dominate the market by 2021. There will probably be an increase in demand for dependable and high-performance storage throughout the forecast period, which will result in block storage accounting for a sizable portion of the market.
- Private cloud made up the majority of this market in 2021. In situations where complete environmental control is essential, and organizations need flexible computing, a private cloud server may be the best choice.
- In 2021, the Large Businesses segment held the most market share. As a result, large businesses frequently seek out dependable and secure services. They focus on providing scalable infrastructure and reasonably priced services for a small and medium-sized organizations.
- In 2021, North America held the largest revenue share. Presence of key cloud storage providers, a surge in data centers, the quick uptake of cutting-edge technology, and smart home devices, the region’s market is witnessing revenue growth.
- The global players with a global presence include Alibaba Group Holding, Amazon, Alphabet, Hewlett Packard Enterprise, Dell Technologies and others.
Polaris Market Research has segmented the cloud storage market report based on component, type, enterprise size, and region:
Cloud Storage, Component Outlook (Revenue – USD Billion, 2018 – 2030)
- Storage Model
- Object Storage
- File Storage
- Block Storage
Cloud Storage, Type Outlook (Revenue – USD Billion, 2018 – 2030)
Cloud Storage, Enterprise Size Outlook (Revenue – USD Billion, 2018 – 2030)
- Small and Medium Enterprises
- Large Enterprises
Cloud Storage, Region Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa