Press release
Cloud Storage Market Analysis: From $107.76 Billion Expansion in 2025 to $273.05 Billion Forecast in 2029
Cloud Storage Market Size
What Is The Projected Market Size Of The Global Cloud Storage Market And Its Growth Rate?
• The cloud storage market value increased from $107.76 billion in 2024 to $124.57 billion in 2025, reflecting a strong CAGR of 15.6%.
• Key drivers like data explosion, cost efficiency, remote access and collaboration, disaster recovery, business continuity, globalization, and scalability primarily stimulated the market's growth.
• The market is projected to attain an impressive value of $273.05 billion in 2029 at a rapid CAGR of 21.7%.
• The forecasted growth is strongly associated with advances like edge computing integration, data lifecycle management, enhanced security measures, technology advancements, AI and ML, sustainability initiatives, object storage dominance, and storage class tiers for cost optimization.
What Is Driving The Growth In The Cloud Storage Market?
The explosion in data volumes is a significant driver propelling the forward momentum of the cloud storage market. The need to analyze and process massive datasets larger than terabytes and petabytes due to the increase in digital technology use in organizations, has given rise to the demand for cloud storage systems. These systems provide a capacity-intensive solution for data storage over the internet infrastructure, thereby liberating organizations from maintaining physical data centers. For instance, the World Economic Forum in 2023 predicted that by 2025, individuals and organizations globally would generate about 463 exabytes of data daily. The consequential growth in data volumes is hence driving the expansion of the cloud storage market.
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Who Are the Key Players Driving Cloud Storage Market Growth?
Key players spearheading the growth of the cloud storage market include:
•Amazon.com Inc.
•Apple Inc.
•Alphabet Inc.
•Microsoft Corporation
•Alibaba Group
•Dell Technologies Inc.
•IBM Corporation
•Cisco Systems Inc.
•Oracle Corporation
•Tencent Cloud
•Hewlett Packard Enterprise Company
•Salesforce.com Inc.
•NetApp Inc.
•Akamai Technologies Inc.
•Rackspace hosting Inc.
•Bluehost
•Dropbox Inc.
•Endurance International Group
•Backblaze Inc.
•OVH Groupe SA
•DigitalOcean Holdings Inc.
•DreamHost LLC
•InMotion Hosting Inc.
•MEGA Cloud services Ltd.
•Hetzner Online GmbH
•Sync.com Inc.
•pCloud AG
•RamNode LLC
•ID Cloud Services LTD.
•The Constant Company LLC
•VMware Inc.
What Are The Key Trends In The Cloud Storage Market?
Major trends shaping the future trajectory of the cloud storage market include:
•Technology advancements
•Integration of artificial intelligence (AI) and machine learning (ML)
•Sustainability initiatives
•Dominance of object storage
•Storage class tiers for cost optimization
What Are The Segments Of The Global Cloud Storage Market?
The global cloud storage market can be segmented as:
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 and Utilities, Chemical, Travel and Hospitality)
Which Region Leads The Cloud Storage Market?
In 2024, North America emerged as the largest region in the cloud storage market. However, Asia-Pacific is expected to experience the fastest growth in the forecast period. The cloud storage market report covers several regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Cloud Storage Market Global Market Report?
- Market Size Analysis: Analyze the Cloud Storage Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Cloud Storage Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Cloud Storage Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Cloud Storage Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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