Strong Growth Ahead: Cloud Storage Market Size To Grow At Arecord 21.7% Cagr By 2029

The Cloud Storage Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Projected Growth of the Cloud Storage Market?
In recent times, the size of the cloud storage market has seen significant expansion. It is predicted to escalate from $107.76 billion in 2024 to $124.57 billion in 2025, indicating a compound annual growth rate (CAGR) of 15.6%. Such growth during the historic period can be ascribed to elements like the surge in data, cost-effectiveness, the ability to access and collaborate remotely, ensuring business continuity and disaster recovery, globalization and scalability.

In the ensuing years, the cloud storage market size is anticipated to witness a significant uptrend, ballooning to a worth of $273.05 billion by 2029, recording a compound annual growth rate (CAGR) of 21.7%. Factors contributing to this growth during the projected period include the incorporation of edge computing, data lifecycle administration, and improved security precautions. The forecast period will be characterized by major trends including advancements in technology, the incorporation of artificial intelligence (AI) and machine learning (ML), initiatives towards sustainability, the prevalence of object storage, and the establishment of storage class levels for better cost optimization.

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What Are the Different Cloud Storage Market Segments?
The cloud storage market covered in this report is segmented -

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)

Subsegments:
1) By Object Storage: Cloud-Based Object Storage, On-Premises Object Storage, Hybrid Object Storage Solutions, Scalable Object Storage
2) By File Storage: Network-Attached Storage (NAS), Distributed File Systems, Cloud File Storage, High-Performance File Storage
3) By Block Storage: Storage Area Network (SAN), Direct-Attached Storage (DAS), Cloud Block Storage, High-Performance Block Storage

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What Are the Primary Drivers Shaping the Cloud Storage Market?
The cloud storage market is predicted to flourish due to the anticipated surge in data volumes. The term 'data volume' refers to the magnitude of data sets that need processing and analysis, often exceeding terabytes and petabytes. With the escalating utilization of computers and digital technologies in businesses, there has been a notable increase in data generation. This, in turn, has amplified the demand for storage systems such as cloud storage, which supports data storage via the internet, thereby reducing the obligation for businesses to maintain a physical data center. For example, the World Economic Forum, a non-governmental organization based in Switzerland, projected in January 2023 that by 2025, individuals and organizations worldwide will produce an estimated 463 exabytes of data every day. As such, the skyrocketing growth in data volumes is a key driver of the growth in the cloud storage market.

Which Companies Are Leading in the Cloud Storage Market?
Major companies operating in 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 Trends Are Expected to Dominate the Cloud Storage Market in the Next 5 Years?
Leading corporations in the cloud storage market are increasingly shifting their focus towards pioneering innovative storage solutions like SaaS-based digital storage in an effort to boost scalability, enhance data accessibility and cut down operational costs for businesses. The term SaaS-based digital storage serves as a reference for a cloud computing model that avails data storage services via the internet on a paid subscription, enabling users to access and manage their data without the requirement of on-site infrastructures. This, in turn, offers scalability, cost-efficiency, and user-friendliness to both individuals and businesses. For example, in July 2023, DigiBoxx, a prominent Indian digital file sharing and cloud storage service, unveiled an innovative data storage solution tailored for both individual users and corporate clients. The newly launched platform, Megh3, provides users with swift, uncomplicated, and flexible storage options at competitive rates, merging simplicity with cost-effectiveness. Being a local Software-as-a-Service (SaaS) digital storage platform, Megh3 ensures data protection and enables data retrieval from any device or location, thus simplifying workflows and unifying brand assets across multiple channels for effective and cohesive team collaboration.

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What Are the Top Revenue-Generating Geographies in the Cloud Storage Market?
North America was the largest region in the cloud storage market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Cloud Storage Market?
2. What is the CAGR expected in the Cloud Storage Market?
3. What Are the Key Innovations Transforming the Cloud Storage Industry?
4. Which Region Is Leading the Cloud Storage Market?

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