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Cloud Storage Market Size and Global Market Forecast to 2027

09.09.2022 · Posted in Writing and Speaking

Cloud Storage Market

The Cloud Storage Market is estimated to reach USD 152 billion by the end of 2027, expanding at a CAGR of 22.3% over the forecast period (2020-2027).

The factors driving the growth of Cloud Storage Market includes increasing application of cloud in end-use industries such as BFSI and Healthcare, rise in the volume of unstructured data and growing influence of social media platforms around the world. According to the report published by LXA, Learning Experience Alliance, the volume of unstructured data is expected to increase from 33 zettabytes in 2019 to 175 zettabytes by the end of 2025, which will boost the Cloud Storage Market Growth in the approaching years. Moreover, the increasing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT), by the major corporations, growing demand for low-cost data storage facilities and rising trend of Work from Home (WFH), are some of the additional factors supplementing the Global Cloud Storage Market. In addition, cloud computing reduces the total cost of ownership, minimizes operational expenses of the organization, and improves the Return on Investment (RoI) for meeting IT service needs, are some of the features augmenting the Cloud Storage Market size.

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However, the growth of Cloud Storage Market is hindered due to rising concerns related to security and privacy.

The prominent players operating in the market are Alibaba Cloud, Hewlett Packard Enterprise Development LP, Rackspace Inc., Microsoft, IBM Corporation, Google Inc., Amazon Web Services, Inc., Oracle Corporation, VMWare, and Dell EMC, among others.

Component: Segment Analysis

Based on Component, the Services segment is anticipated to grow at a remarkable CGAR during the forecast period attributed to growing adoption of cloud-based services in industry verticals across the globe.

Vertical: Segment Analysis

Based on Vertical, the BFSI segment is projected to expand at a significant CAGR over the forecast period. The increasing use of cloud computing in the BSFI sector because huge amounts of data are generated on a regular basis, cloud computing enhances the customer experience and ensures smooth transactions, are some of the factors responsible for the growth of segment.

Regional: Segment Analysis

Based on Region, the North American region is expected to capture a sizeable market share during the forecast period. Presence of the leading cloud storage vendors such as Google Inc. and MEGA, growing investments by the leading players on Research and Development, improved IT infrastructure, high per capita incomes, and increasing demand for enterprise mobility, are some of the factors propelling the Cloud Storage Market share in North America.

Market Segmentation

Segmentation by Type

  • File Storage
  • Object Storage
  • Block Storage

Segmentation by Component

  • Solutions
    • Disaster Recovery & Backup
    • Primary Storage
    • Data Archiving
    • Cloud Storage Gateway
  • Services
    • Integration & Migration
    • Training & Consulting
    • Support & Maintenance
    • Managed Services

Segmentation by Deployment Model

  • Private Cloud
  • Public Cloud
  • Hybrid Cloud

Segmentation by Organization Size

  • Small & Medium-Sized Enterprises
  • Large Enterprises

Segmentation by Vertical

  • Telecommunications
  • BFSI
  • Energy & Utilities
  • IT & ITeS
  • Healthcare & Life Sciences
  • Education
  • Manufacturing
  • Government & Public Sector
  • Consumer Goods & Retail
  • Media & Entertainment
  • Others

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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