Cloud Storage Market Size, Share - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Global Cloud Storage Market is Segmented by Solution (Cloud Storage Gateway, Primary Storage, Backup Storage, Data Archiving), Service (Managed Services, Professional Services), Deployment (Private Cloud, Public Cloud, Hybrid Cloud), End-User, and Geography.

Market Snapshot

Cloud Storage Market Bar Graph
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 24.74 %

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Market Overview

The Global Cloud Storage Market is expected to grow at a CAGR of 24.74% over the forecast period (2021 - 2026). Increasing demand for low-cost data backup, storage, and protection across all enterprises, coupled with the necessity to handle data generated by augmented usage of mobile technologies, favors the rate of adoption of cloud storage.

  • According to a study published by CenturyLink, a telecommunications company, the cloud computing technology is expected to generate revenue of USD 411 billion by 2020, across the world.
  • The increasing volume of data being uploaded on the servers of the enterprises has resulted in the need for high-end security, SSL, well-defined sharing, along with cost-effective options within the organization.For instance, on an average of approximately 60 million photos are uploaded daily by Instagram users, globally, and is rapidly increasing, owing to the company’s new policy associated with multiple uploads.
  • The increasing automation in the fields of aerospace and defense coupled with the necessity to improve storing and sharing data on operations and soldiers over the army cloud is expected to drive the market over the forecast period. For instance, in June 2019, Indian Army announced its plans to expand its cloud computing network for storing and sharing operational and personnel information such as deployments, movement of formations and health and service records.
  • Some of the prominent players in the market through strategic partnerships, mergers & acquisitions, research & developments have been able to further the technology. This is expected to fuel the demand for cloud storage over the forecast period. For instance, in September 2019, Facilis Technology announced that it had entered into a strategic partnership with Qualstar on Object Cloud storage solution.
  • Also, the hybrid cloud deployment is occupying a continuously increasing share in the cloud market. According to RightScale 2018 State of the Cloud Survey Report, 81% of enterprises have a multi-cloud strategy and 51% of the enterprises with a hybrid strategy. This also is expected to boost the adoption of the cloud storage over the forecast period.

Scope of the Report

Cloud storage enables the user to store the data on the Internet through a cloud computing provider that manages and operates data storage as a service. The data which is stored in and is accessible from multiple distributed and connected resources. This report segments the market by Solution (Cloud Storage Gateway, Primary Storage, Backup Storage, Data Archiving), Service (Managed Services, Professional Services), Deployment (Private Cloud, Public Cloud, Hybrid Cloud), End-User, and Geography.

By Solution
Cloud Storage Gateway
Primary Storage
Backup Storage
Data Archiving
By Service
Managed Services
Professional Services
By Deployment
Private Cloud
Public Cloud
Hybrid Cloud
By End-user Industry
Retail and Consumer Goods
Media & Entertainment
IT & Telecommunication
Other End-user Industry
North America
Latin America
Middle East and Africa

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Key Market Trends

BFSI Sector is Expected to Hold a Significant Share

  • Banks, in order to improve the revenue generation, increase customer insights, contain costs, deliver market-relevant products quickly and efficiently, and help monetize enterprise data assets, have started digitizing their working by introducing online portals through which a user can directly complete his work without any need for a bank official's intervention. This has resulted in a massive surge in the generation of data which is propelling such institutions to have cloud storage in place.
  • The cloud enables the bank to synchronize the enterprise; to break down operational and data silos across risk, finance, regulatory, customer support, amongst others and more importantly, it allows such institutions to combine such massive data sets in one place, and can apply advanced analytics for integrated insights.
  • JPMorgan Chase in its 2018 annual report stated that the company had hit average mobile customers mark of 33.3 million, a number that was by 11% with Total active digital customers being 49.3 million. This in itself is indicative of the fact of banking institutions could need solutions like cloud storage to handle such amounts of data.
  • According to Accenture in 2019, the Digital-only banks operating in the U.K. could amass a total of 35 million customers globally within a period of 12 months. This in itself is indicative of the fact that such an increase would require solutions like cloud storage to handle the surge thereby boosting the growth of the cloud storage over the forecast period.
  • Also, the increasing initiatives from the government or related regulatory bodies pertaining to the storage of large volumes data are propelling the institutions to opt for cloud storage. As Financial services organizations worldwide in order to store and retain large volumes of communications are under increasing pressure from MiFID II, MAR, Dodd-Frank and FX Code of Conduct as regulations mandate recording of greater numbers of regulated users, asset classes, channels & devices.
  • The increasing data breaches in the banking sector is propelling the banks to adopt cloud storage that allows them to store data in a space managed and owned by the bank or a third party that offers better security to the end-user. This is expected to boost the adoption of the cloud storage over the forecast period.
Cloud Storage Market Share

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North America is Expected to Hold the Largest Share

  • North America is expected to hold a significant share owing to early adoption of new technologies,  huge investments in R&D for the cloud-based solutions, and enhanced IT infrastructure. Moreover, cheap and secure storage options result in rapid industrial development.
  • Some of the prominent players in the region through research and development have been able to further the technology. This is expected to boost the adoption of cloud storage throughout the forecast period.
  • For instance, in February 2018, Google opened its first  Google Cloud Platform (GCP) region in Canada, with reduced prices for Google Cloud Storage infrequent access and cold storage classes, as well as its Nearline Storage features, for users in the region. 
  • A survey by Cisco reported that 69% of the IT decision makers favor BYOD as an optimistic addition to workplace policy as it saves workers time. In the United States IT sector, it was estimated that in the past three years, BYOD adoption witnessed an increase of 44.42%. Hence, with the growing number of mobile workers in organizations and workplaces, there has been a subsequent rise in the data generated and managed. This is expected to boost the cloud storage market’s growth over the forecast period.
Cloud Storage Market Growth By Region

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Competitive Landscape

the competitive rivalry in the cloud storage market is high owing to the presence of some major players such as Microsoft, IBM, Oracle, amongst others. Their ability to continually innovate their offerings has allowed them to gain a competitive advantage over others. Through strategic partnerships, research and developments, and mergers & acquisition these players have been able to gain a greater footprint in the market.

  • In July 2019 - IBM announced major upgrades to its IBM Spectrum Discover unified metadata management, Cloud Object Storage, Spectrum Plus data protection and VersaStack converged infrastructure platform with an eye on the cloud and modern workloads.

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers and Restraints

    3. 4.3 Market Drivers

      1. 4.3.1 Increase in Cloud Adoption Across Organizations

      2. 4.3.2 Increase in Demand for Hybrid Cloud

      3. 4.3.3 Growing Demand for Low-cost Storage and Faster Data Accessibility

    4. 4.4 Market Restraints

      1. 4.4.1 Privacy and Security Concerns regarding Cloud Storage

    5. 4.5 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry


    1. 5.1 By Solution

      1. 5.1.1 Cloud Storage Gateway

      2. 5.1.2 Primary Storage

      3. 5.1.3 Backup Storage

      4. 5.1.4 Data Archiving

    2. 5.2 By Service

      1. 5.2.1 Managed Services

      2. 5.2.2 Professional Services

    3. 5.3 By Deployment

      1. 5.3.1 Private Cloud

      2. 5.3.2 Public Cloud

      3. 5.3.3 Hybrid Cloud

    4. 5.4 By End-user Industry

      1. 5.4.1 BFSI

      2. 5.4.2 Retail and Consumer Goods

      3. 5.4.3 Healthcare

      4. 5.4.4 Media & Entertainment

      5. 5.4.5 IT & Telecommunication

      6. 5.4.6 Manufacturing

      7. 5.4.7 Government

      8. 5.4.8 Other End-user Industry

    5. 5.5 Geography

      1. 5.5.1 North America

      2. 5.5.2 Europe

      3. 5.5.3 Asia-Pacific

      4. 5.5.4 Latin America

      5. 5.5.5 Middle East and Africa


    1. 6.1 Company Profiles

      1. 6.1.1 Alphabet, Inc.

      2. 6.1.2 Amazon Web Services, Inc.

      3. 6.1.3 Dropbox, Inc.

      4. 6.1.4 EMC Corporation

      5. 6.1.5 Hewlett Packard Enterprise Company

      6. 6.1.6 IBM Corporation

      7. 6.1.7 Microsoft Corporation

      8. 6.1.8 Oracle Corporation

      9. 6.1.9 Rackspace Hosting, Inc.

    2. *List Not Exhaustive


**Subject to Availability

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Frequently Asked Questions

The Cloud Storage Market market is studied from 2018 - 2026.

The Cloud Storage Market is growing at a CAGR of 24.74% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Amazon Web Services, microsoft corporation, IBM corporation, Oracle Corporation, Hewlett Packard Enterprise Company are the major companies operating in Cloud Storage Market.

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