Cloud Storage Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Global Cloud Storage Market is Segmented by Mode (Private Cloud, Public Cloud, Hybrid Cloud), End-User (BFSI, Retail and Consumer Goods, Healthcare, Media & Entertainment, IT & Telecommunication, Manufacturing, Government and Other End-user Industry), and Geography.

Cloud Storage Market Size

Cloud Storage Market Size
share button
Study Period: 2018 - 2028
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 25.21 %

Major Players


*Disclaimer: Major Players sorted in no particular order


Need a report that reflects how COVID-19 has impacted this market and it's growth?

Cloud Storage Market Analysis

The Global Cloud Storage Market is envisioned to grow at a CAGR of 25.21% over the forecast period. Increasing demand for low-cost data backup, storage, and protection across all enterprises, coupled with the need to handle data generated by augmented usage of mobile technologies, favors the adoption rate of cloud storage.

  • The cloud storage market is expected to increase due to rising data volumes across enterprises and the growing need to provide remote workers with ubiquitous access to data and files. For instance, according to Seagate Technologies Holdings Plc., from 2020 to 2022, total enterprise data volume is expected to go from approximately one petabyte (PB) to 2.02 petabytes. This is a 42.2% average annual growth over two years.
  • Further, the total volume of data/information created, captured, copied, and consumed worldwide is expected to reach 181 zettabytes in 2025 from 79 zettabytes in 2021. Further, the World Economic Forum estimates that, by 2025, 463 exabytes of data will be created globally, equivalent to 212,765 thousand DVDs per day.
  • Moreover, the increasing demand for low-cost data backup and protection across all enterprises, coupled with the necessity of handling the data generated by augmented usage of mobile technologies, favors cloud storage adoption. Companies regularly find ways to mitigate their operating costs and increase profit margins, which can be done by outsourcing or adopting managed cloud services from third-party vendors.
  • Through strategic partnerships, mergers & acquisitions, research & developments, some of the prominent players in the market have been able to further develop the technology. This will fuel the demand for cloud storage over the forecast period. For instance, in 2020, Facilis Technology announced that it had entered into a strategic partnership with Qualstar on Object Cloud storage solutions.
  • According to Cushman & Wakefield's Datacenter updates 2021, Construction of more than 200 MW of Data Centers are underway in each Northern Virginia, Silicon Valley, Chicago, and Atlanta, of which self-builds for Microsoft, Amazon, and Facebook feature prominently in phased build.
  • Amid the pandemic, many countries mandated work from home due to public health safety concerns that drove the need for remote working infrastructure. Thus, organizations at all levels, including government bodies, expected a wide range of potential impacts, such as increased demand for virtual services, coupled with rising citizen expectations around the delivery of these services, the long-term potential for reshaping the government workforce, and the need to provide adaptive and dynamic regulatory models.

Cloud Storage Industry Segmentation

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 is stored in and is accessible from multiple distributed and connected resources. This report segments the market by Mode (Private Cloud, Public Cloud, Hybrid Cloud), End-User (BFSI, Retail, and Consumer Goods, Healthcare, Media & Entertainment, IT & Telecommunication, Manufacturing, Government and Other End-user Industry), and Geography.

By Mode
Private Cloud
Public Cloud
Hybrid Cloud
By End-user Vertical
Retail and Consumer Goods
Media and Entertainment
IT and Telecom
Other End-user Verticals
By Geography
North America
Latin America
Middle East & Africa

Report scope can be customized per your requirements. Click here.

Cloud Storage Market Trends

This section covers the major market trends shaping the Cloud Storage Market according to our research experts:

BFSI Sector is Expected to Hold a Significant Share

  • To improve revenue generation, banks increase customer insights, contain costs, deliver market-relevant products quickly and efficiently, and help monetize enterprise data assets; they have started digitizing their work by introducing online portals through which a user can directly meet his work without any requirement for a bank official's intervention. This further results in a substantial increase in data generation, propelling such institutions to adopt cloud storage.
  • Banking service providers worldwide are adopting cloud storage solutions as it enables banks to synchronize the enterprise, break down operational and data silos across risk, finance, regulatory, and customer support, and allow institutions to combine massive data sets in one place for advanced analytics and integrated insights.
  • Increasing initiatives from technology vendors to help the BFSI players transition into the cloud also fuel this segment's growth. For instance, In July 2021, Tata Communications launched 'IZOTM Financial Cloud,' a community cloud platform tailored to fulfill Indian authorities' demanding data privacy, protection compliance, and security criteria for the banking, financial services, and insurance (BFSI) sector.
  • It will also help the industry flourish in the future by acting as a platform for emerging technologies like artificial intelligence (AI), machine learning (ML), and blockchain. Despite the uncertainty caused by the pandemic, it created opportunities for new business models powered by emerging technologies. For many financial services organizations, the hybrid multi-cloud approach is now a global standard, and digital transformation will be more selective going forward.
  • According to Finder, in 2021, the Digital-only banks will have more than 14 million customers from Britain and are expected to grow by 10 million by the year 2026. This indicates that such an increase would require solutions like cloud storage to handle the surge, thereby boosting the growth of cloud storage over the forecast period.
  • The rising data breaches in the banking sector are driving the banks to adopt cloud storage that enables them to store data in a space managed and owned by the bank or a third party, providing enhanced security to the end-user. This is expected to increase cloud storage adoption over the forecast period.
Cloud Storage Market

North America is Expected to Hold the Largest Share

  • North America is predicted to hold a major share owing to the early adoption of new technologies, huge investments in R&D for cloud-based solutions, and enhanced IT infrastructure. Moreover, cheap and secure storage options result in rapid industrial development.
  • The North American region has a strong foothold of vendors in the market. Some of them include Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, and Amazon Web Services Inc. Through research and development, these prominent players in the region have been able to develop the technology further. This is expected to boost the adoption of cloud storage and reduce the cost of cloud storage throughout the forecast period.
  • According to a report published by Stormforge, in April 2021, 18% of respondents from North America stated that their organization has a monthly cloud spend that ranges between USD 100,000 and USD 250,000. Further, 44% expect cloud spending to increase over the next 12 months, while another 32% indicate that they expect their organization's cloud spending to increase significantly over the next 12 months.
  • Moreover, the government of Canada has adopted a "cloud-first" strategy, whereby cloud services are identified and estimated as the principal delivery option when initiating information technology investments, initiatives, strategies, and projects. The cloud will also let the government harness the innovation of private-sector providers and thus make its information technology more agile. Such initiatives are expected to offer plenty of opportunities to the hybrid cloud market, as this model enables private cloud security and public cloud flexibility.
  • In 2021, Coca-Cola bottlers in North America collaborated with Salesforce for digital power transformation. The largest bottlers of the Coca-Cola system in the United States, through their IT Shared Services Provider CONA Services LLC (Coke One North America), leveraged Salesforce's Consumer Goods Cloud to facilitate profitable growth and deliver personalized B2B customer experiences.
Cloud Storage Market

Cloud Storage Industry Overview

The competitive rivalry in the cloud storage market is high owing to some major players, such as Microsoft, IBM, and Oracle. 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 & acquisitions, these players have gained a more significant footprint in the market.

  • May 2022 - Red Hat and Accenture expanded their nearly 12-year strategic partnership to advance power open hybrid cloud innovation for enterprises worldwide. The companies are partnering to invest in the co-development of new solutions to help in a seamless navigation of a multi- and hybrid cloud world, define their strategy, and accelerate their pace of innovation to get to value faster.
  • October 2021 - Oracle announced plans to expand its cloud region footprint to support robust customer demand for Oracle Cloud services worldwide. In 2022, Oracle will open 14 cloud regions with new locations across the Middle East, Europe, Latin America, and Asia -Pacific. The company's upcoming cloud regions comprise Milan (Italy), Marseille (France), Stockholm (Sweden), Spain, Singapore, Jerusalem (Israel), Johannesburg (South Africa), Colombia, and Mexico. Additional second regions would open in Saudi Arabia, Abu Dhabi (UAE), France, Israel, and Chile. Oracle intends to have at least 44 cloud regions by the end of 2022.
  • September 2021 - Telefonica España announced a partnership with Oracle in a multi-year collaboration to relocate its database to Oracle Exadata Cloud. This collaboration helps in the cloud adoption and the advancement of new communication services for consumers and businesses of telecom companies.

Cloud Storage Market Leaders

  1. Google LLC (Alphabet Inc.)

  2. Amazon Web Services Inc.

  3. Dropbox Inc

  4. Dell EMC (Dell Technologies Inc.)

  5. Hewlett Packard Enterprise Company

*Disclaimer: Major Players sorted in no particular order

Cloud Storage Market - Market Concentration.png

Cloud Storage Market News

  • April 2022 - Alibaba Cloud and VMware have released the next iteration of their jointly developed public cloud service, Alibaba Cloud VMware Service, to assist organizations throughout China in accelerating their digital transformation. The service promises to help Chinese organizations migrate and modernize applications more quickly and shift workloads between on-premises VMware infrastructures and Alibaba Cloud at scale.
  • July 2021 - AT&T announced a partnership with Microsoft to offer its cloud computing platform run core parts of its 5G wireless network. The new generation networks being introduced by AT&T are developed to rely on software and data centers to routing network traffic rather than Telecommunications specific gear.

Cloud Storage Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definitions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Cost/Price Trend Analysis for the Past Few Years


    1. 5.1 Market Drivers

      1. 5.1.1 Increase in Cloud Adoption Across Organizations

      2. 5.1.2 Growing Demand for Low-cost Storage and .Faster Data Accessibility

    2. 5.2 Market Challenges

      1. 5.2.1 Privacy and Security Concerns



      1. 6.1.1 Cloud Storage Gateway

      2. 6.1.2 Primary Storage

      3. 6.1.3 Backup Storage

      4. 6.1.4 Data Archiving


    1. 7.1 By Mode

      1. 7.1.1 Private Cloud

      2. 7.1.2 Public Cloud

      3. 7.1.3 Hybrid Cloud

    2. 7.2 By End-user Vertical

      1. 7.2.1 BFSI

      2. 7.2.2 Retail and Consumer Goods

      3. 7.2.3 Healthcare

      4. 7.2.4 Media and Entertainment

      5. 7.2.5 IT and Telecom

      6. 7.2.6 Manufacturing

      7. 7.2.7 Government

      8. 7.2.8 Other End-user Verticals

    3. 7.3 By Geography

      1. 7.3.1 North America

      2. 7.3.2 Europe

      3. 7.3.3 Asia-Pacific

      4. 7.3.4 Latin America

      5. 7.3.5 Middle East & Africa


    1. 8.1 Company Profiles

      1. 8.1.1 Google LLC (Alphabet Inc.)

      2. 8.1.2 Amazon Web Services Inc.

      3. 8.1.3 Dropbox Inc

      4. 8.1.4 Dell EMC (Dell Technologies Inc.

      5. 8.1.5 Hewlett Packard Enterprise Company

      6. 8.1.6 IBM Corporation

      7. 8.1.7 Microsoft Corporation

      8. 8.1.8 Oracle Corporation

      9. 8.1.9 Rackspace Inc.

      10. 8.1.10 NetApp Inc.

      11. 8.1.11 Alibaba Cloud (Alibaba Group)

    2. *List Not Exhaustive


**Subject to Availability
You can also purchase parts of this report. Do you want to check out a section wise price list?

Cloud Storage Market Research FAQs

The Cloud Storage Market is studied from 2018 - 2028.

The Cloud Storage Market is growing at a CAGR of 25.21% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2018 - 2028.

North America holds highest share in 2021.

Google LLC (Alphabet Inc.), Amazon Web Services Inc., Dropbox Inc, Dell EMC (Dell Technologies Inc.), Hewlett Packard Enterprise Company are the major companies operating in Cloud Storage Market.

Cloud Storage Industry Report

Statistics for the 2023 Cloud Storage market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cloud Storage analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!