Market Size of Cloud Storage Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 117.12 Billion |
| Market Size (2029) | USD 343.33 Billion |
| CAGR (2024 - 2029) | 24.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cloud Storage Market Analysis
The Cloud Storage Market size is estimated at USD 117.12 billion in 2024, and is expected to reach USD 343.33 billion by 2029, growing at a CAGR of 24% during the forecast period (2024-2029).
The 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 grow 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 and acquisitions, and R&D, some of the prominent players in the market have been able to further develop the cloud storage technology. This may fuel the demand for cloud storage over the forecast period.
- Amid the COVID-19 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.
