Cloud Storage Market Commodities, High Growth Opportunities, Segmentation, Market Trends By 2023-2032|Google LLC (Alphabet, Inc.,), Amazon Web Services, Inc., Dropbox, Inc., Dell EMC Corporation, Hewlett Packard Enterprise Company

The Cloud Storage Global Market Report 2023 by The Business Research Company, provides cloud storage market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Cloud Storage Global Market Report 2023, the market size is expected to grow from $83.55 billion in 2022 to $100.2 billion in 2023 at a compound annual growth rate (CAGR) of 19.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the cloud storage is expected to grow to $206.61 billion in 2027 at a CAGR of 19.8%.

Exponential growth in data volumes is expected to propel the growth of the cloud storage market going forward. Data volume refers to the size of the data sets that need to be analyzed and processed, which are larger than terabytes and petabytes. The increasing use of computers and digital technologies in organizations has led to a rise in the amount of data generated. This further has increased the need for storage systems like cloud storage, which store the data over the internet and thus decrease the burden of organizations to maintain a physical data center.

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The cloud storage market 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 & Utilities, Chemical, Travel & Hospitality)

Technological advancement has emerged as a key trend gaining popularity in the cloud storage market. Major players in the cloud storage market are increasing capabilities with innovative technologies to protect enterprise data, meet organizations’ workloads, and reduce costs. For instance, in September 2021, Google, a US-based software company, added two extensions to its cloud storage capacity: Filestore Enterprise and Backup for Google Kubernetes Engine. These new features, when combined, make it easier for the organization to secure user data right out of the box across a wide range of applications and use cases.

The cloud storage market report table of contents includes: