Cloud Storage Market to Record 22.4% CAGR During 2024-2032; Growing Use of Analytical and Social Media Platforms to Aid Market Growth

The global cloud storage market size was valued at USD 108.69 billion in 2023. Fortune Business Insights™ in its report titled “Cloud Storage Market Share & COVID-19 Impact Analysis, By Type (Private, Public, and Hybrid), By Component (Storage Model (Object Storage, File Storage, and Block Storage) and Services), By Enterprise Type (SMEs and Large Enterprises), By Vertical (BFSI, IT and Telecommunication, Government and Public Sector, Manufacturing, Healthcare and Life Sciences, Retail and Consumer Goods, Media and Entertainment, and Others), and Regional Forecast, 2024-2032 ” observes that the market is projected to grow from USD 132.03 billion in 2024 to USD 665 billion by 2032, exhibiting a CAGR of 22.4% during the forecast period. The rising popularity of IoT technology, remote sensing, and higher video quality has resulted in the collection of a large volume of unstructured data. This boosted the need for cloud storage solutions. The growing popularity of Artificial Intelligence will further boost the need for storage to enhance data security thus aiding market proliferation.

Red Hat Inc. and Accenture Plc Expanded their Partnership for Development of New Solutions

In May 2022, Red Hat Inc. a leading provider of open-source solutions, and Accenture have expanded their nearly 12-year strategic partnership for hybrid cloud innovation. These companies are investing in the development of new solutions to help organizations more seamlessly navigate a multi- and hybrid cloud world.

Remote Working Trend Aided Market Growth During the Pandemic

The growing adoption of work-from-home policies and virtual work environments increased the demand for cloud storage solutions. The market recorded a growth rate of 13.7% in 2020 compared to 9.3% in 2019. Moreover, the adoption of work from policies and remote work policies increased the adoption of cloud storage further. Additionally, market players are focusing on offering cost-effective and scalable storage solutions to tackle increased network traffic and unprecedented data growth. Partnerships and collaborations between key players further drove market growth.

Growing Use of Analytical and Social Media Platforms to Aid Market Growth

The surging demand for analytical data for decision making is creating many opportunities for cloud analytics. Moreover, the rising data volume has generated the need for data storage to support the data volume. Furthermore, social media analytics has prompted users to adopt cloud-based automated data storage services to provide a better customer experience. These factors are contributing to cloud storage market growth.  

On the other hand, concerns regarding data confidentiality and privacy and stringent rules and regulations regarding cloud usage will serve as challenges for businesses operating in this domain.

Advanced Software Launches by Market Players to Drive Market Share

Leading companies in this domain are joining forces to invest in the development of new software and advanced technologies. This helps them in meeting consumer needs and capturing a significant cloud storage market share.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/cloud-storage-market-102773

Notable Industry Development

• April 2023: HPE launched new file, block, disaster, recovery and backup data services to help customers in reducing cost and complexity, eliminating data silos, and improve performance.

List of Key Companies Profiled in the Report:

• Alibaba Group Holding Limited (China)


• Amazon.com, Inc. (U.S.)


• Dell Technologies Inc. (U.S.)


• Dropbox (U.S.)


• Google, Inc. (U.S.)


• Hewlett Packard Enterprise Development LP (U.S.)


• IBM Corporation (U.S.)


• Microsoft Corporation (U.S.)


• Oracle Corporation (U.S.)


• VMware, Inc. (U.S.)

Further Report Findings

• Speaking of component, the market is divided into storage models and services. Among these, the storage models segment led the market in 2022 owing to high demand for high performance and reliable storage during the forecast timeframe.


• As per type, the public cloud segment captured a substantial market share in 2022 owing to rising public cloud spending by the growing number of end users.

Table of Segmentation