Cloud Storage Market Surges to USD 272.4 Billion by 2031, Propelled by 24.3% CAGR – Verified Market Research®

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The cloud storage market is driven by increasing data volumes, cost efficiency, scalability, and accessibility from anywhere. Advancements in AI and IoT, alongside a surge in remote work, further fuel demand. However, restraints include data security concerns, potential downtime, and regulatory compliance issues. High initial setup costs and dependence on internet connectivity can also hinder adoption. The market’s growth hinges on balancing these drivers and restraints effectively.

Lewes, Delaware, June 14, 2024 (GLOBE NEWSWIRE) — The Global Cloud Storage Market is projected to grow at a CAGR of 24.3% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 59.2 Billion in 2024 and is expected to reach USD 272.4 Billion by the end of the forecast period.

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Browse in-depth TOC onGlobal Cloud Storage Market

202 – Pages

126 – Tables

37 – Figures

Scope Of The Report

REPORT ATTRIBUTES DETAILS
STUDY PERIOD 2021-2031
BASE YEAR 2024
FORECAST PERIOD 2024-2031
HISTORICAL PERIOD 2021-2023
UNIT Value (USD Billion)
KEY COMPANIES PROFILED Dell EMC, HPE, Oracle, Google, Microsoft, IBM, AWS, VMware, Rackspace, and Arabsat.
SEGMENTS COVERED
  • By Component
  • By Vertical
  • By Geography
CUSTOMIZATION SCOPE Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope

Cloud Storage Market Overview

Increasing Data Volumes Fueling Growth: With the increasing generation and accumulation of extensive data by enterprises, the demand for effective storage solutions is crucial. The spike in demand is driving the growth of the cloud storage industry, which provides scalable and cost-effective options compared to traditional storage methods. The increasing need for strong and dependable storage choices emphasizes the significance of cloud storage as a vital element for data-centric businesses.

Cost Efficiency and Scalability Driving Adoption: Cloud storage offers substantial cost savings and versatility, making it attractive to enterprises of any scale. Companies can effectively manage resources by dynamically scaling storage demands without significant upfront investments. The cost efficiency and scalability of cloud storage are important factors that make it an appealing choice for contemporary businesses.

Remote Work and Collaboration Enhancing Market Appeal: The trend towards remote work and global collaboration has increased the dependence on cloud storage. Organizations necessitate uninterrupted access to data from any location, guaranteeing efficiency and uninterrupted workflow. This phenomenon enhances the cloud storage market, as businesses actively search for dependable and protected storage options to accommodate a dispersed workforce.

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Data Security Concerns Limiting Growth: Although the cloud storage market offers advantages, ensuring data security continues to be a major worry. Businesses are cautious due to the potential hazards associated with data breaches and cyber-attacks. In order to address these concerns, cloud storage providers must give high priority to implementing strong security measures, guaranteeing the protection of client data and the maintenance of confidence.

Potential Downtime and Service Reliability Issues: Cloud storage services may experience periods of inactivity and concerns regarding dependability, which can have a negative influence on corporate activities. These interruptions can incur significant expenses and harm reputations, leading businesses to exercise caution. Providers must prioritize ensuring high availability and implementing robust disaster recovery plans to effectively address these concerns and instill confidence in cloud storage solutions.

Regulatory Compliance Challenges: The cloud storage sector faces a problem in dealing with the intricate landscape of data rules. Cloud storage adoption is made more challenging by the requirement for businesses to adhere to multiple international and industry-specific standards. Providers should offer solutions that adhere to regulations, making it easier for businesses and encouraging wider acceptance in the market.

Geographic Dominance:

The cloud storage market in North America is characterized by its superior technological infrastructure, widespread acceptance among organizations, and the existence of leading cloud service providers such as AWS, Google Cloud, and Microsoft Azure. The leadership of this region is strengthened by its strong focus on innovation and early adoption of new technology. Simultaneously, the swift digital revolution in the Asia-Pacific region, propelled by flourishing economies like as China and India, is hastening market expansion and posing a challenge to the prevailing supremacy of North America.

Cloud Storage Market Key Players Shaping the Future

Major players, including Dell EMC, HPE, Oracle, Google, Microsoft, IBM, AWS, VMware, Rackspace, and Arabsat. and more, play a pivotal role in shaping the future of the Cloud Storage Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry’s key players.

Cloud Storage Market Segment Analysis

Based on the research, Verified Market Research® has segmented the global Cloud Storage Market into Component, Vertical, And Geography.

To get market data, market insights, and a comprehensive analysis of the Global Cloud Storage Market, please Contact Verified Market Research®.

  • Cloud Storage Market, by Component
    • Solutions
    • Services
  • Cloud Storage Market, by Vertical
    • Banking, Financial Services, and Insurance (BFSI)
    • Healthcare and life sciences
    • Telecommunications
    • IT and Information Technology-enabled Services (ITES)
    • Others
  • Cloud Storage Market, by Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

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Top 5 Cloud Managed Services using internet to deliver applications

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