NEW
YORK, July 23, 2024 /PRNewswire/ -- The
global cloud storage services market size is estimated to
grow by USD 123.84 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 19.56% during the forecast period. Growth in data
generation is driving market growth, with a trend
towards high adoption of cloud storage services by smes.
However, vendor lock-in issues poses a challenge. Key market
players include Alibaba Group Holding Ltd., Alphabet Inc.,
Amazon.com Inc., Cloud Software Group Inc., Dell Technologies Inc.,
Fujitsu Ltd., Hewlett Packard Enterprise Co., Hitachi Ltd., Huawei
Technologies Co. Ltd., International Business Machines Corp.,
InterVision Systems LLC, Microsoft Corp., NetApp Inc., Nutanix
Inc., Oracle Corp., Pure Storage Inc., Rackspace Technology Inc.,
ServiceNow Inc., Tencent Holdings
Ltd., and Toshiba Corp..
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Cloud Storage
Services Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
19.56%
|
Market growth
2024-2028
|
USD 123.84
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
17.71
|
Regional
analysis
|
North America, APAC,
Europe, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
38%
|
Key
countries
|
US, China, Japan,
Germany, and UK
|
Key companies
profiled
|
Alibaba Group Holding
Ltd., Alphabet Inc., Amazon.com Inc., Cloud Software Group Inc.,
Dell Technologies Inc., Fujitsu Ltd., Hewlett Packard Enterprise
Co., Hitachi Ltd., Huawei Technologies Co. Ltd., International
Business Machines Corp., InterVision Systems LLC, Microsoft Corp.,
NetApp Inc., Nutanix Inc., Oracle Corp., Pure Storage Inc.,
Rackspace Technology Inc., ServiceNow Inc., Tencent Holdings Ltd.,
and Toshiba Corp.
|
Market Driver
Cloud storage services have become a popular choice for
enterprises, including Small and Medium-sized Enterprises (SMEs),
due to their ability to reduce capital expenditures (CAPEX) on IT
infrastructure. Cloud storage solutions enable SMEs to access IT
resources such as storage and servers on-demand, eliminating the
need for expensive data centers. Cloud providers manage the
underlying infrastructure, allowing SMEs to save on labor and
maintenance costs. Additionally, cloud storage services offer
scalability, enabling businesses to add or reduce resources as
needed. This flexibility eliminates the need for SMEs to invest in
building and managing their IT infrastructure. Cloud storage
solutions also provide remote data storage and file sharing
capabilities, increasing efficiency and reducing the need for
on-site technology management. Vendors like Google Drive and
Microsoft One Drive offer cloud storage solutions tailored to SMEs.
The growing adoption of Software-as-a-Service (SaaS) applications,
which are delivered through an automated model, is also driving the
use of cloud storage services. SMEs can benefit from
cost-effective, scalable solutions for enterprise applications such
as ERP, CRM, and HRM, further encouraging the adoption of cloud
storage services. The market for cloud storage services is expected
to grow significantly as more SMEs embrace this technology to
reduce costs and improve efficiency.
Cloud storage services have seen significant trends in recent
years, with a focus on user-control, accessibility, and
scalability. The software stack for cloud storage includes
containerized solutions and online storage platforms. Storage
models have evolved to accommodate unstructured data and provide
uninterrupted services. Technology development continues to
prioritize user-friendliness and security. Cloud providers offer
various storage solutions for verticals like enterprises,
government, and IoT devices. Cloud computing and cloud storage have
become essential infrastructure for businesses, enabling remote
work and online collaboration. Backup and data management have
become crucial aspects of cloud services, ensuring continuity and
data intelligence. Cloud storage services provide customized
solutions for customers, ensuring high performance and security.
Service providers offer user-friendly interfaces and management
tools for easy access to data. Dropbox and other software solutions
have made cloud storage accessible to individuals and small
businesses. The future of cloud storage services includes
advancements in security, performance, and infrastructure to meet
the increasing demands of customers.
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Market Challenges
- Vendor lock-in, a situation where customers find it difficult
to migrate from one cloud service provider to another due to the
use of specific technologies and tools, poses a significant
challenge to the global cloud storage services market. This issue
arises due to the lack of standardization across vendors, resulting
in different architectures, operating systems, programming
languages, and APIs. The risks associated with vendor lock-in
include data transfer, application transfer, infrastructure
transfer, and human resource knowledge risks. Data transfer risk
makes it challenging for enterprises to transfer data from one
vendor to another without affecting business application
functionality. Application transfer risk necessitates
reconfiguration of applications to run natively on another
provider's platform, which can be expensive and time-consuming.
Infrastructure transfer risk arises from the variation in virtual
machine formats, database offering formats, and pricing from vendor
to vendor. Human resource knowledge risk requires IT teams and
engineers to learn new provider tools and configurations when
moving to new cloud platforms. Despite these challenges,
enterprises can switch between service providers, but the process
can be labor-intensive, time-consuming, and costly. Vendors are
addressing vendor lock-in issues by offering solutions like
NetApp's NetApp Keystone. This program provides customers with
flexible solutions to build or buy their cloud infrastructure on or
off their premises. NetApp Keystone offers benefits such as
agility, dynamic scaling, pay-per-use economics, and operational
simplicity, enabling enterprises to shift their entire
infrastructure with flexibility around workloads. Despite these
efforts, vendor lock-in remains a significant challenge to the
global cloud storage services market during the forecast
period.
- Cloud Storage Services Market: Overcoming Challenges in IT
Environments The Cloud Storage Services Market is experiencing
robust adoption by IT companies due to its flexibility and
scalability. However, several challenges persist. Large enterprises
and SMEs face issues with containerized workloads and convenient
customization in public and private cloud storage. Data security,
data integrity, and data encryption are critical concerns,
especially with the proliferation of malware and ransomware. Data
volume, data generation from IoT and edge computing, and data
sharing in database environments require reliable and scalable
models. Hybrid cloud solutions offer a cost-effective alternative
with reduced CAPEX. Data centers, IT hardware, and remote work
necessitate seamless monitoring through tools like LogicMonitor.
Data security challenges include safeguarding data in data centers
and public cloud storage from Internet threats. Recession and rapid
deployment add to the complexity. Self-driving cars, remote
sensing, and business continuity plans further increase data volume
and security requirements. Service providers must address these
challenges to ensure reliable and secure cloud storage solutions
for various industries, including EC2 Console, file storage, and
database sharing.
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Segment Overview
This cloud storage services market report extensively covers
market segmentation by
- Component
- 1.1 Solutions
- 1.2 Services
- End-user
- 2.1 Large enterprises
- 2.2 SMEs
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Solutions- Cloud storage solutions hold a significant
market position in the global cloud storage services industry in
2023 due to their ability to cater to distinct customer
requirements and generate value. These systems provide various
services such as data security, file synchronization and sharing,
disaster recovery, and data backup and recovery. Solutions enable
businesses to enhance data accessibility and collaboration,
optimize their storage infrastructure, and ensure business
continuity. The cloud storage solutions sector comprises diverse
cloud-based storage solutions including file storage and sharing,
primary storage, disaster recovery, and backup storage. The
popularity of cloud storage solutions among Small and Medium
Enterprises (SMEs) has surged due to their scalability,
flexibility, affordability, and security features. For instance,
Google Drive offers a range of storage options from 15 GB for free
to 2 TB for a monthly subscription. In contrast to traditional
storage methods like hard drives or servers, cloud storage
solutions are more cost-effective as users only pay for the
utilized storage. Furthermore, cloud storage services offer robust
security features, including encryption and multiple backups,
making data more protected and easily recoverable. Dropbox is an
illustration of a cloud storage solution that guarantees top-level
encryption and data security. With the advent of remote work since
the COVID-19 pandemic in 2020, cloud storage solutions have become
indispensable for facilitating file sharing and collaboration
between teams. Microsoft OneDrive is an example of a cloud storage
solution that offers end-users file-sharing features, making it
simpler to work collaboratively from anywhere in the world. In
summary, the increasing demand for cloud storage solutions is
driven by their scalability, flexibility, cost-effectiveness,
security, and file-sharing features, making them a vital component
for end-users in data storage and sharing. Consequently, the
growing demand for cloud storage solutions is anticipated to fuel
the expansion of the global cloud storage services market via the
solutions segment throughout the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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reports
The global Cloud DVR market is experiencing rapid growth driven
by the rising demand for on-demand streaming and recording
services. Similarly, the global Human Capital Management (HCM)
solutions market is expanding as organizations increasingly adopt
advanced software for talent management and workforce optimization.
Meanwhile, the global pest control services market is on an upward
trajectory, fueled by heightened awareness of health and hygiene
and the need for effective pest management solutions. These markets
are witnessing significant advancements and are poised for
substantial development in the coming years.
Research Analysis
The Cloud Storage Services market is experiencing rapid growth
due to the increasing adoption of cloud technologies in various
industries. Agile and flexible cloud storage solutions are in high
demand, with businesses seeking to store and manage large volumes
of data more efficiently. Big data and IoT are driving the need for
scalable, cost-effective cloud object storage and cloud-based file
storage. Cloud archival storage provides businesses with long-term
data retention and disaster recovery capabilities. Data security
and integrity are top priorities, with AI and automation playing
crucial roles in ensuring data protection. Cloud applications,
database sharing, and edge computing are also key trends in the
market. Cloud storage solutions offer business continuity and
enable seamless access to data from anywhere, making them an
essential component of modern digital infrastructure. EC2 Console
and Block storage provide additional features and capabilities for
businesses looking to optimize their cloud storage strategies.
Market Research Overview
Cloud Storage Services Market: A Rapidly Growing Landscape for
Agile Businesses The Cloud Storage Services Market is witnessing
robust adoption due to the increasing proliferation of cloud
technologies and the need for convenient, scalable, and secure data
storage solutions. With the rise of big data, IoT, edge computing,
and remote work, the volume of data being generated is growing
exponentially. Cloud storage offers businesses the flexibility to
store and access data from anywhere, at any time, and on any
device. Cloud storage solutions come in various models, including
public, private, and hybrid, catering to the diverse needs of IT
environments. These solutions offer business continuity, data
security, and data integrity, ensuring critical information is
safeguarded against malware, ransomware, and other cyber threats.
Cloud storage providers offer rapid deployment, reduced CAPEX, and
reliable services, making it an attractive option for businesses of
all sizes, from SMEs to large enterprises. The market is also
witnessing technology development in areas like AI, automation, and
data encryption, enabling seamless monitoring and user-control. The
market is expected to continue its robust adoption, driven by the
convenience, accessibility, and scalability of cloud storage
solutions.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Component
-
- End-user
-
- Geography
-
- North America
- APAC
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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