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

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.

/EIN News/ -- 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.

Download PDF Brochure: https://www.verifiedmarketresearch.com/download-sample?rid=1742

Browse in-depth TOC on “Global 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.

To Purchase a Comprehensive Report Analysis: https://www.verifiedmarketresearch.com/download-sample?rid=1742

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

Browse Related Reports:

Global Cloud Enterprise Resource Planning Market Size By Component (Solution, Services), Vertical (Banking, Financial Services, and Insurance (BFSI), Telecommunications and IT, Manufacturing, Education), By Geography, And Forecast

Global Cloud Database and DBaaS Market Size By Database Type (Relational, NoSQL, NewSQL), Deployment (Public Cloud, Private Cloud, Hybrid Cloud), Application (Data Analytics, Data Storage, Data Management), End-User (Banking, Financial Services, & Insurance, Healthcare, Retail, IT & Telecom, Government, Manufacturing, Media & Entertainment), By Geography, And Forecast

Global Cloud/Mobile Backend AS A Service (BaaS) Market Size By Operating System (Android, iOS), Type Of Service (Usage Analytics, Support And Maintenance), Vertical (Healthcare, Retail And Wholesale), By Geography, And Forecast

Global Cloud Based Call Center Software Market Size by Organization Size (Small and Medium Enterprise, Large Enterprise), By End-User (Banking. Financial Services and Insurance (BFSI), Consumer Goods & Retail, Government, Healthcare, IT & Telecom, Travel & Hospitality), By Geography, And Forecast

Top 5 Cloud Managed Services using internet to deliver applications

Visualize Cloud Storage Market using Verified Market Intelligence -:

Verified Market Intelligence is our BI Enabled Platform for narrative storytelling in this market. VMI offers in-depth forecasted trends and accurate Insights on over 20,000+ emerging & niche markets, helping you make critical revenue-impacting decisions for a brilliant future.

VMI provides a holistic overview and global competitive landscape with respect to Region, Country, Segment, and Key players of your market. Present your Market Report & findings with an inbuilt presentation feature saving over 70% of your time and resources for Investor, Sales & Marketing, R&D, and Product Development pitches. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market.

About Us

Verified Market Research® stands at the forefront as a global leader in Research and Consulting, offering unparalleled analytical research solutions that empower organizations with the insights needed for critical business decisions. Celebrating 10+ years of service, VMR has been instrumental in providing founders and companies with precise, up-to-date research data.

With a team of 500+ Analysts and subject matter experts, VMR leverages internationally recognized research methodologies for data collection and analyses, covering over 15,000 high impact and niche markets. This robust team ensures data integrity and offers insights that are both informative and actionable, tailored to the strategic needs of businesses across various industries.

VMR's domain expertise is recognized across 14 key industries, including Semiconductor & Electronics, Healthcare & Pharmaceuticals, Energy, Technology, Automobiles, Defense, Mining, Manufacturing, Retail, and Agriculture & Food. In-depth market analysis cover over 52 countries, with advanced data collection methods and sophisticated research techniques being utilized. This approach allows for actionable insights to be furnished by seasoned analysts, equipping clients with the essential knowledge necessary for critical revenue decisions across these varied and vital industries.

Verified Market Research® is also a member of ESOMAR, an organization renowned for setting the benchmark in ethical and professional standards in market research. This affiliation highlights VMR's dedication to conducting research with integrity and reliability, ensuring that the insights offered are not only valuable but also ethically sourced and respected worldwide.

Mr. Edwyne Fernandes
                    Verified Market Research®
                    US: +1 (650)-781-4080
                    US Toll Free: +1 (800)-782-1768
                    Email: sales@verifiedmarketresearch.com
                    Web: https://www.verifiedmarketresearch.com/
                    Follow Us: LinkedIn | Twitter
                    SOURCE – Verified Market Research®