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3. Cloud Storage Boom: Drivers and Key Players Shaping the Market

Over the projected period, the cloud storage market is expected to grow at an 18.8% compound annual growth rate (CAGR), from USD 99.2 billion in 2023 to USD 234.9 billion in 2028. The global Cloud Storage market is predicted to increase due to the need for convenient deployment in disaster-prone locations, adherence to regulatory compliance and government-led reporting standards across verticals and regions and need for enterprise service management across verticals.

The cloud storage market is experiencing tremendous growth fueled by several key factors:

• Surging Data Volumes
• Rise of Advanced Technologies
• Remote Work and BYOD
• Cost-Effectiveness
• Enhanced Security and Compliance
• Improved Disaster Recovery
• Ease of Use and Management

To know about the assumptions considered for the study download the pdf brochure

Surging Data Volumes: Businesses and organizations are generating ever-increasing amounts of data from various sources like social media, sensors, applications, and video. Traditional storage solutions struggle to handle this exponential data growth, making cloud storage a compelling option with its scalability and on-demand nature.

Rise of Advanced Technologies: The proliferation of technologies like Artificial Intelligence (AI), Internet of Things (IoT), and Big Data analytics necessitates robust storage solutions. Cloud storage offers the flexibility and scalability required to store and manage the massive datasets these technologies generate.

Remote Work and BYOD: The shift towards remote work and Bring Your Own Device (BYOD) policies necessitates secure and accessible data storage solutions. Cloud storage provides centralized storage accessible from anywhere,  facilitating collaboration and remote work models.

Cost-Effectiveness: Cloud storage offers a pay-as-you-go model, eliminating the upfront capital expenditure required for traditional on-premise storage infrastructure. This makes it an attractive option for businesses of all sizes, especially startups and small businesses.

Enhanced Security and Compliance: Cloud storage providers invest heavily in security measures and infrastructure to safeguard data. This can be more reliable and cost-effective than managing security in-house for many organizations. Additionally, cloud storage providers can offer features to comply with various data privacy regulations.

Improved Disaster Recovery:  Cloud storage offers built-in redundancy and disaster recovery features, protecting data from natural disasters or hardware failures. This ensures business continuity and minimizes downtime risks.

Ease of Use and Management:  Cloud storage solutions are generally user-friendly and require minimal IT expertise to manage. Automatic backups, data encryption, and remote access simplify data storage and management for businesses.

In summary, the cloud storage market is driven by the ever-increasing volume of data, the rise of new technologies, the growing remote workforce, cost-efficiency, robust security features, disaster recovery capabilities, and ease of management. These factors are expected to continue fueling the growth of the cloud storage market in the foreseeable future.

Cloud Storage Share - Global Industry Landscape

• Alibaba Cloud (China)
• Huawei Cloud (China)
• Oracle (US)
• Rackspace Technology (US)
• HPE (US)
• Dell (US)

Alibaba Cloud (China):

Market Share: Alibaba Cloud is one of the leading cloud service providers globally, particularly in the Asia-Pacific region, where it holds a significant market share.

Key Offerings: Alibaba Cloud offers a comprehensive suite of cloud computing services, including computing, storage, databases, networking, security, and artificial intelligence (AI). Its key offerings include Elastic Compute Service (ECS), Object Storage Service (OSS), Relational Database Service (RDS), and Alibaba Cloud AI.

Huawei Cloud (China):

Market Share: Huawei Cloud is a major player in the cloud services market, especially in China and emerging markets.

Key Offerings: Huawei Cloud provides a wide range of cloud services, including computing, storage, databases, networking, AI, and IoT. Its key offerings include Elastic Cloud Server (ECS), Object Storage Service (OBS), Relational Database Service (RDS), and Huawei Cloud AI.

Oracle (US):

Market Share: Oracle is a prominent player in the cloud infrastructure market, particularly in enterprise cloud solutions and database services.

Key Offerings: Oracle Cloud offers a comprehensive set of cloud services, including infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). Its key offerings include Oracle Compute, Oracle Storage, Oracle Database Cloud Service, and Oracle Autonomous Database.

Rackspace Technology (US):

Market Share: Rackspace Technology is a leading managed cloud services provider with a significant presence in the managed hosting and multi-cloud services market.

Key Offerings: Rackspace Technology offers managed cloud services, including public cloud, private cloud, hybrid cloud, and multi-cloud solutions. Its key offerings include Managed AWS, Managed Azure, Managed Google Cloud Platform (GCP), and Managed Kubernetes.

HPE (US):

Market Share: HPE is a major player in the enterprise IT infrastructure market, including servers, storage, networking, and cloud solutions.

Key Offerings: HPE offers a range of cloud solutions and services, including HPE GreenLake, a flexible consumption-based IT model for on-premises and hybrid cloud deployments. Its key offerings include HPE ProLiant servers, HPE Nimble Storage, and HPE Cloud Volumes.

Dell (US):

Market Share: Dell is a leading provider of IT infrastructure solutions, including servers, storage, networking, and cloud services.

Key Offerings: Dell Technologies Cloud offers hybrid cloud solutions that enable organizations to run applications and workloads seamlessly across private and public clouds. Its key offerings include Dell EMC PowerEdge servers, Dell EMC Unity storage, and Dell EMC CloudIQ.

Related Reports:

Cloud Storage Market by Offering (Storage Type (Object, File, Block), Services), Use Case (Business Continuity, Application Management, Data Management), Deployment Model, Organization Size, Vertical and Region - Global Forecast to 2028