Cloud Storage Market

Cloud Storage Market

Cloud Storage Market Forecasts to 2028 – Global Analysis By Deployment (Hybrid Cloud, Private Cloud, Public Cloud), Organization Size (Small and Medium Business, Large Enterprises), Type (Service, Solution), End User, and By Geography

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Published: 2022 ID: SMRC21707

This report covers the impact of COVID-19 on this global market

Years Covered


Estimated Year Value (2022)

US $78.60 BN

Projected Year Value (2028)

US $240.63 BN

CAGR (2022 - 2028)


Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

North America

Highest Growing Market

Asia Pacific

According to Stratistics MRC, the Global Cloud Storage Market is accounted for $78.60 billion in 2022 and is expected to reach $240.63 billion by 2028 growing at a CAGR of 20.5% during the forecast period. Cloud storage allows enterprises to store data on remote servers that can be accessed through internet. These remote servers are maintained, operated and managed by cloud storage facility providers. It is mostly a virtual mode of data storage. The data stored on cloud can be accessed and shared through internet. Cloud storage is a next-generation system that interacts in human language and helps experts to make better decisions by understanding the complexity of unstructured data.

As of 2022, over 60 percent of all corporate data is stored in the cloud. This share reached 30 percent in 2015 and has continued to grow as companies increasingly shift their resources into cloud environments in the hope of improving security and reliability next to advancing business agility. In 2021, the global spending on public IT cloud services amounted to approximately 409 billion U.S. dollars in total. Software as a service (SaaS) spending is the largest segment with revenues of around 249 billion U.S. dollars. This growth is driven by organizations across the world replacing their legacy business applications with SaaS applications that are more data-driven and a more appropriate fit for modern cloud architectures.

Market Dynamics:


Exponential growth in data volumes

The Global Cloud Storage market likely to drive growth during the forecast period, due to Remote sensing, the Internet of Things (IoT), and improved video quality such as 4K or 8K resolution cameras have resulted in the collection of large amounts of data. As a result, demand for cloud-based storage and networking technology is increasing. Similarly, the growing use of artificial intelligence(AI) is projected to increase storage demand to improve data security.


Strict laws and regulations

The strict government laws and regulations on using the cloud are expected to restrict market growth. Data privacy and confidentiality are the most vital elements of the cloud storage ecosystem. The Government of India made a provision in the Information Technology Act, that any unlawful exercises connected with the registering models/exchanges comprising of private information or data will be exposed to a punishment. Such guidelines and guidelines upheld by state run administrations are probably going to hamper market development.


High performance computing through cloud

The global cloud storage market to drive development during the forecast period, as high performance computing through cloud can provide users access to multi-core computers for multi-threaded deployment types. In turn, this is anticipated to boost high revenue growth of the market in the coming years. In addition, influx of data continues to grow globally, which increases the need of federal agencies to use their data tactically. As well, the need for high-speed computing and processing power further boosts the growth of the market.


Reduction of data security

Due to reduction of data security as an increase in malicious hacking technologies, the global cloud storage market is going to face challenges in the development during the forecast period. Once any information is leaked from cloud storage, it can cause severe damage to the company. Another factor that can hinder the expansion of cloud storage market size is the shortage of high network bandwidth for transferring data and regulatory compliance issues.

Covid-19 Impact

Due to the outbreak of the covid-19 pandemic, the workforce shifted online which further increased the necessity of cloud-based solutions. Microsoft is contributing the extended Microsoft Azure cloud credits for the organization to securely manage the data and to support the remote work. This contribution is mainly essential for the non-profit organization and critical care such as health, public safety, and food & nutrition. Amazon and Salesforce have teamed up to provide cloud-based contact center service to the customers in the pandemic. Such initiatives by the market places are expected to boost the market growth of the cloud service market.

The hybrid cloud segment is expected to be the largest during the forecast period

The hybrid segment holds a larger share in the market. Businesses are rapidly moving to hybrid cloud models to become more efficient and deliver a better customer experience. Hybrid cloud file storage offers important capabilities that can benefit businesses of all sizes including agility, scalability and cost-savings. The incremental costs of adding and maintaining local storage such as servers and new on-premises data centers can be expensive. It enables companies to reduce such expenses by tapping the expansive power of the hybrid cloud model and allowing companies to pay for public cloud service only when they need it. According to the survey report of state of the cloud, 81% of enterprises have a multi-cloud strategy, and 51% of the enterprises with a hybrid strategy. These are also likely to boost the adoption of cloud storage over the forecasted period.

The large enterprises segment is expected to have the highest CAGR during the forecast period

Large enterprises segment is expected to account for a maximum revenue share due to the increased demand for cloud-based storage to handle large amount of remote workforce and data. The rising adoption of infrastructure as a service, software as a service, and platform as a service by the organizations to manage the virtual work during the COVID-19 pandemic accelerated the demand for cloud-based storage. For instance, in February 2022, as per the EY-Nasscom cloud survey, 67% of the large organizations accelerated cloud adoption, while 38% of small organizations embarked on their cloud journey.

Region with highest share:

North America is projected to hold the largest market share during the forecast period.  The U.S. holds the major market share recognized to the presence of key cloud providers and a large number of data centers. Additionally, the growing adoption of smart home devices, connected devices, video streaming services, and digital payments generates heaps of data every day. These huge volumes of data create the demand for cloud data storage across the U.S.

Region with highest CAGR:
Asia Pacific is anticipated to have the highest CAGR over the forecast period, due to the growing investment by developing economies such as India, Japan, Singapore, South East Asia, South Korea, and others contribute to market growth. The government initiatives to drive digital transformation across the countries fuel the adoption of cloud technology across the region.

Key players in the market

Some of the key players profiled in the Cloud Storage Market include Amazon Web Services, Inc., At&T, Inc., Box, Inc., Dell EMC, Dropbox, Fujitsu Ltd., Google, Hewlett-Packard Company, IBM, Microsoft Corporation, Oracle, Rackspace Hosting, Inc., VMWare, Inc., Alphabet, Inc., EMC Corporation and HP Enterprise Company.

Key Developments:

In May 2021, Hewlett Packard Enterprise Company introduced the advancement of its HPE storage to transform into cloud-native software-defined data services (SDDS). The new storage is available on GreenLake and operations such as cloud data services, data services cloud console and HPE Alletra.

In April 2021, IBM announced the launch of Advanced Storage Solutions Designed to Simplify Data Accessibility & Availability Across Hybrid Clouds. This storage portfolio is designed to improve data access and management across increasingly complex hybrid cloud environments for greater data availability and resilience.

Deployments Covered:
• Hybrid Cloud        
• Private Cloud         
• Public Cloud         

Organization Sizes Covered:
• Small and Medium Business        
• Large Enterprises

Types Covered:
• Service         
• Solution     

Applications Covered:
• Data Archiving         
• Disaster Recovery and Backup     
• Primary Storage     
 End Users Covered:
• IT and Telecommunications         
• Research and Education        
• Entertainment and Media         
• Manufacturing         
• Healthcare & Life Sciences        
• Government & Public Sector    
• Energy and Utilities         
• Consumer Goods and Retail
• Banking, Financial Services, and Insurance      
• Travel & Hospitality
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary         
2 Preface           

 2.1 Abstract          
 2.2 Stake Holders        
 2.3 Research Scope        
 2.4 Research Methodology       
  2.4.1 Data Mining       
  2.4.2 Data Analysis       
  2.4.3 Data Validation        
  2.4.4 Research Approach       
 2.5 Research Sources                   
  2.5.1 Primary Research Sources     
  2.5.2 Secondary Research Sources     
  2.5.3 Assumptions       
3 Market Trend Analysis        
 3.1 Introduction          
 3.2 Drivers          
 3.3 Restraints         
 3.4 Opportunities        
 3.5 Threats         
 3.6 Application Analysis 
 3.7 End User Analysis        
 3.8 Emerging Markets        
 3.9 Impact of Covid-19       
4 Porters Five Force Analysis       
 4.1 Bargaining power of suppliers      
 4.2 Bargaining power of buyers      
 4.3 Threat of substitutes       
 4.4 Threat of new entrants       
 4.5 Competitive rivalry        
5 Global Cloud Storage Market, By Deployment           
 5.1 Introduction         
 5.2 Hybrid Cloud                 
 5.3 Private Cloud                  
 5.4 Public Cloud                  
6 Global Cloud Storage Market, By Organization Size          
 6.1 Introduction         
 6.2 Small and Medium Business              
 6.3 Large Enterprises         
7 Global Cloud Storage Market, By Type            
 7.1 Introduction         
 7.2 Service                   
  7.2.1 Integration and Migration     
  7.2.2 Managed Services       
  7.2.3 Professional Services      
  7.2.4 Support and Maintenance     
  7.2.5 Training and Consulting     
 7.3 Solution                  
  7.3.1 File      
  7.3.2 Block       
  7.3.3 Object Storage       
  7.3.4 Other Solutions  Data Protection & Identity Management Resource Control & Security    
8 Global Cloud Storage Market, By Application          
 8.1 Introduction         
 8.2 Data Archiving                
 8.3 Disaster Recovery and Backup              
 8.4 Primary Storage                     
9 Global Cloud Storage Market, By End User           
 9.1 Introduction         
 9.2 IT and Telecommunications                
 9.3 Research and Education               
 9.4 Media and Entertainment             
 9.5 Manufacturing                  
 9.6 Healthcare & Life Sciences              
 9.7 Government & Public Sector          
 9.8 Energy and Utilities                 
 9.9 Consumer Goods and Retail       
 9.10 Banking, Financial Services, and Insurance          
 9.11 Travel & Hospitality        
 9.12 Other End Users        
  9.12.1 Business Service Providers     
  9.12.2 Transportation and Logistics     
  9.12.3 Construction       
10 Global Cloud Storage Market, By Geography    
 10.1 Introduction        
 10.2 North America        
  10.2.1 US         
  10.2.2 Canada         
  10.2.3 Mexico         
 10.3 Europe           
  10.3.1 Germany         
  10.3.2 UK         
  10.3.3 Italy         
  10.3.4 France         
  10.3.5 Spain         
  10.3.6 Rest of Europe       
 10.4 Asia Pacific         
  10.4.1 Japan         
  10.4.2 China         
  10.4.3 India          
  10.4.4 Australia         
  10.4.5 New Zealand       
  10.4.6 South Korea       
  10.4.7 Rest of Asia Pacific       
 10.5 South America        
  10.5.1 Argentina       
  10.5.2 Brazil         
  10.5.3 Chile         
  10.5.4 Rest of South America     
 10.6 Middle East & Africa       
  10.6.1 Saudi Arabia       
  10.6.2 UAE         
  10.6.3 Qatar         
  10.6.4 South Africa       
  10.6.5 Rest of Middle East & Africa     
11 Key Developments         
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures  
 11.2 Acquisitions & Mergers      
 11.3 New Product Launch       
 11.4 Expansions         
 11.5 Other Key Strategies       
12 Company Profiling         
 12.1 Amazon Web Services, Inc.              
 12.2 At&T, Inc.                  
 12.3 Box, Inc.          
 12.4 Dell EMC           
 12.5 Dropbox          
 12.6 Fujitsu Ltd.                  
 12.7 Google                   
 12.8 Hewlett-Packard Company               
 12.9 IBM                    
 12.10 Microsoft Corporation               
 12.11 Oracle           
 12.12 Rackspace Hosting, Inc.               
 12.13 VMWare, Inc.                  
 12.14 Alphabet, Inc.        
 12.15 EMC Corporation         
 12.16 HP Enterprise Company      

List of Tables           
1 Global Cloud Storage Market Outlook, By Region (2020-2028) (US $MN)   
2 Global Cloud Storage Market Outlook, By Deployment (2020-2028) (US $MN) 
3 Global Cloud Storage Market Outlook, By Hybrid Cloud (2020-2028) (US $MN) 
4 Global Cloud Storage Market Outlook, By Private Cloud (2020-2028) (US $MN) 
5 Global Cloud Storage Market Outlook, By Public Cloud (2020-2028) (US $MN) 
6 Global Cloud Storage Market Outlook, By Organization Size (2020-2028) (US $MN) 
7 Global Cloud Storage Market Outlook, By Small and Medium Business (2020-2028) (US $MN)
8 Global Cloud Storage Market Outlook, By Large Enterprises  (2020-2028) (US $MN) 
9 Global Cloud Storage Market Outlook, By Type (2020-2028) (US $MN)  
10 Global Cloud Storage Market Outlook, By Service (2020-2028) (US $MN)  
11 Global Cloud Storage Market Outlook, By Integration and Migration (2020-2028) (US $MN)
12 Global Cloud Storage Market Outlook, By Managed Services (2020-2028) (US $MN) 
13 Global Cloud Storage Market Outlook, By Professional Services (2020-2028) (US $MN)
14 Global Cloud Storage Market Outlook, By Support and Maintenance (2020-2028) (US $MN)
15 Global Cloud Storage Market Outlook, By Training and Consulting (2020-2028) (US $MN)
16 Global Cloud Storage Market Outlook, By Solution (2020-2028) (US $MN)  
17 Global Cloud Storage Market Outlook, By File (2020-2028) (US $MN)  
18 Global Cloud Storage Market Outlook, By Block (2020-2028) (US $MN)  
19 Global Cloud Storage Market Outlook, By Object Storage (2020-2028) (US $MN)  
20 Global Cloud Storage Market Outlook, By Other Solutions (2020-2028) (US $MN) 
21 Global Cloud Storage Market Outlook, By Data Protection & Identity Management (2020-2028) (US $MN)
22 Global Cloud Storage Market Outlook, By Resource Control & Security (2020-2028) (US $MN)
23 Global Cloud Storage Market Outlook, By Application (2020-2028) (US $MN)
24 Global Cloud Storage Market Outlook, By Data Archiving (2020-2028) (US $MN) 
25 Global Cloud Storage Market Outlook, By Disaster Recovery and Backup (2020-2028) (US $MN)
26 Global Cloud Storage Market Outlook, By Primary Storage (2020-2028) (US $MN) 
27 Global Cloud Storage Market Outlook, By End User (2020-2028) (US $MN)  
28 Global Cloud Storage Market Outlook, By IT and Telecommunications (2020-2028) (US $MN)
29 Global Cloud Storage Market Outlook, By Research and Education (2020-2028) (US $MN)
30 Global Cloud Storage Market Outlook, By Media and Entertainment (2020-2028) (US $MN)
31 Global Cloud Storage Market Outlook, By Manufacturing (2020-2028) (US $MN) 
32 Global Cloud Storage Market Outlook, By Healthcare & Life Sciences (2020-2028) (US $MN)
33 Global Cloud Storage Market Outlook, By Government & Public Sector (2020-2028) (US $MN)
34 Global Cloud Storage Market Outlook, By Energy and Utilities (2020-2028) (US $MN)
35 Global Cloud Storage Market Outlook, By Consumer Goods and Retail (2020-2028) (US $MN)
36 Global Cloud Storage Market Outlook, By Banking, Financial Services, and Insurance (2020-2028) (US $MN)
37 Global Cloud Storage Market Outlook, By Travel & Hospitality (2020-2028) (US $MN)
38 Global Cloud Storage Market Outlook, By Other End Users (2020-2028) (US $MN) 
39 Global Cloud Storage Market Outlook, By Business Service Providers (2020-2028) (US $MN)
40 Global Cloud Storage Market Outlook, By Transportation and Logistics (2020-2028) (US $MN)
41 Global Cloud Storage Market Outlook, By Construction (2020-2028) (US $MN)
Note: Regional tables for North America, Europe, Asia Pacific, South America and Middle East & Africa are presented in similar manner as the above.

List of Figures


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.

Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.

For more details about research methodology, kindly write to us at

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