Cloud Storage Service Market Report Scope & Overview:

The Cloud Storage Service Market size was valued at USD 74.74 Bn in 2022 and is expected to reach USD 407.10 Bn by 2030, and grow at a CAGR of 23.6% over the forecast period 2023-2030.

Cloud storage is a cloud computing concept in which data is stored on the Internet by a cloud computing provider who maintains and administers data storage as a service. It is offered on-demand with just-in-time capacity and rates, and it eliminates the need for you to purchase and manage your own data storage infrastructure. You get agility, global size, and durability, as well as "anytime, everywhere" data access.

Cloud Storage Service Market Revenue Analysis

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A third-party cloud vendor owns and operates data storage capacity and delivers it over the Internet in a pay-as-you-go model. These cloud storage vendors manage capacity, security, and durability to make data accessible to your applications all around the world. Traditional storage protocols or an API are used by applications to access cloud storage. Many companies provide add-on services to aid in the collection, management, security, and analysis of large amounts of data.

Cloud storage is a next-generation technology that communicates in human language and assists specialists in making better judgments by comprehending the complexities of unstructured data. Natural language processing, machine learning, automated reasoning, and information retrieval are examples of technology employed in interpreting unstructured data to perceive, infer, and forecast optimum solutions.



  • Enterprise data volumes are increasing.

  • There is a growing requirement to offer remote workers with constant access to data and files.

  • Cost savings and low TCO advantages.


  • The expenses of lifetime storage and outflow related to public cloud infrastructures.

  • Issues with latency and network outages in public cloud settings.


  • The proliferation of distributed storage arrays

  • AI infusion to achieve data integrity

  • Containerization is on the rise.


  • Concerns about data privacy and security.


COVID-19 has led enterprises to turn to cloud environments to cope with the crisis and ease everyday data access, sharing, and work collaboration to its geographically distributed staff, owing to worldwide lockdowns, business continuity difficulties, and expanding work from home tendencies. The proliferation of cloud migration has boosted enterprise adoption of cloud storage solutions for achieving business continuity, running workloads, and storing data. Furthermore, as more businesses migrate their workloads to the cloud for the benefits of scalability, flexibility, and ubiquitous availability, the demand for services such as consulting, training, support, and maintenance, as well as integration and implementation, is increasing.


The increasing focus of enterprises to achieve improved collaboration and productivity while managing and keeping their day-to-day data for anytime, anywhere access is largely responsible for the expansion of the file storage segment. File storage solutions are ideal for user home directories, application development, and media storage, making them an effective archiving and main storage option.

The market for cloud storage is divided into three categories: public cloud, private cloud, and hybrid cloud. The hybrid sector accounts for a bigger portion of the market. In 2021, a large percentage of businesses will have a multi-cloud approach, and businesses with a hybrid strategy will also be on the increase. Over the foreseeable time, they are also likely to promote cloud storage use

Industry verticals such as BFSI, Education, Communication and Technology, Media and Entertainment, Manufacturing, Energy and Power, Government and Public Sector, Healthcare and Life Science, Retail and Consumer Goods, and Others are quickly adopting cloud storage due to its low cost of data storage and low maintenance requirements. Because of the growing number of internet users and businesses in the BFSI sector, the technology is being implemented. Banking, Insurance, and Capital Markets, on the other hand, are using cloud services due to the lower cost of new hardware and software. In the foreseeable time, these reasons will drive the cloud service market.


On The Basis of Component

  • Solution

  • Services

On The Basis of Deployment Type

  • Private

  • Public

  • Hybrid

On The Basis of User Type

  • Large Enterprises

  • Small and Medium Enterprises

On The Basis of Industry Vertical

  • BFSI

  • Government & Public Sector

  • Healthcare

  • IT & Telecom

  • Retail

  • Manufacturing

  • Media & Entertainment

  • Others

Cloud Storage Service Market Segmentation Analysis

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In the projection period of 2022 to 2028, North America dominates the cloud storage market due to various factors such as measures, management, excellent Information Technology (IT) support, the closeness of a large number of enterprises, and the availability of trained professional experience. Asia-Pacific, on the other hand, is predicted to increase significantly due to its location as one of the fastest-growing markets for cloud storage systems and other variables.


  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America


The major key players are AWS, Google, Microsoft, IBM, Huawei, Alibaba Cloud, Oracle, Rackspace Technology, HPE, Dell Technologies, Dropbox & Other Players

AWS -Company Financial Analysis

Company Landscape Analysis

Cloud Storage Service Market Report Scope:
Report Attributes Details
Market Size in 2022  US$ 74.74 Bn
Market Size by 2030  US$ 407.10 Bn
CAGR   CAGR of 23.6% From 2023 to 2030
Base Year  2022
Forecast Period  2023-2030
Historical Data  2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Component (Solution and Services)
• by Deployment Type (Private, Public, and Hybrid)
• by User Type (Large Enterprises and Small and Medium Enterprises)
• by Industry Vertical (BFSI, Government & Public Sector, Healthcare, IT & Telecom, Retail, Manufacturing, Media & Entertainment, Others)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles AWS, Google, Microsoft, IBM, Huawei, Alibaba Cloud, Oracle, Rackspace Technology, HPE, Dell Technologies, Dropbox
Key Drivers • Enterprise data volumes are increasing
• Cost savings and low TCO advantages
Market Opportunities • The proliferation of distributed storage arrays
• AI infusion to achieve data integrity


Frequently Asked Questions

Ans: - Cloud Storage Service Market Will grow at a CAGR of 23.6% over the forecast period 2023-2030.

Ans: - Concerns about data privacy and security.

Ans: - The segments covered in the Cloud Storage Service are On the Basis of Component, Deployment Type, User Type, And Industry Vertical.

Ans: - The major key players are AWS, Google, Microsoft, IBM, Huawei, Alibaba Cloud, Oracle, Rackspace Technology, HPE, Dell Technologies, and Dropbox.

Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.

Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology


3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World

5. Value Chain Analysis


6. Porter’s 5 forces model


7. PEST Analysis


8. Cloud Storage Service Market Segmentation, by Component

8.1 Solution

8.2 Services

9. Cloud Storage Service Market Segmentation, by Deployment Type

9.1 Private

9.2 Public

9.3  Hybrid

10. Cloud Storage Service Market Segmentation, by User Type

10.1 Large Enterprises

10.2 Small and Medium Enterprises

11. Cloud Storage Service Market Segmentation, by Industry Vertical

11.1 BFSI

11.2 Government & Public Sector

11.3 Healthcare

11.4 IT & Telecom

11.5 Retail

11.6 Manufacturing

11.7 Media & Entertainment

11.8 Others


12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Germany

12.3.2 UK

12.3.3 France

12.3.4 Italy

12.3.5 Spain

12.3.6 The Netherlands

12.3.7 Rest of Europe

12.4 Asia-Pacific

12.4.1 Japan

12.4.2 South Korea

12.4.3 China

12.4.4 India

12.4.5 Australia

12.4.6 Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1 Israel

12.5.2 UAE

12.5.3 South Africa

12.5.4 Rest

12.6 Latin America

12.6.1 Brazil

12.6.2 Argentina

12.6.3 Rest of Latin America

13. Company Profiles

13.1 AWS

13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

13.2 Google

13.3 Microsoft

13.4 IBM  

13.5 Huawei

13.6 Alibaba Cloud

13.7 Oracle

13.8 Rackspace Technology

13.9 Dell Technologies

13.10 Dropbox


14. Competitive Landscape

14.1 Competitive Benchmarking

14.2 Market Share Analysis

14.3 Recent Developments

15. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

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Data Bank Validation

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