Cloud Storage is a form of cloud services where clients get to keep their data on a server belonging to or managed by a cloud vendor either on a private cloud or a public cloud. The vendor is responsible for preserving and securing the data, which the client can access on-demand over the Internet. By using this model, businesses can significantly reduce spending on purchasing, managing, and maintaining an expensive data storage infrastructure and replacing it with a cloud infrastructure. Since the service is available over the Internet, clients can access their data from anywhere in the world, providing agility, global scale, and durability. The other advantages include reliable data back-up protection, data archiving for disaster recovery purposes, and rapid deployment.
The increasing adoption of cloud storage is part of a greater trend toward cloud computing. Enterprise cloud storage services can include the utilization of storage services directly from the major Infrastructure as a Service (IaaS) providers, such as Amazon Web Services (AWS), Google Cloud, or Microsoft Azure. Enterprise cloud storage solutions also include services from vendors like Box, Dropbox, Cloudian, and a long tail of other vendors. Consumer or personal cloud storage services can include everything from Dropbox to iCloud. You can find Cloud Storage Market Size, Cloud Storage Market Share, and other trends and statistics below.
The chart shows the Global Cloud Storage Market Size from 2017 to 2022. In 2020, the size of the Cloud Storage Industry was $59.2B and is projected to grow by 24% in 2021. From 2017 to 2022 the Cloud Storage Industry growth is projected to average 24% per year.
The chart shows the Global Cloud Storage Market Share in 2017. The leading region in the Cloud Storage Industry was North America with a 42% cloud storage market share in 2017, followed by Europe with 28% cloud storage market share, Asia-Pacific with 25%, and the rest of the world with 5%. View the source for this Cloud Storage Market Share chart and other Cloud Storage Market Share estimates here.
The Cloud Storage Market is forecast to see continued strong growth in the forthcoming years as cloud adoption increases, and more enterprises embrace cloud-based and cloud computing services. The growth is primarily driven by increasing digitization of businesses and the exponential increase in data. Organizations are employing more mobile technologies, the Internet of Things (IoT), Artificial Intelligence (AI), Big Data, and Machine Learning. This leads to large amounts of data generation. The data needs to be stored in servers with low-cost and high accessibility. Cloud Storage Services are rising as a cost-effective and flexible alternative to purchasing and managing a data storage infrastructure on-premises. Due to this, the demand in the Cloud Storage Market and Cloud Computing in general, is likely to surge considerably in the forthcoming years.
Market research sources disagree intensely on the Cloud Storage Market Size, moderately disagree on the Cloud Storage Market Share, and generally agree on the fast Cloud Storage Growth. The cause of disagreement is due to the lack of a standardized definition of the Cloud Storage Industry and what types of products should be included. Therefore different sources may have very different perspectives of Cloud Storage market share and Cloud Storage industry size. For a complete evaluation of the Cloud Storage market, T4 recommends exploring all available sources. T4 aggregated and organized the data from these sources on the T4 Industry Research Platform. See Each source's view of the Cloud Storage Market, Cloud Storage Market Size, and Cloud Storage Market Share on the T4 Platform.
T4 comprehensively aggregated more than 30 reports from more than 10 publishers covering statistics and trends in the Industry. This includes Cloud Storage Revenue by Region, Application, Service, and Technology, and more than 10 additional statistics. The Industry falls under T4's Storage industry coverage. Industries related to the T4 taxonomy include Storage Area Network, Storage Software, Data Backup, Software-Defined Storage, Storage Infrastructure Software, Storage Reduction Software, and Storage Systems among others. Related subcategories of the Industry include Hybrid Cloud Storage, Private Cloud Storage, and Public Cloud Storage. You can find reports covering these industries on T4’s Platform.
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