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Cloud Storage Market Size, Share & COVID-19 Impact Analysis, By Type (Private, Public, and Hybrid), By Component (Storage Model (Object Storage, File Storage, Block Storage), Services and Services), By Enterprise Size (SMEs, and Large Enterprises), By Vertical (BFSI, IT and Telecommunication, Government and Public Sector, Manufacturing, Healthcare and Life Sciences, Retail and Consumer Goods, Media and Entertainment, and Others), and Regional Forecast, 2022-2029

Region : Global | Format: PDF | Report ID: FBI102773



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The global cloud storage market size was valued at USD 70.19 billion in 2021. The market is projected to grow from USD 83.41 billion in 2022 to USD 376.37 billion by 2029, exhibiting a CAGR of 24.0% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global cloud storage market share had exhibited a higher growth of 13.8% in 2020 as compared to 2019.

In the market study, we have considered cloud storage solutions offered by market players such as Amazon.com Inc' Amazon Simple Storage Service (S3) object storage, file storage including Amazon Elastic File System, Amazon FXs for Windows File Server, Amazon FXs for Lustre and Amazon Elastic Block Storage. Similarly, Oracle Corporation's file, block and object storage, archive storage, flash local storage and storage gateway, Google LLC's Filestore, Cloud archival storage, persistent disk, local SSD block storage, and cloud object storage.

The growth of the cloud storage is driven by several factors, such as the growing volume of unstructured data and increased demand for advanced technologies such as the internet of things, artificial intelligence, analytics, automation and others. Cloud storage stores and manages data on the internet and can be delivered on-demand and as per pay and use model. Also, cloud-based storage provides global scalability, agility, remote access and durability to data storage.  

In June 2020, as per LogicMonitor's Cloud 2025 survey respondents, 95% of the IT workload will be on the cloud in the next five years. This factor indicates that the market is likely to showcase remarkable growth in the coming years. Also, the global market is to witness significant growth driven by the COVID-19 pandemic.

Market players are providing storage services to businesses to manage their remote employees. For instance, in July 2020, Google Cloud partnered with a cloud content management company, Box, Inc. The partnership aims to support customers to transform their remote workspaces with cloud-based data storage. Such active partnerships and collaboration activities are anticipated to propel the demand for cloud storage.


Adoption of Distributed Work Environment Owing to Spread of Novel Coronavirus to Drive Market Growth

The impact of COVID-19 is expected to result in considerably high market growth during the analysis period. The market's growth is attributed to the significant adoption of storage services owing to virtual work and the growing volume of data. The market observed a significant growth rate of 13.7% in 2020 compared to 9.3% in 2019.

Cloud-based solutions enable employees to collaborate and stay connected as firms move toward a remote work environment. The COVID-19 pandemic accelerated the adoption of cloud storage with the increased proliferation of collaboration and conferencing applications by the remote workforce.

In August 2020, PWC stated cloud spending grew by 37% in the first quarter of 2020. Further, it stated that spending is expected to rise in the next 12 months across pharmaceuticals and biotechnology industries, forestry and paper products, automobiles, beverages and food, household and personal use products, chemicals, banks, and other financials, constructions, and IT and Telecommunications.

Hence, market players focus on offering scalable and cost-effective storage solutions to tackle increased network traffic and unprecedented data growth. For instance,

  • In December 2020, Oracle Cloud-managed the COVID-19 Vaccination program of the U.S. The partnership aims to help the U.S. public health agencies accumulate and evaluate COVID-19 data.

Thus, the partnership and collaborations fuel the market growth during the COVID-19 pandemic. The growing data volume surges the demand for cloud infrastructure. The increasing investment by prominent market players to develop data centers worldwide in response to the COVID-19 pandemic is anticipated to drive the market in coming years.

  • For instance, in June 2020 - Microsoft Corporation expanded its data centers in May 2020 across Italy, Poland and New Zealand with the growing demand for cloud services in the wake of COVID-19.

  • In April 2020 – Amazon.Com Inc. launched a cloud data center in Italy during the COVID-19 pandemic. The new data center provides support to remote learning and working and empowers research.

Thus, the growing investment by cloud providers to develop data centers is expected to create significant market opportunities for market growth post-pandemic period.


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Surge in Use of Social Media and Analytical Platforms to Propel Market Growth

Cloud analytics creates ample opportunities for cloud providers due to the increasing demand for analytical insights for decision-making across various industries. The demand for additional data storage to support a massive data volume is growing exponentially due to the substantial computing power. Enterprises leverage platforms and deliver advanced storage technologies with more accessibility and flexibility.

Similarly, social media analytics encouraged end-users to adopt cloud-based automated data storage services to provide real-time improved customer experience. For instance, in October 2020, Facebook LLC partnered with a Cloud service provider, Backblaze. The partnership focused on transferring the social media videos and images over the cloud-based encrypted storage to maintain security and privacy. These technological trends are expected to fuel the market size in the coming years.


Exponential Growth in Data Volumes to Surge Demand for New Storage Capacity

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.

For example, in February 2021, NextBillion AI, a California-based start-up, collaborated with Google Cloud to improve time-to-market solutions using cloud SQL and storage. The partnership aims to offer data protection and 99 percent uptime for NextBillion artificial intelligence clients.

Additionally, connected devices and autonomous systems such as self-driving cars are likely to drive the adoption of cloud computing services, including data storage for providing real-time assistance.

For instance, in February 2021, Ford Motor Company, a connected car manufacturer, partnered with Google Cloud to improve the customer experience with connected vehicles. The company is moving towards digitalization with automatic and driverless cars. The company aims to offer an enhanced experience by implementing machine learning, automation and cloud across vehicles. Such factors are expected to drive the market towards a higher growth trajectory.


Stringent Laws and Regulations Associated with Privacy and Data Security May Impede the Market Growth

Data privacy and confidentiality are the most vital elements of the cloud storage ecosystem. The stringent government laws and regulations on using the cloud are expected to restrict market growth. For example, the Government of India made a provision in the Information Technology Act 2000. According to the provision, any unlawful activities related to the computing models/transactions consisting of confidential data or information will be subjected to a penalty. Such rules and regulations enforced by governments are likely to hamper market growth.

As the data resides outside the company's infrastructure, it is apparent that the company may loss control over data. Even though the concerns are largely psychological and hypothetical, due to the immaturity and lack of awareness of cloud services, especially in developing and underdeveloped regions, consumers may have genuine concerns regarding the service provider's capability and operational processes. Privacy and security concerns are projected to act as barriers to adopting cloud-based storage.


By Component Analysis

High Data Security Feature to Augment Storage Models Growth

By the component, the market is divided into storage models and services. The storage models, including block storage, object storage and file storage, are projected to hold the maximum market share. Block storage is expected to hold a major market share due to increased demand for reliable and high-performance storage during the forecast period.

The file storage cloud is anticipated to grow with the highest CAGR owing to its increased storage capacity. For instance, in February 2021, Nasuni Corporation, a file cloud data storage provider, collaborated with Google Cloud. The increased demand for enterprise file storage played a vital role in the partnership.

Storage models help organizations tackle fundamental requirements such as availability, data security, and durability. These factors are projected to drive the adoption of cloud-based data storage among enterprises. At the same time, services such as training, installation, support, maintenance and others help maintain connectivity and data flow, which is expected to drive the demand for services in coming years.

By Type Analysis

Benefits of Private and Public Cloud in Single Hybrid Cloud to Bolster Demand

The market is divided into three types of deployment such as public cloud, private cloud and Hybrid cloud. The public cloud segment is expected to account for a major market share due to growingpublic cloud spending. The growing end-user spending in the public cloud will accelerate market growth in the coming years.

The private cloud is expected to exhibit steady growth during the projected period owing to the improved security offering and protection of confidential data.

The hybrid cloud is projected to gain sturdy growth due to increased demand for hybrid deployment as enterprises can benefit from private and public deployments. Thus, the surge in demand for hybrid cloud storage due to data security, flexibility, and agility will likely foster market growth. Organizations will rely on multiple public clouds, private cloud legacy platforms, and on-premises to fulfill the infrastructure needs. The hybrid multi-cloud provides control and visibility over the infrastructure, which helps to access and secure files. These factors are expected to increase the demand for hybrid cloud-based storage.

By Enterprise Size Analysis

The Growing Demand for Cost-Effective Data Storage Solutions to Drive Demand for Cloud across SMEs

Based on the enterprise size, the market is bifurcated into large enterprises and small & medium enterprises (SMEs). Large enterprises are expected to account for a maximum revenue share due to the increased demand for cloud-based storage to manage large amount of remote workforce and data.

The growing 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.

The small and medium enterprises are expected to showcase a higher growth rate during the forecast years. According to Flexera 2021, State of the Cloud Report, 86% of respondents stated that small and medium-sized enterprises adopted the cloud higher than planned during covid-19, likely to drive market growth.

By Vertical Analysis

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Rapid Digitalization to Drive the Demand for Cloud adoption in BFSI Industry

The market is classified into banking, financial services and insurance (BFSI), healthcare and life science, IT and Telecommunication, manufacturing, government and public sector, media and entertainment, retail and consumer goods, and others.

The BFSI industry to gain traction owing to the digitalization of banking and financial services such as online banking, mobile wallets, digital payment, net banking and others. This factor drives the demand for secure storage models. The market players are offering secure storage solutions to the banking and financial institutions, which is expected to surge the partnership and collaborations between cloud providers and financial service providers. For instance, in February 2021, Global Financial Services partnered with Google Cloud. The collaboration aims to tackle data and security threats of its banking infrastructure using an AI-based platform.

Healthcare and life sciences are anticipated to showcase a remarkable growth rate. Cloud services help get real-time health data insights and minimize the IT complexities with storage solutions. The patient's data stored in the cloud can be accessed from anywhere and at any time. Besides, the growing adoption of advanced technologies such as virtual reality and augmented reality in healthcare generates a huge volume of data per day. Thus, digitalization in the healthcare and life science industry creates a demand for scalable data storage. The key players are focusing on introducing cloud-based services to the healthcare industry to improve the productivity of healthcare professionals.

For instance, in December 2020, Amazon.com Inc. launched a cloud-based storage and data management service, HIPAA-eligible HealthLake, for healthcare professionals. The HealthLake assists in reducing healthcare professionals' time required to transform and analyze health data in real-time. Such a growing introduction of advanced services is expected to drive the market across this industry.

The surge in demand for video streaming and over-the-top services (OTT) accelerated the adoption of cloud-based storage services across telecom service providers. Similarly, government and public sector, manufacturing, retail and consumer goods, among other industries, are actively investing in cloud-based data management services and software, which is expected to fuel the market across these industries.


North America Cloud Storage Market Size, 2021 (USD Billion)

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The market has been classified into five major regions, including North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The regions are further divided into countries.

North America is projected to dominate the market throughout the forecast period. The U.S. holds the major market share attributed to the presence of major cloud providers and a large number of data centers. Further, 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.

Canada is expected to grow with the highest CAGR during the forecast period owing to growing investment by organizations to implement cloud-based services and solutions. According to January 2021, CDW Cloud Report, more than half of enterprises (52%) in Canada have already made a plan on making investments in cloud-based infrastructure and services to ensure consistent service delivery. COVID-19, which forced many enterprises to recognize the drawbacks of on-site solutions and data centers, fueled the adoption.

The Asia Pacific is anticipated to showcase the highest growth rate during the projected period. 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.

For instance, in July 2021, the Deloitte report 'The imperative cloud Asia Pacific's unmissable opportunity, stated that public cloud spending was USD 19.45 billion in 2020 is expected to rise to USD 67.64 billion by 2024 in China. It also stated that the total Asia Pacific annual spending on public cloud is expected to reach USD 116.06 billion in 2024 from USD 43.14 billion in 2020. These factors are expected to fuel the demand for cloud-based storage across the Asia Pacific countries.

Europe is likely to gain a significant market share due to government initiatives to fuel cloud adoption across organizations and governments. In December 2021, as per Eurostat, 68% of the European Union enterprises used cloud computing services to store files 2021, and 42% of the enterprises used cloud computing across the organization.

Besides, 75% of enterprises in Sweden and Finland will adopt cloud computing in 2021. The increased adoption of cloud computing across Nordics is expected to create new market opportunities for the European cloud storage market growth in the coming years.

The Middle East and Africa are projected to show potential market growth in coming years owing to growing investment by cloud providers to establish data centers across the region. For instance, Oracle Corporation launched the cloud region in Saudi Arabia in 2021, Abu Dhabi in 2022, and Dubai and Jeddah in 2020. Similarly, the rising smartphone penetration and improved network connectivity across the region are expected to foster market growth.

South America is expected to witness steady growth owing to growing investment by Brazil, Argentina, Chile, and Columbia governments to improve digitalization across the countries. COVID-19 pandemic surged the adoption of digital technologies, smartphones and digital banking across the region.

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For instance, in October 2020, Mastercard stated that 40 million people from Latin America opened bank accounts amid a pandemic. Further, in October 2020, IT spending in Latin America is expected to grow by 7.7% in 2021, and the IT industry rose by 5.5% in 2020. These factors are anticipated to propel market growth.


Key Market Players to Enhance their Product Offerings and Adopt Partnership Strategies to Achieve Organizational Goals

Being a fragmented market, key market players such as Amazon.com, Inc., IBM Corporation, Oracle Corporation, Alibaba Group Holding Limited, VMware Inc., and Microsoft Corporation are likely to expand their product offerings. By expanding their product lines, these companies are ensuring to increase the revenue share. Also, it is likely to enable them to take advantage of the market opportunities across different sectors. Strategic partnerships are likely to promote the business expansion of market players. For instance, in August 2019, IBM Corporation enhanced its software portfolio to make it cloud-native and compatible to run on Red Hat OpenShift.

  • April 2020 – Microsoft Corporation partnered with Blackrock, Inc., an investment management corporation. The partnership aims to host Aladdin infrastructure provided by Blackrock Solutions on the Azure cloud platform. Blackrock brings improved capabilities to its Aladdin platform using the Microsoft Azure cloud platform.

  • March 2021: Oracle Corporation launched new Cloud Lift Services to help customers quickly migrate through its tools and engineering resources. The new platform removes critical barriers and offers single contact points, high speed, and more. This development is helping in accelerating customer growth through Google Cloud support.

List of the Key Companies Profiled:


  • 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.

  • March 2020 – Carrier Global Corporation, an HVAC, fire, security, and building automation solution provider, chose Amazon Web Services as its preferred cloud provider. Carrier Global Corporation is shifting 70% of the IT infrastructure, including servers and applications to Amazon Web Services, from its legacy servers.


An Infographic Representation of Cloud Storage Market

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The global market research report highlights leading regions worldwide to offer a better understanding to the user. Furthermore, the market report provides insights into the market outlook with the latest industry growth trends and analyzes technologies deployed at a rapid pace at the global level. It further offers some drivers and restraints, helping the reader gain in-depth knowledge about the market.




Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD billion)


Component; Type; Enterprise Size; Vertical; and Geography

By Component

  • Storage Model

    • Object Storage

    • File Storage

    • Block Storage

  • Services

By Type

  • Public

  • Private

  • Hybrid

By Enterprise Size

  • Small and Medium Enterprises (SMEs)

  • Large Enterprises

By Vertical

  • BFSI

  • IT and Telecommunication

  • Government and Public Sector

  • Manufacturing

  • Healthcare and Life Science

  • Retail and Consumer Goods

  • Media and Entertainment

  • Others (Energy & Utilities, Chemical, Travel & Hospitality etc.)

By Region

  • North America

    • U.S. (By Vertical)

    • Canada (By Vertical)

    • Mexico (By Vertical)

  • Europe

    • U.K. (By Vertical)

    • Germany (By Vertical)

    • France (By Vertical)

    • Italy (By Vertical)

    • Spain (By Vertical)

    • Russia (By Vertical)

    • Benelux (By Vertical)

    • Nordics (By Vertical)

    • Rest of Europe

  • Asia Pacific

    • China (By Vertical)

    • Japan (By Vertical)

    • India (By Vertical)

    • South Korea (By Vertical)

    • ASEAN (By Vertical)

    • Oceania (By Vertical)

    • Rest of Asia Pacific

  • The Middle East & Africa

    • Turkey (By Vertical)

    • Israel (By Vertical)

    • GCC (By Vertical)

    • South Africa (By Vertical)

    • North Africa (By Vertical)

    • Rest of the Middle East & Africa

  • South America

    • Brazil (By Vertical)

    • Argentina (By Vertical)

    • Rest of South America

Frequently Asked Questions

As per Fortune Business Insights, the market stood at USD 70.19 billion in 2021.

Fortune Business Insights says that the market is expected to reach USD 376.37 billion by 2029.

A growth of 24.0% CAGR will be observed in the market during the forecast period (2022-2029).

Within verticals, the BFSI is expected to lead the market during the forecast period.

An exponential growth in data volumes is the key market driver

Amazon web services, Inc., VMware, Inc., IBM Corporation, Microsoft Corporation, and Dell, Inc. are some of the top companies in the market.

North America is expected to hold a major share during the forecast period because of the presence of various key players.

North America accounted for USD 34.33 billion in 2021 in revenue.

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