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Cloud Storage Market to Reach USD 376.37 Billion by 2029; Rising Demand for Advanced Technologies to Foster Market Growth

April 25, 2022 | Information & Technology

The global cloud storage market size is expected to grow significantly by reaching USD 376.37 Billion by 2029. Fortune Business Insights™ in its report titled “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” observes that the market size in 2021 stood at USD 70.19 billion and reached USD 83.41 billion in 2022. The market is expected to exhibit a CAGR of 24.0% during 2022-2029. The rising demand for advanced technologies and increasing unstructured data volume are expected to fuel market growth.  

Dell Announced Novel Features and Product Portfolios to Boost Brand Image

Dell announced novel functions, architectures, and portfolio advancements to enable artificial intelligence and high-performance computing (HPC) services. Further, Dell’s EMC solutions for HPC storage, along with ThinkParQ’s parallel file system, provide the ability to provide access to extensive workloads. This development may enable Dell to boost its brand image globally.

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Increasing Dependence on Digital Infrastructure to Bolster Growth

This market may be positively impacted during the COVID-19 pandemic due to the rising dependence upon digital services. The alarming spike in COVID infections facilitated work-from-home adoption across businesses, thereby increasing cloud storage service adoption. Further, increasing demand for smartphones from consumers and the extensive adoption of digitization by manufacturers may enhance cloud infrastructure. These factors may facilitate market growth globally.

Rapid Growth in Data Volumes to Boost Industry Growth

Cloud storage is a platform for the storage of data using servers. The integration of analytics, machine learning (ML), artificial intelligence (AI), and internet-of-things (IoT) in cloud storage facilities may enable manufacturers to attract consumers. For example, NextBillion AI, a California-based start-up, collaborated with Google Cloud in February 2021 to improve time-to-time market solutions. It utilizes storage and SQL services to offer top-of-the-line cloud services. The company aims to offer NextBillion artificial intelligence with a 99% uptime through this partnership. Furthermore, the shift to online mediums by manufacturers and the increasing volume of data created may boost sales. These factors are likely to drive the cloud storage market growth.

Major Companies Focus on Upgrading their Services to Enhance Brand Image

Prominent companies operating in the market focus on advancing their services to boost brand image. For example, Hewlett Packard Enterprise Company focused on advancing its HPE storage for the transformation of cloud-native software-defined data services (SDDS) in May 2021. The software is available with GreenLake and offers data services cloud console, HPE Alletra, and cloud data services. This development may help Hewlett Packard Enterprise Company enhance its brand image globally. Furthermore, companies devise expansions, research and development, acquisitions, collaborations, and mergers to enhance their market position globally.

Key Industry Development

  • March 2020- Microsoft Corporation and Kubota Corporation entered a strategic alliance to facilitate Kubota Corporation's digital transformation. This development allowed the company to incorporate its IT infrastructure on Microsoft’s Azure cloud platform.

List of Key Players Profiled in this Market Report

  • Alibaba Group Holding Limited (China)

  • Amazon.com, Inc. (U.S.)

  • Dell Technologies Inc. (U.S.)

  • Dropbox (U.S.)

  • Google, Inc. (U.S.)

  • Hewlett Packard Enterprise Development LP (U.S.)

  • IBM Corporation (U.S.)

  • Microsoft Corporation (U.S.)

  • Oracle Corporation (U.S.)

  • VMware, Inc. (U.S.)

Further Report Findings

  • The market in North America stood at USD 34.33 billion in 2021 and is expected to gain a major portion of the global cloud storage market share during the upcoming years., The presence of major cloud service providers may propel industry progress.

  • Further, the increasing adoption of smart home devices, digital payments, connected devices and video streaming services may propel market progress.

  • In Asia Pacific, robust investment in cloud services by India, South Korea, Singapore, Japan, and others may propel the industry’s growth.

Table of Segmentation-



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

Cloud Storage Market
  • PDF
  • 2021
  • 2018-2020
  • 150


  • 4850

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