Cloud Storage Market to Reach USD 777.6 Billion by 2033, at 21.9% CAGR, Says Allied Market Research
The global cloud storage market is driven by increasing demand for low-cost data storage, faster data accessibility, and rising cloud adoption across various industry verticals, along with growing concerns for data recovery and protection. However, security concerns related to cloud storage continue to pose challenges for market growth. Despite this, widespread cloud adoption among SMEs is expected to create lucrative opportunities in the near future.
PORTLAND, Ore., Feb. 16, 2026 /PRNewswire/ — Allied Market Research published a report titled, “Global Cloud Storage Market by Component (Solution and Services), Deployment Type (Private, Public, and Hybrid), User Type (Large Enterprises and Small and Medium Enterprises), and Industry Vertical (BFSI, Government & Public Sector, Healthcare, IT & Telecom, Retail, Manufacturing, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2024–2033″ According to the report, the global cloud storage industry was estimated at USD 98.8 billion in 2023, and is expected to reach USD 777.6 billion by 2033, registering a CAGR of 21.9% from 2024 to 2033.
Prime Determinants of Growth
The changing demands of both consumers and enterprises for effective, adaptable, and safe data management solutions, are driving the growth of the cloud storage market size. The exponential rise in the global data generation is one of the main drivers. It is estimated that the world’s data volume is expected to grow over 170 zettabytes by 2025, which will necessitate scalable storage solutions that conventional on-premises systems cannot provide. This need is satisfied by cloud storage, which provides essentially infinite storage that is readily scaled up or down in accordance with user needs.
In addition, the growing popularity of digital collaboration tools and remote work is another important factor for the cloud storage market growth. The COVID-19 pandemic accelerated the trend of increased cloud service usage, with significant increase in use observed by Google and Microsoft. For instance, in 2020, in the early months of the pandemic, Microsoft Teams reported a 775% rise in monthly users in Italy. This change emphasizes the necessity of dependable and easily accessible cloud storage to facilitate remote workflows and guarantee smooth collaboration.
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The solution segment is expected to dominate during the forecast period.
Based on component, the solution segment dominated the global cloud storage market revenue and is expected to retain its dominance throughout the analysis period. Growing need for multiple applications such as caching, security, duplication, and data locking in primary cloud storage drives the growth of the market. The service segment, on the other hand, is projected to register the fastest CAGR of 23.2% throughout the forecast period owing to implementation of services that ensure comprehensive planning, installing, and configuration of the solution. In addition, managed services offer post-production support that empowers organizations to smoothly transition the process from implementation to daily operations, which drives growth of the market.
The consumer electronics segment is projected to dominate during the study period.
Based on deployment mode, the hybrid segment accounted for a major share in the global cloud storage market share and is anticipated to dominate during the analysis period. In addition, the segment is anticipated to witness the fastest CAGR of 23.0% from 2020 to 2027. Organizations are shifting toward the hybrid cloud to achieve security of data and application and large storage spaces to reduce their capital expenditure by deploying a combination of the private and public cloud model, which augments the growth of the segment.
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North America to dominate in terms of revenue.
Based on region, North America held the largest share in the cloud storage market, as the region has major market players offering advanced solutions. On the other hand, the Asia-Pacific region is projected to witness the fastest CAGR during the forecast period. The rise in adoption of cloud storage solutions in applications and investments in R&D processes have augmented the growth of the market in this region.
How Do Government Policies and Regulations Impact Regional Market Growth?
Government regulations shape how data is stored, handled, and secured, which has a substantial impact on the global cloud storage market forecast. Organizations managing sensitive and personal data must adhere to high compliance standards set by laws governing data protection, such as the California Consumer Privacy Act (CCPA) in the U.S. and the General Data Protection Regulation (GDPR) in Europe. These laws guarantee that cloud storage companies protect user data by putting strong security measures, data encryption, and privacy controls in place. Adherence to these laws promotes wider adoption of cloud services by improving their trustworthiness and security and protecting user data. Moreover, data residency requirements, a term used to describe government regulations, often mandate that data be kept within geographic bounds. This increases the need for regional data centers and forces cloud storage companies to make infrastructure investments across many regions. Although these rules may result in higher operational expenses for cloud service providers, they also present chances for regional market expansion.
Competitive Landscape
The market players operating in the cloud storage market analysis include Amazon Web Services Inc, Dell Technologies Inc, Google Inc, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, Rackspace Hosting, Inc., Alibaba Cloud, and VMware, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the cloud storage market globally.
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Recent Key Strategies and Developments
- In January 2024, Google LLC in its Google Cloud Next 2024 event announced the launch of several new characteristics to seamlessly integrate AI across its cloud storage solutions.
- In January 2024, the Health Insurance Portability and Accountability Act (HIPAA) announced the mandates and regulations for safeguarding electronic protected health information (EPHI). These mandates were announced owing to the constantly rising cybersecurity threats across various industries in the U.S.
- In August 2023, Google LLC announced the launch of three new cloud storage solutions, namely Parallelstore for GPU/TPUs applications, Cloud Storage FUSE for AI applications, and Google Cloud NetApp for enterprise applications.
- In December 2020, Alibaba Cloud announced the upgradation of its cloud storage solution for enterprise applications. This revamped hybrid cloud storage solution was designed to enhance compatibility, security, and reliability of the solution.
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