Cloud Computing & Storage

Cloud Computing & Storage Market by Component (Services, Solution), Type (Block Storage, File Storage, Object Storage), Workload, Organization Size, Deployment Model, Vertical - Global Forecast 2024-2030

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[189 Pages Report] The Cloud Computing & Storage Market size was estimated at USD 821.30 billion in 2023 and expected to reach USD 929.14 billion in 2024, at a CAGR 13.32% to reach USD 1,971.18 billion by 2030.

Cloud Computing & Storage Market
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Cloud computing & storage refer to the delivery of computer services, including software, storage, processing power, and other resources, over the Internet. This innovative technology enables users to access these resources on demand without investing in physical infrastructure or maintaining it at their premises. Rapid advancements in technology have fueled market growth by enabling innovative applications such as big data analytics, artificial intelligence (AI), machine learning (ML), Internet of Things (IoT), and edge computing that rely heavily on powerful cloud-based infrastructures. Companies are shifting toward a remote work culture due to recent global events such as COVID-19, accelerating the demand for reliable collaboration tools and virtual workspace solutions provided through SaaS platforms. However, data privacy concerns and downtime risks associated with cloud computing & storage impact their utilization. Market players are working on developing technologies that enable secure cross-border transfer of data while complying with regional laws and regulations. In addition, market players are building hybrid clouds and multi-clouds where organizations can leverage public and private clouds to optimize costs while maintaining control over sensitive data, opening opportunities for cloud service providers to offer tailored solutions.

Cloud Computing & Storage Market - Global Forecast 2024-2030
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Component: Rising adoption of cloud computing & storage solutions to ensure reliable IT operations

In the cloud computing & storage market, service providers offer a wide range of solutions to cater to the diverse needs of businesses. Integration and migration services are provided by expert professionals closely working with organizations to assess, plan, and execute the seamless transfer of data, applications, and processes from on-premises servers or other cloud providers to the chosen cloud environment. Managed services in cloud computing involve outsourcing various aspects of an organization's IT infrastructure to a third-party service provider specializing in managing these responsibilities. Support and maintenance is a crucial aspect of any cloud computing offering that ensures business continuity by addressing issues promptly and efficiently. The cloud computing & storage solutions segment primarily comprises products tailored to specific business needs, such as data storage management, disaster recovery services (DRS), content delivery networks (CDNs), and edge computing. Cloud-based data storage solutions enable businesses to store massive amounts of data securely and cost-effectively. DRS helps organizations recover critical IT systems and data after a disaster. CDNs accelerate the delivery of internet content by caching copies of it on strategically placed servers.

Type: High preference for file storage cloud to manage the increasing amount of data generated

Block storage is commonly used for applications that require high-performance, low-latency access to stored data. It is ideal for databases and virtualized environments, such as virtual machines (VMs) running on cloud infrastructure. File storage is useful for applications requiring shared access to files across multiple devices or users while preserving file metadata such as permissions and timestamps. Object storage is designed for storing unstructured data in the form of objects, each containing metadata and unique identifiers. This solution allows for easy scaling to accommodate large volumes of data with high durability and availability.

Organization Size: Emerging use of cloud computing by small & medium enterprises worldwide to ensure secure storage of data

Large enterprises generally require robust infrastructure, extensive customization options, high availability, and stringent security measures to manage vast data. These organizations have international operations with multiple interconnected data centers, which require advanced large-scale cloud computing. SMEs typically have limited budgets compared to larger corporations but require reliable cloud computing services that ensure cost-effective scalability without sacrificing performance or security. Additionally, SMEs are more focused on cost-effectiveness and ease of implementation as they have limited IT resources and budgets.

Deployment Model: Extensive shift to private cloud by industries to improve cloud computing reliability and safety

A private cloud is a cloud computing environment exclusively dedicated to a single organization that offers greater control, security, and customization. This deployment model is ideal for businesses with strict data security requirements or the need for specific application customization. The public cloud is a shared cloud computing environment provided by third-party service providers. It offers virtually unlimited scalability at a lower total cost of ownership due to its pay-as-you-go pricing model. Therefore, organizations can deploy applications, store data, and access computing resources on-demand without managing their infrastructure.

Vertical: Shift of the healthcare and BFSI industry to cloud computing due to its high scalability

Cloud computing & storage solutions are gaining traction in the BFSI and government sectors owing to their ability to improve operational efficiencies, reduce costs, and enhance security. The consumer goods and retail and manufacturing industries require robust cloud-based solutions for supply chain management, inventory tracking, demand forecasting, and customer engagement. Educational institutions are increasingly adopting cloud computing for e-learning platforms, content management systems (CMS), student information systems (SIS), and research purposes. Energy companies rely on cloud-based solutions for managing complex infrastructure networks spanning across power generation facilities to end-user distribution points. Healthcare organizations require cloud solutions that adhere to strict regulatory standards, such as The Health Insurance Portability and Accountability Act (HIPAA) in the U.S. or the General Data Protection Regulation (GDPR) in Europe. The media industry relies heavily on cloud-based platforms for content creation, distribution, and management due to their scalability and cost-effectiveness compared to traditional systems.

Workload: Extensive popularity of hypervisor & edge computing across end-user industries

Cloud computing and storage have drastically transformed application development and testing by offering improved scalability and cost-effectiveness. The demand for cloud-based business analytics tools has soared due to the exponential growth of big data. Collaboration and content management services have experienced a surge in the adoption of new and enhanced features that facilitate efficient remote work. Businesses are increasingly turning to cloud-based enterprise resource planning (ERP) systems such as SAP S/4HANA, Oracle ERP Cloud, and Microsoft Dynamics 365. These systems offer streamlined business processes and cost-effectiveness. Integration and orchestration services play a crucial role in connecting cloud services with on-premises systems, ensuring seamless operations and data flow. Additionally, storage, backup, and disaster recovery providers offer scalable solutions that seamlessly integrate with existing IT infrastructure. The cloud computing and storage landscape has revolutionized application development and testing by providing scalability, cost-effectiveness, and enhanced business analytics capabilities. The adoption of collaboration tools, cloud-based ERP systems, integration services, and scalable storage solutions has become increasingly prevalent, driving businesses toward greater efficiency and success.

Regional Insights

The Americas, particularly North America, have an advanced landscape in utilizing cloud computing services, driven by their shift to remote work capabilities and robust data management solutions. The region houses several major global players in the industry, which has significantly contributed to widespread adoption, and are investing heavily in expanding their local data centers to support the growing demand for cloud services. Asia is experiencing exponential growth in cloud computing usage as emerging economies seek scalable IT solutions to support their expanding businesses. China, Japan, and India play a significant role as they invest heavily in their domestic technology industry, build a strong focus on technology and innovation, and include initiatives expanding cloud computing usage. The APAC region is witnessing significant cloud computing adoption owing to the rapid digital transformation, increasing internet penetration, and a growing number of small and medium-sized enterprises (SMEs) leveraging technology-based services. Economic integration within the European Union has facilitated consistent growth in the demand for cloud computing services across the region. Europe has launched GAIA-X – a joint initiative aimed at establishing a federated European cloud infrastructure that adheres to EU values concerning data privacy and digital autonomy. The presence of major IT companies provides the potential for organizations in the EMEA to adopt cloud computing solutions seamlessly.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Cloud Computing & Storage Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Cloud Computing & Storage Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • Google Launches Three New Cloud Storage Options: Cloud Storage FUSE, Parallelstore, NetApp Volumes

    Google introduced three new cloud storage solutions in the field of cloud computing & storage, including Cloud Storage FUSE, Parallelstore, and NetApp Volumes, specifically designed for artificial intelligence applications. These additions to Google's cloud storage offerings demonstrate the company's commitment to providing diverse and advanced storage solutions for various industries and use cases. [Published On: 2023-08-29]

  • NetApp and Google Cloud Introduce Managed Storage Service to Revolutionize Enterprise Workloads in the Cloud

    NetApp extended its partnership with Google Cloud, offering customers storage performance and flexibility in both Windows and Linux environments. With the fully managed, first-party service of Google Cloud NetApp Volumes, customers can now utilize this solution for workloads like VMware and SAP migrations without the need for code refactoring or process redesign. This collaboration empowers customers by providing easy access to ONTAP storage and data management capabilities, ensuring the availability of enterprise-grade storage for critical workloads, and enabling seamless integration with increased efficiency for businesses seeking reliable and scalable solutions for their data storage needs. [Published On: 2023-08-24]

  • Digiboxx Launches New Cloud Storage Solution for Enterprises, Individuals

    DigiBoxx, India's SaaS-based digital storage and sharing platform, launched Megh3, a homegrown solution for digital backup. Megh3 is fully compatible with S3 storage and offers customers fast, simple, and flexible storage solutions at an affordable price point. This Indian-made solution emphasizes the importance of data security and accessibility, providing users with a reliable and efficient storage option for their digital content. [Published On: 2023-07-21]

Key Company Profiles

The report delves into recent significant developments in the Cloud Computing & Storage Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, Adobe Inc., Akamai Technologies, Inc., Alibaba Group Holding Limited, Amazon Web Services, Inc., Box, Inc., Capgemini Services SAS, Cisco Systems, Inc., Cloud Software Group, Inc., Cloudera, Inc., Cognizant Technology Solutions Corporation, Dell Inc., DigitalOcean Holdings, Inc., Dropbox, Inc., Epicor Software Corporation, Fujitsu Limited, Google Inc. by Alphabet Inc., Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Lumen Technologies, Microsoft Corporation, NetApp, Inc., Nutanix Group, OpenText Corporation, Oracle Corporation, Rackspace Technology’s, Salesforce, Inc., SAP SE, ServiceNow, Inc., Snowflake Inc., Tencent Cloud, VMware by Broadcom Inc., and Zoho Corporation.

Market Segmentation & Coverage

This research report categorizes the Cloud Computing & Storage Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Component
    • Services
      • Integration & Migration
      • Managed Services
      • Support & Maintenance
      • Training & Consulting
    • Solution
      • Cloud Storage Gateway
      • Collaboration & Productivity Suites
      • Customer Relationship Management
      • Data Archiving
      • Disaster Recovery Backup
      • Human Capital Management
      • Primary Storage
      • Supply Chain Management
  • Type
    • Block Storage
    • File Storage
    • Object Storage
  • Workload
    • Application Development & Testing
    • Business Analytics
    • Collaboration & Content Management
    • Database Management
    • Enterprise Resource Management
    • Hypervisor & Edge computing
    • Integration & Orchestration
    • Storage, Backup & Disaster Recovery
  • Organization Size
    • Large Enterprises
    • Small & Medium-Sized Enterprises
  • Deployment Model
    • Private Cloud
    • Public Cloud
  • Vertical
    • Banking, Financial Services, & Insurance
    • Consumer Goods & Retail
    • Education
    • Energy & Utilities
    • Government & Public Sector
    • Healthcare & Life Sciences
    • Manufacturing
    • Media & Entertainment
    • Telecommunications & IT

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

The report offers valuable insights on the following aspects:

  1. Market Penetration: It presents comprehensive information on the market provided by key players.
  2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
  3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
  4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
  5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

  1. What is the market size and forecast of the Cloud Computing & Storage Market?
  2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Cloud Computing & Storage Market?
  3. What are the technology trends and regulatory frameworks in the Cloud Computing & Storage Market?
  4. What is the market share of the leading vendors in the Cloud Computing & Storage Market?
  5. Which modes and strategic moves are suitable for entering the Cloud Computing & Storage Market?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Cloud Computing & Storage Market, by Component
  7. Cloud Computing & Storage Market, by Type
  8. Cloud Computing & Storage Market, by Workload
  9. Cloud Computing & Storage Market, by Organization Size
  10. Cloud Computing & Storage Market, by Deployment Model
  11. Cloud Computing & Storage Market, by Vertical
  12. Americas Cloud Computing & Storage Market
  13. Asia-Pacific Cloud Computing & Storage Market
  14. Europe, Middle East & Africa Cloud Computing & Storage Market
  15. Competitive Landscape
  16. Competitive Portfolio
  17. List of Figures [Total: 28]
  18. List of Tables [Total: 764]
  19. List of Companies Mentioned [Total: 33]
The Increasing Need for Cloud Computing Storage in the Age of Big Data and IoT
October 8, 2023
The Increasing Need for Cloud Computing Storage in the Age of Big Data and IoT
With the technological revolution of big data, IoT, and cloud computing, there is a tremendous need for large data storage spaces. The fast-paced digital world is producing vast amounts of data every day, and businesses are booming with that data. In this era, having access to the right tools and resources is critical to keeping up with the competition. In this blog, we will discuss how the use of cloud computing storage has become an essential solution to managing the high volume of data generated from IoT and big data.

Firstly, IoT has increasingly become widespread and is directly responsible for an evolution in cloud computing storage and services. More connected devices mean the need for more computing power, bandwidth and storage capacity. IoT devices generate massive datasets that need to be processed, stored, and analyzed, which could be efficiently done through cloud computing storage. Cloud computing storage offers unlimited storage capacity that can deal with the huge amount of data generated by IoT devices.

Secondly, big data is another driver for the adoption of cloud computing storage. Big data requires scalable and secure storage that can handle complex data analysis. Businesses are beginning to invest in cloud computing storage solutions to handle the enormous amounts of data they require to operate effectively. This allows for a faster and more efficient data processing system that can produce real-time results and insights. Cloud computing storage also reduces high maintenance costs associated with traditional on-premise data storage systems.

Furthermore, cloud computing storage provides an affordable solution to businesses that need large data storage spaces. On-premise data storage systems need constant maintenance, repairs, and regular upgrades, which could sometimes be expensive. With cost-effective cloud-based services, businesses can access unlimited storage capacity, save on infrastructure costs, and manage their IT budget effectively. Cloud computing storage also offers easy scaling solutions that could accommodate additional storage requirements as businesses grow.

Consequently, organizations can focus on their core business processes and delegate data storage, backup, and restore to cloud computing storage services. This frees up additional resources and allows businesses to concentrate on their strengths while making sure their data is always secure, synced, and accessible. Cloud computing storage also provides businesses with robust security measures like encryption, access controls, and firewalls that are continuously updated to tackle emerging threats.

The rise of big data, IoT, and cloud computing is transforming the current digital landscape, and cloud computing storage is becoming an increasingly critical aspect of data management. Companies are starting to switch to cloud-based storage systems to enable faster data processing, cost-effectiveness, and scalability. By offering secure, affordable, scalable, and flexible data storage solutions, cloud computing storage is playing an essential role in assisting businesses of all sizes to manage and analyze the vast amount of data being generated. Choosing cloud-enabled storage for big data and IoT-infused industries is an essential decision to maintain competitiveness and increase their chances of success.

Frequently Asked Questions
  1. How big is the Cloud Computing & Storage Market?
    Ans. The Global Cloud Computing & Storage Market size was estimated at USD 821.30 billion in 2023 and expected to reach USD 929.14 billion in 2024.
  2. What is the Cloud Computing & Storage Market growth?
    Ans. The Global Cloud Computing & Storage Market to grow USD 1,971.18 billion by 2030, at a CAGR of 13.32%
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