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Cloud storage market projected to expand by $123.84 billion (2023-2028) due to rising data creation, boosting market growth – Technavio.

Analyzing the expected expansion, with a focus on a substantial USD 123.84 billion increase from 2023 to 2028.

(PRUnderground) December 6th, 2023

The Cloud Storage Services Market is anticipated to witness substantial growth, reaching USD 123.84 billion by 2028, with a projected CAGR of 19.56% from 2023 to 2028. The surge in data generated from diverse sources, including IoT devices and social media, serves as a pivotal factor propelling the expansion of cloud storage services. This growth is attributed to the continuous generation of data stemming from interconnected devices and heightened digital operations.

Cloud storage emerges as a scalable and cost-efficient solution for managing the escalating data volumes, delivering flexibility and accessibility to both businesses and consumers. The report presents a current market analysis, highlighting prevailing trends, drivers, and the overall market environment. Access the report for a comprehensive understanding of the Cloud Storage Services Market.

Cloud Storage Services Market 2024-2028: Segmentation • Component o Solutions o Services • End-user o Large Enterprises o SMEs • Geography o North America o APAC o Europe o South America o Middle East And Africa

Anticipated to undergo noteworthy expansion, the solutions segment is fueled by its capability to address individual customer needs and deliver added value. Notably, services within this segment, such as data security, file synchronization and sharing, disaster recovery, and data backup and recovery, present diverse offerings.

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Cloud Storage Services Market 2024-2028: Company Analysis and Scope Key players in the cloud storage services market industry, including Alibaba Group Holding Ltd., Alphabet Inc., Inc., and others, contribute significantly to market dynamics. Technavio’s report analyzes approximately 25 companies to provide businesses with insights to enhance their market position.

The report covers: • Cloud Storage Services Market size • Cloud Storage Services Market trends • Cloud Storage Services Market industry analysis

Market trends, such as the increased adoption of cloud storage services by SMEs, are expected to drive market growth. However, challenges such as vendor lock-in issues may pose threats to market expansion.

Cloud Storage Services Market 2024 – 2028: Market dynamics Prominent trends influencing the market include: • Rising adoption of cloud storage services by SMEs, reducing overall CAPEX and offering scalable IT resources. • SMEs opting for cloud solutions due to limited IT resources, benefiting from on-demand access to storage and servers. • Cloud storage services meeting SMEs’ needs for cross-platform solutions, facilitating app development and flexible scalability, fostering market expansion.

Download the sample report now for insights into Cloud Storage Services Market challenges.

Cloud Storage Services Market 2024-2028: Key Highlights • CAGR of the market during the forecast period 2024-2028 • Detailed information on factors fostering cloud storage services market growth in the next five years • Estimation of the cloud storage services market size and its contribution to the parent market • Predictions on upcoming trends and changes in consumer behavior • Analysis of the market’s competitive landscape and detailed information on vendors • Comprehensive details of factors challenging the growth of cloud storage services market vendors

Download now to uncover successful business strategies deployed by companies in the cloud storage services market – Download Latest Free Sample Report in Minutes

Related Reports:
Cloud Discovery Market: The cloud discovery market share is expected to increase by USD 1.27 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 16.26%.

Hybrid Cloud Market: The hybrid cloud market size is estimated to grow at a CAGR of 19.48% between 2022 and 2027. The market size is forecast to increase by USD 127 billion.


  1. Executive Summary
  2. Market Landscape
  3. Market Sizing
  4. Historic Market Size
  5. Five Forces Analysis
  6. Market Segmentation by Component
  7. Market Segmentation by End-User
  8. Customer Landscape
  9. Geographic Landscape
  10. Drivers, Challenges, and Trends
  11. Company Landscape
  12. Company Analysis
  13. Appendix

About Technavio Research

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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