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Consumer Cloud Storage Services Market Segmentation by Storage (50 GB - 999 GB, 1 TB - 9.99 TB, and >= 10 TB); and by User Age (< 18 Years, 18-40 Years, and >40 Years) – Global Demand Analysis & Opportunity Outlook 2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • July 2021- AT&T declared a partnership with Microsoft to integrate its 5G wireless network with Microsoft’s cloud computing platform. This new collaboration allows software and data centers to route network traffic rather than telecommunications specific gear.

  • March 2020- Rackspace, Inc. announced that it has allocated heavy investments across Europe and the Middle East & Africa (EMEA) for focusing on market growth and maturity of cloud technologies in the region.

Global Consumer Cloud Storage Services Market Highlights Over 2022 - 2031

The global consumer cloud storage services market is estimated to garner a substantial revenue by growing at a CAGR of ~25% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing number of mobile devices, and rising penetration of internet across the globe. It is calculated that by the end of 2023, the total number of smartphones users will reach a value of approximately 7 billion, up from about 6.1 billion people in the year 2020. Along with these, growing deployment of 5G networks, especially in developed and developing nations, coupled with the emergence of next generation cloud technologies worldwide are also expected to drive market growth in the forthcoming years. Furthermore, escalating demand for technologically advanced storage solutions among consumers, and surge in adoption of analytics and social media are projected to offer ample growth opportunities to the market in the near future.

Consumer Cloud Storage Services Market Graph

The market is segmented by user age into < 18 years, 18-40 years, and >40 years, out of which, the 18-40 years segment is anticipated to hold the largest share in the global consumer cloud storage services market. This can be accounted to the high internet usage among young adults and millennials around the world, which in turn results in massive volumes of data created every day. Apart from this, growing awareness levels about benefits of consumer cloud storage services among people aged 18-40 years is also assessed to boost the market segment growth in the future. Additionally, on the basis of storage, the 1 TB – 9.99 TB segment is predicted to grab the largest share during the forecast period, which can be credited to the increasing generation of user data, especially in various developing countries, which is evaluated to raise the demand for large storage capacity to store information. CLICK TO DOWNLOAD SAMPLE REPORT 

Major Macro-Economic Indicators Impacting the Market Growth

Research and Development Expenditure Graph

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Global Consumer Cloud Storage Services Market Regional Synopsis

Regionally, the global consumer cloud storage services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing adoption of cloud-driven technologies in India and China. In addition, rising penetration of social media, coupled with surging digitization trends are expected to accelerate the market growth in the region in the coming years. As of December 2021, China had the highest number of social media users in the Asia Pacific region, accounting for about 1 billion users, followed by India with a total of more than 250 million social media users. Moreover, the market in North America is projected to grab the largest share during the forecast period owing to the generation of huge cloud traffic, and significant adoption rate of e-commerce, digital signatures and other digital services in the region.

Consumer Cloud Storage Market Share Image

The global consumer cloud storage services market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global consumer cloud storage services market includes the following segments:

By Storage

  • 50 GB - 999 GB
  • 1 TB - 9.99 TB
  • >= 10 TB

By User Age

  • < 18 Years
  • 18-40 Years
  • >40 Years

Growth Drivers

  • Increasing Number of Mobile Devices
  • Rising Penetration of Internet Across the Globe

Challenges

  • Data Privacy Concerns Associated with Cloud Storage

Top Featured Companies Dominating the Market

  • Microsoft Corporation
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • Dell Technologies, Inc.
  • Amazon Web Services, Inc.
  • Fujitsu Ltd, Inc.
  • Hewlett Packard Enterprise Development LP
  • IBM Corporation
  • Rackspace, Inc.
  • VMWare, Inc.
  • pCloud AG
  • Google LLC

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