Consumer Cloud Storage Services Market Size & Share, by Storage (50 GB - 999 GB, 1 TB - 9.99 TB, >= 10 TB); User Age (< 18 Years, 18-40 Years, >40 Years) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3863
  • Published Date: Aug 04, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Consumer Cloud Storage Services Market size is set to reach USD 1637 Billion by the end of 2035, witnessing around 25% CAGR during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of consumer cloud storage services was around USD 90 Billion. A growing demand for consumer cloud storage services for data storage, combined with advancements in mobile communication technologies, is propelling the consumer cloud storage services industry forward.

The continuous expansion of internet connectivity around the world, as well as various technological breakthroughs like 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI), have considerably enhanced economic growth during the previous two decades. As of April 2021, more than 4.5 billion people were continuously utilizing the internet worldwide. 

Furthermore, the rise of the ICT sector has considerably contributed to GDP growth, labor productivity, and expenditure on research and development, among other economic shifts in various countries around the world.


Consumer Cloud Storage Services Market
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Consumer Cloud Storage Services Market: Key Insights

Base Year

2022

Forecast Year

2023 – 2035

CAGR

~25%

Base Year Market Size

~USD 90 billion

Forecast Year Market Size

~USD 1637 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Consumer Cloud Storage Services Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Increasing Number of Mobile Devices- The rising prevalence of mobile devices has resulted in a considerable increase in demand for consumer cloud storage services. Consumers produce a large amount of data, including digital material, as tablets and cell phones become more popular. This has led to the demand for efficient yet safe methods of storing and accessing this data.
  • Rising Penetration of Internet Across the Globe- The volume of digital data created keeps on rising as more individuals gain usage of the Internet. This has resulted in a demand for easy and secure methods of storing and accessing data, as cloud storage services can offer.

Furthermore, the rise of online shopping, social networking, and online payment gateway has increased the popularity of cloud storage services. Oracle Corporation released new Cloud Lift Services in March 2021 to aid customers with a quick transition. The brand-new system eradicates considerable barriers and offers single points of entry, rapid responses, and other benefits. This advancement is assisting in growing consumer growth thanks to the support of Google Cloud.

  • Expanding Consumer Cloud Storage Service Requirement for Virtual File Storage- As people adopt digital lives, they require greater storage capacity to keep their images, movies, and other digital content. Furthermore, the increasing prevalence of mobile phones, networking websites, as well as digital shopping has resulted in an increase in market demand for cloud storage services.

Challenges

  • Data Privacy Concerns Associated with Cloud Storage: As a result of the increased emphasis on the confidentiality and safety of information, certain companies are hesitant to utilize cloud storage because they are concerned about the protection of their essential data.
  • High Dependence on Network
  •  Multi-Cloud Environments


Consumer Cloud Storage Services Segmentation

Storage (50 GB - 999 GB, 1 TB - 9.99 TB,>= 10 TB)

The 50 GB - 999 GB segment in the consumer cloud storage services market is anticipated to generate the highest revenue share over the forecast period. With this type of storage capacity, customers can save a large number of digital stuff, such as images, movies, documentation, and music, without running out of capacity. Furthermore, this section includes capabilities like file syncing, backup, and sharing, resulting in an accessible and beneficial alternative for customers.

User Age (< 18 Years, 18-40 Years, >40 Years)

The 18-40 Years segment is predicted to hold 44% share of the global consumer cloud storage services market by 2035. This generation is quite technologically savvy and has grown up with digital gadgets, therefore they are more inclined to utilize cloud storage services to maintain and retrieve their digital stuff.

Furthermore, this age group is more likely to generate significant amounts of digital content, such as images, films, and music, which they will want to keep and access from any location with a broadband connection.

Our in-depth analysis of the global market includes the following segments:

 

 

         Storage

 

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

           User Age

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

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Consumer Cloud Storage Services Industry - Regional Synopsis

APAC Market Forecast

The consumer cloud storage services market in Asia Pacific is estimated to witness noteworthy growth of over 36% during the forecast period on the back of the increasing adoption of cloud-driven technologies in India and China. In addition, the rising penetration of social media, coupled with surging digitization trends is 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. 

The region's huge and fast rising population, constantly evolving technological facilities, and expanding middle class make it an appealing market for consumer cloud storage services suppliers. In addition, the region is host to a high number of growing technology firms that are pushing breakthroughs and making investments in consumer cloud storage services.

North American Market Statistics

The consumer cloud storage services market in North America is projected to grab the largest share during the forecast period owing to the generation of huge cloud traffic, and the significant adoption rate of e-commerce, digital signatures, and other digital services in the region. The region's substantially established technological landscape, sophisticated corporate culture, and a big pool of skilled technicians make it a suitable marketplace for cloud storage companies. Amazon Web Services and Microsoft, for instance, have built up an established footing in the region, providing a variety of cloud storage options to match the demands of firms of all kinds.

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Consumer Cloud Storage Services Market Size
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Companies Dominating the Consumer Cloud Storage Services

top-features-companies
    • 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

In-the-news

In The News

  •  AT&T declared a partnership with Microsoft Corporation 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.
  • 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.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 3863
  • Published Date: Aug 04, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving market growth are increasing number of mobile devices, and rising penetration of internet across the globe.

The market is anticipated to attain a CAGR of 25% over the forecast period, i.e., 2023-2033.

Asia Pacific will provide more business opportunities for market growth owing to the increasing adoption of cloud-driven technologies in India and China.

The major players in the market are Microsoft Corporation, Dell Technologies, Inc., Amazon Web Services, Inc., Fujitsu Ltd, Inc., Hewlett Packard Enterprise Development LP, and others.

The 18-40 years segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
Consumer Cloud Storage Services Market Report Scope
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