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.
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
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.
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.
The global consumer cloud storage services market is further classified on the basis of region as follows:
Our in-depth analysis of the global consumer cloud storage services market includes the following segments:
FREQUENTLY ASKED QUESTIONS
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., 2022-2031.
Data privacy concerns associated with cloud storage are estimated to hamper the market growth.
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 company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by storage, user age, and by region.
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.
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