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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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Report ID: 3863 | Published On: Feb 06, 2023
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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


Consumer Cloud Storage Services Market Graph
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Major Macro-Economic Indicators Impacting the Market Growth
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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.


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


Research and Development Expenditure Graph
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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

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 Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the consumer cloud storage services market?

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

2) What would be the CAGR of consumer cloud storage services market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~25% over the forecast period, i.e., 2022-2031.

3) What are the challenges affecting the consumer cloud storage services market growth?

Ans: Data privacy concerns associated with cloud storage are estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of consumer cloud storage services market in future?

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

5) Who are the major players dominating the consumer cloud storage services market?

Ans: 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.

6) How are the company profiles selected?

Ans: 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.

7) What are the segments in the consumer cloud storage services market?

Ans: The market is segmented by storage, user age, and by region.

8) Which segment captures the largest market size in the user age segment in the consumer cloud storage services market?

Ans: 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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