Consumer Cloud Storage Services Market size was over USD 16.5 Billion in 2023 and is likely to cross USD 117.5 Billion by the end of 2036, witnessing more than 18.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of consumer cloud storage services is estimated at USD 18.61 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.
Growth Drivers
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.
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
18.1% |
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Base Year Market Size |
USD 16.5 Billion |
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Forecast Year Market Size |
USD 117.5 Billion |
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Regional Scope |
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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 2036. 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:
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Storage
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User Age |
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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.
Author Credits: Abhishek Verma
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