Consumer Cloud Storage Services Market Size

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.