Consumer Cloud Storage Services Market Trends
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 Market: Key Insights
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.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
18.1% |
|
Base Year Market Size (2024) |
USD 19.49 billion |
|
Forecast Year Market Size (2037) |
USD 169.46 billion |
|
Regional Scope |
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