According to a recent market report published by The Business Research Company, the cloud storage market is expected to reach $196.64 billion in 2026 at a compound annual growth rate (CAGR) of 23.0%. The market size grew from $69.8 billion in 2021 to $85.9 billion in 2022 at a CAGR of 23.1%, despite the ongoing Russia-Ukraine war that has affected many markets around the world.
The study expects exponential growth in data volumes to drive the growth of the cloud storage market for the near future. As more companies, organizations, and enterprises turn to digital technologies and an increasing importance on data, expect those businesses to lean on cloud storage. The automotive industry, for example, has put a huge focus on software development and delivering data-driven driving experiences, and have turn to the cloud in order to store and process all that data.
According to a report release by the World Economic Forum in April 2019, it is predicted that 463 exabytes of data will be generated globally each day by 2025. That’s the equivalent of 212.77-million DVDs per day.
The largest cloud storage providers in North America include Amazon Web Services (AWS), Google Cloud, and Microsoft Azure. Expect them to continue increasing their capabilities to protect enterprise data, meet organizations’ workloads, and reduce costs as more and more companies turn to the cloud for their storage needs.
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Source: The Business Research Company