Consumer Cloud Storage Services Market: Segmented: By Storage Tier (50 GB-999 GB, 1 TB - 9.99 TB, >= 10 TB), By User Age (<18 Years, 18-40 Years, >40 Years), By Application (Adult, Teenagers), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2031
[ 170 + Pages Research Report ] Consumer Cloud Storage Services Market to surpass USD 316.3 billion by 2031 from USD 41.57 billion in 2021 at a CAGR of 22.5% in the coming years, i.e., 2021-31.
Consumer Cloud storage service is a service model wherein data is stored on remote storage and can be accessed through the internet. It allows users to store, download, edit and share their media like photos, videos, etc. or documents, as and when required. Consumers can access their data on devices like laptops, computers, smartphones, and tablets. A fixed price is charged for the service provided by the cloud storage providers.
The Consumer Cloud Storage Services market is expected to project a notable CAGR of 22.5% in 2031.
Advancements in next-generation communication and cloud storage technologies will drive the market of Consumer Cloud Storage Services. Moreover, noteworthy deployment of smartphones and rising internet accessibility initiatives in developing nations will further boost the market growth during the forecast period.
50-999GB segment to grow with the highest CAGR during 2021-31
Consumer Cloud Storage Services market is classified on the basis of Storage Tier into 50 GB-999 GB, 1 TB - 9.99 TB, and >= 10 TB. During the forecast period, the 50-999 GB segment is expected to grow with the highest CAGR. Rapid generation of user data after the advent of social media platforms like Facebook, YouTube, Instagram, etc. has induced the demand for cloud storage among consumers. Ease of accessibility and affordable price range are also the key factors driving the growth of this segment.
18-40 years segment to grow with the highest CAGR during 2021-31
Consumer Cloud Storage Services market is fragmented on the basis of user age into <18 Years, 18-40 Years, and >40 Years. During the forecast period, the 18-40 years segment is projected to grow with the highest CAGR. 18-40 years segment has the highest number of consumers who are actively using internet services and thus are rapidly generating data. Also, rising awareness and purchasing power in this segment is further boosting the demand for cloud storage services among consumers.
Growing Data generation across organizations
In this modern era, as organizations are facing data management issues, cloud storage plays a vital role in fixing these issues. With cloud storage, data can be stored with reduced risk of system failure on an external device where it is stored and backed-up easily. Also, as the businesses expand and the data storage needs increase, they can upgrade the data storage space as and when required. Cloud storage services make it easier for companies to access the data as there can be multiple users in a company, thus further increasing the market growth of consumer cloud storage services.
Adoption of internet services and the rising number of smartphone users
With the onset of digitalization around the world and everything going online, the data generated has increased immensely. As everyone uses internet services and the cloud storage services can be availed only through internet, it is thus driving the market growth. The continuous engagement in social media platforms where data like videos, documents, photos etc. are widely shared and downloaded, the need for storing data becomes evident. Also, the availability of smartphones at cheap rates and with efficient features has raised the smartphone users globally which in-turn has increased the demand for cloud storage services.
Security concerns and rising cloud storage costs
Data has become of immense importance in this digitalized world and therefore, data breaching and security threats of storing data on an external device has been a major concern. Even though some service providers promise security and privacy of data, they usually charge a high amount for availing the services. Further, as the demand for cloud storage is increasing, the fact that data is to be stored and should be accessible for lifetime is inducing the costs of cloud storage services. Lastly, data can accessed only through internet in cloud storage is a major factor restraining the growth of consumer cloud storage services market.
Consumer Cloud Storage Services market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America is anticipated to grow with the significant growth during the forecast period. North America's position in the Consumer Cloud Storage Services market is attributed to advancements in next generation communication and cloud technologies. There has been an exponential rise in smartphone users and end-users industries who need cloud storage to increase their efficiency. On the other hand, the APAC region is also expected to grow owing to factors such as rising smartphone users and internet accessibility are propelling the Asian market forward.
Covid-19 pandemic caused major disruptions in businesses around the world and caused huge panic among citizens after its outbreak. With imposition of lockdowns globally, many employees were forced to work from home which made organizations to opt for cloud environment to solve the issue of daily data access, sharing and work collaboration for everyone. Also, with the increase in average number of internet users during Covid-19 also fueled the growth of the consumer cloud storage services market.
Consumer Cloud Storage Services is further segmented by region into:
Consumer Cloud Storage Services Segments:
|Market size value in 2021
|USD 41.57 billion
|Revenue forecast in 2031
|USD 316.3 billion
|CAGR of 22.5% from 2021 to 2031
|Base year for estimation
|Revenue in USD million and CAGR from 2021 to 2031
|Revenue in USD million and CAGR from 2021 to 2031
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Storage Tier, User Age, Application, and Region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|IBM Corporation, Oracle Corporation, Microsoft Corporation, Google (Alphabet Inc.), Apple Inc., Dropbox Inc., Sync.com Inc., Amazon .com Inc., pCloud AG, Hubic (OVH) Mediafire, and Other Prominent Players.
The Consumer Cloud Storage Service market size was estimated at USD 41.57 billion in 2021 and is expected to reach USD 316.3 billion in 2031.
Consumer Cloud storage service is a service model wherein data is stored on remote storage and can be accessed through the internet. It allows users to store, download, edit and share their media like photos, videos, etc. or documents, as and when required.
18-40 years and 50-999GB segment accounted for the largest Consumer Cloud Storage Services market share.
Key players in the Consumer Cloud Storage Services market include IBM Corporation, Oracle Corporation, Microsoft Corporation, Google (Alphabet Inc.), Apple Inc., Dropbox Inc., Sync.com Inc., Amazon .com Inc., pCloud AG, Hubic (OVH) Mediafire, and Other Prominent Players.
Growing data generation across organizations and adoption of internet services and rising smartphone users are the factors driving the Consumer Cloud Storage Services market.
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