Accelerating Need for Efficient Data Storage is driving the Consumer Cloud Storage Services Market

The consumer cloud storage services market is anticipated to grow at a considerable CAGR of 18.8% during the forecast period (2025-2031). The market growth is driven by the increasing number of smartphones, and rising penetration of the internet across the globe. Additionally, the growing deployment of 5G networks and the emergence of next-generation cloud technologies are contributing to the market growth during the forecast period. The global consumer cloud storage services market is segmented by storage (50GB - 999GB, 1TB - 9.99TB, and More than 10 TB), by application (large enterprises, and Small and Medium Enterprises (SMEs)), and by geography (North America, Europe, Asia-Pacific, and the Rest of the World).

Market Dynamics

• The more than 10 TB sub-segment is anticipated to grow at a considerable CAGR over the forecast period, owing to the rising need for data storage attributed to the increasing usage of social media platforms such as Twitter, Facebook, and LinkedIn. The new product development and launches by key players are additionally contributing the segmental growth.

• North America holds a prominent share in the consumer cloud storage services market. It is attributed to the increasing adoption of the by consumers in the region. The growing requirement for cheaper data storage options is another major factor supporting the regional market growth.   

The major companies serving the global consumer cloud storage services market include Amazon AWS, Google, Microsoft Corp., Huawei,  Nutanix Inc., Servicenow Inc., Tencent Cloud, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, contributing significantly to the market growth. 

Recent Developments 

• In November 2024, the Reserve Bank of India announced it would launch a cloud services pilot program in 2025. The cloud platform will use local IT firms, to develop competence against giants including Amazon Web Services, Microsoft Azure, Google Cloud, and IBM Cloud.

• In June 2024, Nasuni announced the major repositioning of its entire brand identity, attributed to the overall growth of the business and its continuous product innovation and versatility.

• In September 2023, DigiBoxx launched a new digital backup solution called Megh3. It is compatible with S3 storage and is priced at Rs 1,299 per terabyte, per month, and is powered by Hitachi through Hitachi Systems in India. 

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