Consumer Cloud Storage Services Market

Consumer Cloud Storage Services Market Outlook (2024 to 2034)

Worldwide revenue from the consumer cloud storage services market is estimated at US$ 15.89 billion in 2024 and has been projected to increase at a high-value CAGR of 17.9% to climb to US$ 82.68 billion by the end of 2034.

Online systems, known as 'consumer cloud storage services', allow people to store and retrieve digital information, including documents, images, videos, and music, on distant servers that are managed by a service provider. Usually, these services give out a limited amount of storage space for free, and a user can pay extra for more. Consumers can use PCs, tablets, and smartphones to upload files to the service, and they can view their files from any internet-connected device.

There is a growing demand for cloud storage services that can easily interact with other platforms and tools as more companies switch to cloud-based systems. Services for consumer cloud storage that can successfully interface with other programs and services will provide a competitive edge in the market, leading to an ever-growing consumer cloud storage services market size in the years ahead.

Report Attribute	Detail
Consumer Cloud Storage Services Market Size (2024E)	US$ 15.89 Billion
Forecasted Market Value (2034F)	US$ 82.68 Billion
Global Market Growth Rate (2024 to 2034)	17.9% CAGR
United States Market Growth Rate (2024 to 2034)	18.4% CAGR
China Market Growth Rate (2024 to 2034)	18.3% CAGR
North America Market Share (2024E)	37.5%
East Asia Market Growth Rate (2024 to 2034)	18.2% CAGR
Key Companies Profiled	Dell Technologies, Inc.; Fujitsu Ltd, Inc.; Hewlett Packard Enterprise Development LP; IBM Corporation; Rackspace, Inc.; VMWare, Inc.; Apple Inc.; Google (Alphabet Inc.); Box, Inc.; Dropbox Inc.; Amazon Web Services (AWS); Microsoft Corporation; Sync.com Inc.; Hubic (OVH); Mediafire; pCloud AG.

What is Accelerating Market Growth for Consumer Cloud Storage Services?

“Consumer Data Increasing Rapidly with Digital Lifestyle”

The amount of digital data being created is increasing swiftly as more individuals get connected online. This has made it necessary to have easy access to and storage of this data, which cloud storage services may offer. Furthermore, the need for cloud storage services has been further fueled by the expansion of social media, e-Commerce, and digital payments. These services are used by many people to save and share digital purchases, images, and other types of material.

All things considered, the increasing global internet penetration rate is anticipated to keep propelling the expansion of the consumer cloud storage market. The volume of digital data created will rise in tandem with the number of individuals who have access to the Internet, necessitating the need for trustworthy and secure cloud storage services.

• Oracle Corporation unveiled new Cloud Lift Services in March 2021 to help clients migrate quickly. Significant barriers are removed by the new platform, which also offers single contact points, fast speed, and other features. With support from Google Cloud, this development is contributing to a rise in the number of customers.

“Increasing Number of Mobile Devices Coupled with Growing Consumer Requirement for Virtual Storage”

People who live digital lifestyles need more storage space to save their photos, videos, and other digital stuff. In addition, there is a growing market need for cloud storage services due to the growing use of mobile phones, networking websites, and online shopping. People who live digital lifestyles need more storage space to save their photos, videos, and other digital stuff. In addition, there is a growing market need for cloud storage services due to the growing use of mobile phones, networking websites, and online shopping.

The need for consumer cloud storage services has increased significantly as a result of the growing use of mobile devices. As tablets and cell phones gain popularity, consumers generate a lot of data, including digital content. This has raised the need for effective and secure ways to store and retrieve this data.

What is Affecting Global Revenue Increase to Some Extent?

“Growing Metadata and Threat of Ransomware Pressuring Manufacturers”

Metadata is crucial to the cloud storage industry, according to experts in the field. In the current world, the amount of metadata is increasing at a shocking and unprecedented rate. Its issues will only get worse since unstructured data will inevitably grow. Many companies are still aware that having more information than data compromises scalability and speed. It also impacts database sharing and introduces new, time- and money-consuming issues. IT organizations are now compelled to closely monitor their software stack due to the metadata problem. As a result, they can guarantee that it meets the needs of contemporary, next-generation applications.

Malware that penetrates the company's cloud storage might be a danger to the enterprise. An attack using ransomware might make it impossible for the firm to access vital data, which could result in the end of all commercial operations. However, cloud storage providers are aware of this issue and are proactively defending against ransomware. Many cloud storage providers have developed integrated malware detection systems that check uploaded data for viruses after the customer uploads it. Anything that the scanning services deem dubious can be immediately quarantined, this threats are significantly affecting overall consumer cloud storage services market growth.

Country-wise Analysis

As the technology grows the market is foreseen to be profitable around the world, with major countries contributing are, the United States, China, Canada, and South Korea. Among all these, the United States market is estimated to hold a strong consumer cloud storage services market share.

What Factors are Working in Favor of Service Providers in the United States?

“High Number of People Using Mobile Devices for Work Life and Personal Life”

Attribute	United States
Market Value (2024E)	US$ 4.12 Billion
Growth Rate (2024 to 2034)	18.4% CAGR
Projected Value (2034F)	US$ 22.38 Billion

There are increasing number of mobile devices in the country which is leading to a significant factor boosting the market for consumer cloud storage services. With the growing technology, consumers are generating a large amount of data such as digital content and other formats, leading to a huge requirement for convenient and protective ways to store and access the data generated every day.

To tackle this issue cloud storage services offer a variety of solutions for this need, as they allow users to store data on remote servers and access it from anywhere anytime. Added to this they also offer features such as automatic backup, file syncing, and collaborations which further make such services popular in already advanced and developed countries like the United States.

How are Cloud Storage Service Providers Making Huge Profits in China?

“Institutions Demanding Huge Data Storage Services to Promote Their Business Activities”

Attribute	China
Market Value (2024E)	US$ 2.76 Billion
Growth Rate (2024 to 2034)	18.3% CAGR
Projected Value (2034F)	US$ 14.76 Billion

China has a business mentality where the government and people both are trying to dominate this world with their business tactics, now in this digital world, they require information from customers to understand the buying patterns and then analyze what to sell. Thus this has resulted in a massive amount of data with the business institutions thus leading to growing requirements for these cloud storage services.

Apart from this people are also choosing to live a digital lifestyle by making digital devices a part of their lives, all of this also amounts to huge potential sales for suppliers across the country.

Category-wise Insights

The market is segmented into various categories based on how suppliers are giving these services, a few of the major one includes the storage tire and user age. Every age user has different requirements for storage, a teenager uses an immense amount of storage due to their employment in college or school and also fun activities such as gaming.

Which Storage Tire is Most Widely Used for Storage Purposes?

“50GB to 999GB usage Higher Compared to Other Storage Ranges”

Attribute	50 GB to 999 GB
Segment Value (2024E)	US$ 7.77 Billion
Growth Rate (2024 to 2034)	18.6% CAGR
Projected Value (2034F)	US$ 43.07 Billion

The storage tier that is most widely being used by end users for storage purposes is the 50GB to 999GB range. This tier is majorly favored compared to other storage options, likely due to its balance of capacity and affordability, making it suitable for personal and small business use. This has now become a new consumer cloud storage services market trend.

This range of capacity is enough for an average individual as the other capacities are majorly used by commercial and business institutions.

Which Age Group Accounts for More Customers of Cloud Storage Services?

“Less Than 18 Years Bringing More Sales for Service Providers”

Attribute	< 18 Years
Segment Value (2024E)	US$ 6.55 Billion
Growth Rate (2024 to 2034)	18.3% CAGR
Projected Value (2034F)	US$ 32.82 Billion

In the cloud storage services market, users who are less than 18 years old are amounting to more customers. This demographic segment is driving more sales for the suppliers, indicating a growing trend of younger individuals adopting cloud storage solutions for their storage needs. This could be attributed to the increasing digital native population who are early adopters of technology and are relying on cloud storage for various purposes.

Business Rivalry

Key players in the consumer cloud storage services market are focusing on introducing new products, including public cloud management and personal cloud.

• In May 2021, Hewlett Packard Enterprise launched the extension of its HPE storage into cloud-native software-defined data services.
• Ford Motor Company collaborated with Go Customer Experience for digitization with autonomous and driverless vehicles, in February 2021.
• In June 2022, Reliance Industries partnered with DigiBoxx to meet rising cloud consolidation needs and developed cloud storage solutions.
• In March 2023IBM penned an agreement with Wasabi to allow businesses to pursue data innovation in a hybrid cloud environment.

Fact.MR provides detailed information about the price points of key providers of consumer cloud storage services positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new market report.

Segmentation of Consumer Cloud Storage Services Market Research

• By Storage Tier :

  • 50 GB to 999 GB
  • 1 TB to 9.99 TB
  • 10 TB and Above

• By User Age :

  • <18 Years
  • 18 to 40 Years
  • >40 Years

• By Deployment Model :

  • Public Cloud
  • Private Cloud
  • Hybrid Cloud

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa