The newest evaluation from Omdia has discovered that the worldwide cloud storage providers market generated $57 billion in 2023. Amazon Net Companies (AWS) led the market with a commanding 30% share of the storage providers income, adopted by Microsoft and Google.
Amongst Chinese language Tier 1 distributors, Alibaba dominated with a 6% world income share, carefully adopted by China Telecom, which has been aggressively increasing its presence within the Chinese language providers market over the previous few years.
The evaluation varieties a part of Omdia’s extremely anticipated 2024 Storage Data Services Report, providing an in-depth breakdown of the cloud information storage providers market. This complete report tracks cloud information storage providers throughout three core classes: object, networked block, and file storage.
Omdia forecasts strong development for the worldwide cloud information storage providers market, projecting it to achieve $128 billion by 2028, with a CAGR of 17% over the subsequent 5 years.
Key components driving this market growth embody the rise of distant work, ongoing digital transformation efforts, the proliferation of IoT gadgets, advances in information analytics, and the rising want for scalable and cost-effective cloud options.
Digital Evolution
In 2023, the entire storage capability bought in cloud storage providers amounted to a staggering 2,100 Exabytes. Amazon led by way of world storage capability consumed, accounting for roughly 38% of the market. Object storage, also known as cloud storage, dominated the providers capability bought, making up 70% of the entire storage providers capability.
Commenting on the brand new report, Dennis Hahn, Omdia principal analyst stated: “File storage is poised to be the fastest-growing section, with an anticipated CAGR of 21% by means of 2028. This development is essentially attributed to the rising use of file storage as high-performance storage in AI workloads.”
He added: “Regardless of object storage main in capability, storage providers revenues are extra evenly distributed amongst object, block, and file storage. This is because of increased per-capacity service prices for block and file storage from most distributors.”
The findings of Omdia’s 2024 Storage Knowledge Companies Report underscore a quickly evolving market panorama, characterised by important development alternatives and shifts in storage expertise preferences. As companies maneuver by means of the intricacies of digital evolution and dealing with information, there is a rising want for adaptable, top-notch cloud storage options.”
