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Consumer Cloud Storage Services Market

Global Market Study on Consumer Cloud Storage Services: 18-40 Years User Age Segment Expected to Remain Dominant Through 2033

Consumer Cloud Storage Services Market by Storage Tier (50 GB-999 GB, 1 TB - 9.99 TB and >= 10 TB)

Consumer Cloud Storage Services Market Outlook (2023 to 2033)

As of 2022, demand for the Consumer Cloud Storage Services Market is estimated at US$ 13,988.7 Million and is forecasted to sales of US$ 80,797.6 Million by the end of 2033. The market is estimated to be US$ 16,198.9 Million by 2023 and the market is anticipated to progress at a CAGR of 17.4% during the forecast period 2023 to 2033.

Consumer cloud storage services are online platforms that offer individuals and households the ability to store and access their digital files, such as documents, photos, videos, and music, through remote servers maintained by the service provider. These services typically offer a certain amount of storage space for free, with additional storage available for a fee. Users can upload files to the service from their personal devices, such as smartphones, tablets, or laptops, and can access their files from any device with an internet connection.

Consumer cloud storage services provide a convenient and cost-effective way to store and manage large amounts of digital data, while also offering features such as file sharing and collaboration with others. Some popular examples of consumer cloud storage services include Dropbox, Google Drive, Microsoft OneDrive, and iCloud.

As more businesses move to cloud-based systems, there is an increasing need for cloud storage services that can seamlessly integrate with other platforms and tools. Consumer cloud storage services that can effectively integrate with other software and services will have a competitive advantage in the market. Lastly, the growing concern around data privacy and security, there is an opportunity for cloud storage services to differentiate themselves by providing more secure and private storage options.

The market for consumer cloud storage services was estimated to be dominated by the East Asia region with a market share of 24.5% and it was followed by North America 20.6%.

Consumer Cloud Storage Services Market Size (2022)

US$ 13,988.7 Million

Projected Market Value (2033)

US$ 80,797.6 Million

Global Market Growth Rate (2023 to 2033)

17.4%

50 GB – 999 GB Segment Market Share (2022)

42.5%

China Market Share (2022)

13.2%

18 – 40 years Segment Growth Rate (2023 to 2033)

20.1%

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What are the Major Factors Driving the Consumer Cloud Storage Services Market?

“Rising Penetration of the Internet in Consumer Cloud Storage Services”

With more people gaining access to the internet, the amount of digital data being generated is increasing rapidly. This has created a need for convenient and secure ways to store and access this data, which cloud storage services can provide. Moreover, the growth of e-commerce, social media, and digital payments has further fuelled the demand for cloud storage services. Many users rely on these services to store their digital purchases, photos, and other content, as well as to share them with others.

Overall, the rising penetration of the internet across the globe is expected to continue driving the growth of the consumer cloud storage market. As more people gain access to the internet, the amount of digital data being generated will continue to increase, creating a need for reliable and secure cloud storage services.

  • In March 2021, Oracle Corporation had introduced new Cloud Lift Services to assist customers with rapid migration. The brand-new platform eliminates significant obstacles and provides single contact points, high speed, and more. Through the backing of Google Cloud, this development is aiding in increasing customer growth.
  • In December 2020, Amazon.com Inc. had introduced a service for data management and cloud-based storage for healthcare professionals, called HealthLake. Healthcare practitioners can use HealthLake since it complies with HIPAA regulations. By transforming and analysing health data in real time. The HealthLake assists healthcare providers in saving time.
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Which Factor Are Boosting U.S. for the Consumer Cloud Storage Services Market?

“Growing Number of Mobile Devices in U.S Help Users to Access Consumer Cloud Storage Services”

The increasing number of mobile devices in the United States has led to a significant boost in the market for consumer cloud storage services. With the rise of smartphones and tablets, consumers generate a massive amount of data such as digital content. This has created a need for convenient and secure ways to store and access this data.

Cloud storage services offer a solution to this need, as they allow users to store their data on remote servers and access it from anywhere with an internet connection. Moreover, cloud storage services also offer features such as automatic backup, file syncing, and collaboration, which further enhance their convenience and usefulness.

Due to these reasons, in 2022, the U.S consumer cloud storage services market companies helped the country to account for a dominant share of 12.4% in the global marketplace.

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Why China is Driving Growth in Consumer Cloud Storage Services Market?

“Increasing Demand for Virtual Data Storage in Consumer Cloud Storage Services”

As the Chinese consumers adopt digital lifestyles, they need more storage space to store their photos, videos, and other digital assets. Moreover, the increasing popularity of smartphones, social media, and online shopping has contributed to the rise in demand for cloud storage services.

China's large population and expanding middle class have also fuelled the growth of the consumer cloud storage market. Many consumers in China prefer cloud storage services because they offer a convenient and secure way to store their data. Additionally, cloud storage providers in China have been offering competitive pricing, attractive storage plans, and high-quality services to attract more consumers.

Some of the major players in the Chinese consumer cloud storage services market include Alibaba Cloud, Tencent Cloud, and Baidu Cloud. These companies have been investing heavily in their cloud storage infrastructure and offering a wide range of services, including file syncing, backup, and sharing.

The CAGR of China for consumer cloud storage services’ markets is predicted to be around 18.4%.

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Why in India Opportunity is Increasing for Consumer Cloud Storage Services Market?

“Rising Adoption of Digital Technology in Consumer Cloud Storage Services”

They generate large amounts of data, such as photos, videos, and documents, which need to be stored securely and accessed easily. The rise of the internet and mobile technologies has also contributed to the growth of the consumer cloud storage market in India. With smartphones becoming more affordable and accessible, more Indians are relying on cloud storage services to store their data and access it from any device and location.

Due to this reason, the consumer cloud storage services market for the India in 2022 held a market share of 10.1% in the global consumer cloud storage services market.

Category-wise Insights

Which Storage Tier Holds the Largest Market Share in Consumer Cloud Storage Services Market?

“50 GB – 999 GB Segment Have the Larger Market Share”

With this storage capacity, consumers can store a significant amount of digital content, including photos, videos, documents, and music, without worrying about running out of space. Moreover, this segment also offers features such as file syncing, backup, and sharing, making it a convenient and useful option for consumers.

Generally, the 50 GB – 999 GB storage segment is expected to continue holding the largest market share in the consumer cloud storage services market. As more consumers generate digital content and adopt digital lifestyles, the demand for cloud storage services with a balance of storage capacity and pricing is expected to continue growing.

In 2022 the, 50GB-999 GB share was estimate to take over the global market and account for 42.5% of the total market value share.

Why is the 18-40 Age Group a Promising Market for Consumer Cloud Storage Services?

“The 18-40 Age Group Has Witnessed the Internet Revolution and Has Grown Up with It Allowing Them to Be the Fastest Adopters of Any New Internet Technology”

This age group is highly tech-savvy and has grown up with digital devices, making them more likely to adopt cloud storage services for storing and accessing their digital content. Moreover, this age group is also more likely to generate a significant amount of digital content, such as photos, videos, and music, which they want to store and access from anywhere with an internet connection.

Furthermore, the 18 to 40 year age segment is also more likely to use multiple devices such as smartphones, tablets, and laptops, which makes cloud storage services an essential tool for syncing their files and accessing them from different devices.

Overall, the 18 to 40-year age segment is expected to continue showing a high CAGR in the consumer cloud storage services market. As this age group continues to generate and consume digital content, the demand for cloud storage services with advanced features and ease of use is expected to continue growing.

The adoption of 18-40 Years segment is expected to grow at a high CAGR for more than 20.1% over the forecast period.

Competitive Landscape

Companies invest in research and development to create new and improved consumer cloud storage services technologies. Companies may offer a wide range of consumer cloud storage services products to cater to different applications and industries. Companies may focus on building strong brand recognition and promoting their products through various marketing channels. Companies may strive to reduce costs and increase efficiency in order to offer competitively priced products.

  • In May 2021, The extension of its HPE storage into cloud-native the software-defined data services was announced by Hewlett Packard Enterprise Company (SDDS). Together with services like HPE Alletra, cloud data services, and cloud console, the new storage is accessible on Green Lake.
  • In February 2021, Ford Motor Company, a connected car manufacturer, partnered with Go Customer Experience on this project. The business is going towards digitization with autonomous and driverless vehicles.

Recent developments related to key players providing the consumer cloud storage services market have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Consumer Cloud Storage Services Market Report Scope

Attribute

Details

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • United Kingdom
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • Storage Tier
  • User Age
  • Region

Key Companies Profiled

  • Apple Inc.
  • Google (Alphabet Inc.)
  • Box, Inc.
  • Dropbox Inc.
  • Amazon Web Services (AWS)
  • Microsoft Corporation
  • Sync.com Inc.
  • Hubic (OVH)
  • Mediafire
  • pCloud AG
  • Others

Pricing

Available upon Request

Key Segments of Consumer Cloud Storage Services Market Research

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 Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

- Companies Covered in This Report -

  • Apple Inc
  • Google (Alphabet Inc.)
  • Box, Inc.
  • Dropbox Inc.
  • Amazon Web Services (AWS)
  • Microsoft Corporation
  • Sync.com Inc.
  • Hubic (OVH)
  • Mediafire
  • pCloud AG
  • Others

- Frequently Asked Questions -

In 2022, demand for the consumer cloud storage services market amounted to US$ 13,988.7 Mn.

The global consumer cloud storage services market is estimated to grow at a CAGR of 17.4% over the forecast period.

The market for Consumer Cloud Storage Services Market is forecasted to have a market value of US$ 80,797.6 Mn by 2033.

Demand for the consumer cloud storage services market in India is projected to rise at 19.6% CAGR over the forecast period.

In 2022, East Asia consumer cloud storage services market held a dominant market share of 24.1%.

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