Consumer Cloud Storage Services Market Poised for Robust Growth, Forecast to Hit US$ 82.68 Billion by 2034

Importance of Automatic Backups to Protect Against Data Loss Due to Hardware Failure Leading to Higher Need for Consumer Cloud Storage Services: Fact.MR Report

Fact.MR, in its newly published report, reveals that the global consumer cloud storage services market is estimated to reach a size of US$ 15.89 billion in 2024 and further progress at a CAGR of 17.9% between 2024 and 2034.

Globally, there is a massive surge in the demand for consumer cloud storage due to the growing digitalization of both personal and professional life. Due to its accessibility and ease, cloud storage is becoming more and more popular among users as their PCs, tablets, and smartphones produce ever-increasing volumes of data, ranging from critical papers to high-resolution images and movies. Many benefits come with cloud storage, such as simple file sharing, automated backups, and multi-device access. It removes the need for tangible storage devices and offers protection against data loss from theft or hardware malfunction.

People's desire to access data from different places has hastened the adoption of cloud storage services due to the increase in remote work and distance learning. In addition, managing entertainment libraries has become more dependent on personal cloud storage due to the rising demand for digital media and streaming services. Cloud storage has become a necessary service for customers of all demographics as global Internet access improves and storage costs come down, and this trend is expected to continue in the years to come.

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Key Takeaways from the Market Study:

• The global consumer cloud storage services market is forecasted to reach a valuation of US$ 82.68 billion by 2034. The United States market is forecasted to progress at a CAGR of 18.4% through 2034.
• The East Asia market is foreseen to expand at a CAGR of 18.2% between 2024 and 2034. Japan is projected to account for a market share of 16.2% in East Asia by 2034-end.
• Based on different storage tiers, the 1TB – 99 TB segment is estimated to hold a market share of 34.9% in 2024.

“Enhanced security features such as encryption is making consumer cloud storage services more desirable among large masses,” says a Fact.MR analyst.

Introduction of Synch Technology Coupled with Increasing Use of AI Automation

Advancements in sync technology enable more effective and rapid file transfers across devices. Selective sync options are now widely available from many providers, allowing users to save device storage by selecting which data to save locally. Users who are concerned about security are being drawn to enhanced security features like end-to-end encryption and sophisticated access restrictions, which also address privacy issues.

Additionally, some providers are providing increased third-party app compatibility, resulting in smooth workflows that foster creativity and productivity. Furthermore, cloud storage is becoming an all-encompassing productivity platform with the addition of collaboration capabilities like shared folders and real-time document editing. Thanks to these advancements, cloud storage is becoming more and more necessary for users everywhere.

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Key Market Players:

• 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)

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the consumer cloud storage services market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on storage tier (50 GB to 999 GB, 1TB to 9.99 TB, 10 TB and above), user age (<18 years, 18 to 40 years, >40 years), and deployment model (public cloud, private cloud, hybrid cloud), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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