Do you know how much data is created every year by the world population? It is astonishing to know that the world generates almost 2.51 quintillion bytes per day. Also, it has been found that in 2018 world generated almost 33.1 zettabytes of data. This colossal amount of data generation is leading to a rise in cloud computing storage services. With the utilization of cloud computing businesses are finding it convenient to process enormous volumes of data. The Research Nester found the following data which is the testimony that consumer cloud storage service is a multi-billion industry in the making.
- Almost 60.1% of the world’s corporate data is stored in the cloud.
- Approximately 90.2% of the large enterprises have adopted a multi-cloud infrastructure
- Almost USD 201 billion is anticipated to be spent on SaaS, 151 billion in IaaS, and 136.1 billion in PaaS in the year 2024.
- 53.4% of Information Technology decision-makers say that multi-cloud helps in achieving their business goals.
- Almost 48.1% of IT companies invest in cloud computing technology innovations.
The rising necessity is offering lucrative opportunities in the domain and holds a bright future. Let us understand other imperative details of the consumer cloud services market.
What is the future of consumer cloud services?
Nowadays, the cloud is not just for businesses and it has been found that almost 2.31 billion people utilize clouds such as Google Drive, Dropbox, iCloud, etc in the year 2022. There are numerous benefits of cloud storage that include easy access, storage, and protection of the content with the internet. People are streamlining their work and uploading any kind of file. Also, they are able to access these files from multiple devices.
Data loss has become a threat to people and they are seeking backup options. In a survey, Research Nester found out the following data:
- Almost half of mobile users use 3 storage services that are drop box, Google Drive, and Microsoft OneDrive.
- 57% of mobile users are utilizing the cloud as their primary data storage.
- More than 51% of the surveyed use a paid or free limited storage plan.
- 80% of the computer owners in America back up all the data on the computer at least once.
- A research conducted on how often people back up the data on the computer reveals that
- 11% Daily
- 11.5% weekly
- 21% monthly
- 13% yearly
- 19% yearly+
- 20.5% never
- Backing up has also become extremely important as almost 67.1% report accidentally deleting something, and 48.3% had an external hard drive crash.
The rising demand for the backup options is giving chance to market players to venture out into the domain. While there are already service businesses that are expanding their services. Some of the most used cloud storage services are Google Drive (1 billion users), Dropbox (700 million), One Drive (250 million), etc. Some other service providers are iCloud, Amazon Drive, MEGA, box, IDrive, SOS Online Backup, and pCloud.
The consumer-based cloud providers also offer free storage with a limit on capacity. The users are able to upload documents, videos, and photos without paying until exceeding the capacity limit.
Consumer Cloud Storage Services Market Analysis:
The consumer cloud storage services market size is expected to reach USD 1636 billion by 2035. The reasons for the growth of the market are:
- Rising demand for consumer cloud storage services for data storage
- Advancements in mobile communication technologies
- Expansion of internet connectivity across the globe
- Rising number of mobile devices
- Increasing services such as online payment gateways
- Rising consumer cloud storage services needs for virtual file management
Furthermore, there are mainly 3 types of storage that are 50 GB-999 GB, 1TB 9.99 TB, and >= 10 TB. People are more inclined to purchase the 50 GB – 999 GB segment in the consumer cloud storage services.
The Asia Pacific region is anticipated to witness remarkable growth on the back of the rising adoption of cloud-driven technologies. In developing countries, there is a huge scope for growth as the countries are going through the digital transition. Other than this, the consumer cloud storage services market in the North American region is also anticipated to grab a remarkable market share on the back significant adoption rate of digital services.
In a nutshell
The data management processes are going to be adopted by a plethora of people in the future. The consumer cloud storage services market holds plenty of opportunities in the future for new market players as well as established businesses. However, it is necessary to understand the intricacies of the market in order to take sound business decisions. A good market research report gives the reader an opportunity to stay ahead in the competition. The details such as regional analysis, challenges, growth prediction, etc, helps in mitigating the risks.