According to MarketsandMarkets, the global Cloud Storage Market will grow to USD 261.21 billion by 2031 from USD 92.25 billion in 2026, at a CAGR of 23.1% during the forecast period. The market is expanding as enterprises generate and retain rapidly growing volumes of data across AI, analytics, cloud-native applications, business systems, backup, and digital content environments.
Cloud Storage Market to reach $261.21B by 2031 from $92.25B in 2026.
CAGR of 23.1% during forecast period.
AI & high-performance workloads segment to grow at 27.8% CAGR.
File storage to register fastest growth at 25.3% CAGR.
Services segment to grow at 23.5% CAGR.
North America expected to remain largest regional market.
Rapid growth in enterprise data volumes, AI and high-performance workloads, analytics platforms, cloud-native applications, and data protection requirements continues to expand demand for scalable storage capacity worldwide. By storage type, the object storage segment is expected to hold the largest share, with enterprises increasingly using object storage for data lakes, AI datasets, backup repositories, archives, media content, cloud-native applications, and large-scale unstructured data. By application, AI & high-performance workloads are projected to register the fastest growth at 27.8% CAGR, driven by increasing demand for AI training, AI inference, vector database storage, and high-throughput data processing.
North America is expected to remain the largest regional market for cloud storage throughout the forecast period, supported by mature cloud adoption, extensive hyperscale infrastructure, and strong enterprise investment in AI, analytics, data protection, and application modernization. The top five players account for approximately 82–85% of the global Cloud Storage Market, comprising Amazon Web Services, Microsoft, Google, IBM, and Alibaba. The remaining 15–18% of the market is distributed among providers such as Oracle, Huawei Cloud, Tencent Cloud, Rackspace Technology, Wasabi, Backblaze, DigitalOcean, Cloudian, and Zadara.
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