Cloud Storage Market worth $261.21 billion by 2031 - Report by MarketsandMarkets™

DELRAY BEACH, Fla., Aug. 18, 2026 /PRNewswire/ -- According to MarketsandMarkets™, the global Cloud Storage Market size 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.

Browse 280 market data Tables and 30 Figures spread through 380 Pages and in-depth TOC on "Cloud Storage Market – Global Forecast to 2031"

Cloud Storage Market Size & Forecast:

• Market Size Available for Years: 2021–2031
• 2025 Market Size: USD 74.40 billion
• 2026 Market Size: USD 92.25 billion
• 2031 Projected Market Size: USD 261.21 billion
• CAGR (2026–2031): 23.1%

Cloud Storage Market Trends & Insights:

• 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 offering, services are projected to register the highest CAGR of 23.5% during the forecast period, driven by growing demand for implementation, managed observability, and platform optimization expertise.
• By storage type, file storage is projected to register the fastest growth during the forecast period, with a CAGR of 25.3%, driven by increasing adoption of shared enterprise file systems, AI workloads, cloud-native applications, hybrid cloud environments, and high-performance data access requirements.
• By application, AI & high-performance workloads are projected to register the fastest growth during the forecast period, with a CAGR of 27.8%, driven by increasing demand for AI training, AI inference, vector database storage, and high-throughput data processing requirements.
• By deployment mode, hybrid cloud is expected to register the fastest growth as enterprises balance public-cloud scalability with data sovereignty, workload performance, cost control, and on-premises data requirements.

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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. Organizations are increasing adoption of object, block, and file storage to improve scalability, availability, performance, and data accessibility while reducing reliance on fixed on-premises infrastructure. AI training and inference, data lake modernization, ransomware resilience, and regulatory retention are creating additional storage requirements. Hybrid cloud adoption is also increasing demand for data mobility, lifecycle management, replication, and integrated storage services across distributed enterprise environments worldwide.

By storage type, the object storage segment is expected to hold the largest share of the Cloud Storage Market. Enterprises increasingly use object storage for data lakes, AI datasets, backup repositories, archives, media content, cloud-native applications, and large-scale unstructured data. Its ability to scale efficiently across massive data volumes while supporting metadata, lifecycle policies, replication, and multiple storage tiers strengthens adoption across industries. Expanding analytics and AI workloads are also driving object storage into higher-performance environments, reinforcing its position as a foundational layer for modern cloud data architectures.

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By application, AI & high-performance workloads to register the highest growth rate during forecast period.

By application, the AI & high-performance workloads segment is expected to post the highest growth rate in the Cloud Storage Market over the forecast period. AI training, inference, vector database storage, and high-performance computing require datasets, model checkpoints, embeddings, and scientific data to be stored and accessed at high throughput. The growing deployment of GPU and accelerator infrastructure is increasing demand for storage architectures that feed compute resources efficiently. Improvements in high-performance object and file storage, parallel data access, and cloud-native vector storage are accelerating adoption across AI-intensive enterprise and research environments.

North America to lead the market.

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 region hosts major cloud and storage providers and a large base of digital-native enterprises running data-intensive workloads across public, private, and hybrid cloud environments. Organizations increasingly use object, block, and file storage for data lakes, databases, Kubernetes workloads, backup, disaster recovery, media, and long-term retention. Rising investment in AI infrastructure is further increasing demand for high-throughput storage that supports training, inference, vector data, and model checkpoints. In July 2026, AWS expanded Amazon S3 Vectors to AWS GovCloud (US) Regions, extending purpose-built vector storage to government and regulated workloads. Continued investment in cloud infrastructure, cybersecurity resilience, data sovereignty, and multi-cloud architectures is expected to sustain regional demand for scalable storage platforms and associated migration, integration, and managed storage services across increasingly data-intensive enterprise environments.

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Top Companies in Cloud Storage Market:

The Top Companies in Cloud Storage Market are Amazon Web Services (US), Microsoft (US), Google (US), IBM (US), Alibaba Cloud (China), Oracle (US), Rackspace Technology (US), Huawei Cloud (China), Tencent Cloud (China), UpCloud (Finland), Scaleway (France), DigitalOcean (US), Vultr (US), Zadara (US), Wasabi Technologies (US), Backblaze (US), Dropbox, Inc. (US), OVHcloud (France), Akamai Technologies (US), Cloudian (US), Sync.com, Inc. (Canada), IONOS Cloud (Germany), Everpure (US), and Aruba (Italy).

Cloud Storage Market - Investment & funding +Merger & Acquisition

Investment Funding Context

The Cloud Storage Market is attracting sustained investment as enterprises expand AI workloads, adopt hybrid-cloud architectures, build cyber-resilient storage, and manage large-scale unstructured data environments. Capital is increasingly flowing to specialized providers that differentiate on performance, predictable pricing, file-data management, AI readiness, and data sovereignty. In 2024, Cloudian secured USD 23 million in growth financing from Morgan Stanley Expansion Capital, while Nasuni received a strategic majority investment led by Vista Equity Partners, with TCV and KKR participating, valuing the company at approximately USD 1.2 billion. In January 2026, Wasabi raised USD 70 million at a USD 1.8 billion valuation, bringing its total funding above USD 600 million. 

Revenue Shift Context

The market is shifting from conventional, capacity-centric storage toward higher-value cloud storage architectures that support AI, analytics, cloud-native applications, data protection, and hybrid environments. The global Cloud Storage Market was valued at USD 74.4 billion in 2025, rising to USD 92.3 billion in 2026 and USD 261.2 billion by 2031. Growth is increasingly driven by high-performance file and object storage, intelligent tiering, AI-ready data infrastructure, managed storage services, and hybrid-cloud data management. Specialized vendors are also competing with simpler pricing and lower data-transfer charges, while hyperscalers are extending storage deeper into AI, analytics, backup, and application ecosystems. Backblaze, for example, reported 26% year-over-year growth in B2 Cloud Storage revenue in 2025, underscoring stronger growth in specialized object-storage consumption.

Mergers and Acquisitions

M&A activity in cloud storage is increasingly focused on AI-enabled data intelligence, hybrid-cloud file management, data mobility, and distributed file access, rather than simple capacity consolidation. Recent transactions demonstrate vendors acquiring complementary capabilities that increase the value of stored data and broaden their addressable workloads. Wasabi acquired Curio AI to add AI-generated metadata and intelligent search to cloud-stored media; Panzura acquired Moonwalk to strengthen hybrid-cloud data visibility, mobility, and storage optimization; and Nasuni acquired Resilio to extend high-performance file synchronization, caching, and edge acceleration for distributed enterprise environments.

CLOUD STORAGE MARKET: MERGERS AND ACQUISITIONS, 2024–2025

Company Revenue Share Details

The top five players account for approximately 82–85% of the global Cloud Storage Market, indicating a highly concentrated competitive landscape. The leading group comprises Amazon Web Services, Microsoft, Google, IBM, and Alibaba, supported by extensive cloud infrastructure, broad portfolios of object, block, and file storage, global data-center footprints, and deep integration with compute, databases, analytics, AI, and enterprise applications. The remaining 15–18% of the market is distributed among providers such as Oracle, Huawei Cloud, Tencent Cloud, Rackspace Technology, Wasabi, Backblaze, DigitalOcean, Cloudian, Zadara, and other regional and specialized storage vendors. Unlike fragmented technology markets, cloud storage benefits substantially from hyperscale economies, infrastructure investment, ecosystem integration, and customer data gravity. Competition outside the top five is therefore increasingly centered on pricing transparency, data sovereignty, specialized performance, hybrid-cloud capabilities, and lower egress costs rather than scale alone.

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