Omdia predicts global cloud storage services market will grow to $128 billion by 2028

June 20, 2024
AWS, Microsoft, and Google dominated the market in 2023.

The new 2024 Storage Data Services Report from Omdia predicts the global cloud storage services market will reach $128 billion by 2028, with a CAGR of 17% over the next five years. The report also revealed that, in 2023, the market generated $57 billion in directly billed revenue. 

According to Omdia, Amazon Web Services (AWS), Microsoft, and Google dominated the market, with Alibaba and China Telecom also claiming significant portions.

A Synergy Research Group report put Q1 market share percentages as follows:

  1. AWS: 31%
  2. Microsoft: 25%
  3. Google: 11%

The same report also listed Huawei, Snowflake, MongoDB, and Oracle as growth leaders in the Tier 2 market.

Omdia principal analyst Dennis Hahn said in a press release, “File storage is poised to be the fastest-growing segment, with an expected CAGR of 21% through 2028. This growth is largely attributed to the increasing use of file storage as high-performance storage in AI workloads. Despite object storage leading in capacity, storage services revenues are more evenly distributed among object, block, and file storage. This is due to higher per-capacity service charges for block and file storage from most vendors. As businesses maneuver through the intricacies of digital evolution and handling data, there’s a growing need for adaptable, top-notch cloud storage solutions.”

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About the Author

Hayden Beeson

Hayden Beeson is a writer and editor with over seven years of experience in a variety of industries. Prior to joining Lightwave and Broadband Technology Report, he was the associate editor of Architectural SSL and LEDs Magazine. 

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