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

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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