Multi Cloud Storage Market Report 2024 (Global Edition)

Global Multi Cloud Storage Market Report 2024 Market Size Split by Deployment Type (Public, Private, Hybrid), by Enterprise Size (SMEs, Large Enterprises), by Verticals (BFSI, Retail, Energy & Utility...

Multi Cloud Storage Market Report Description

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Multi Cloud Storage Market Insights Video

Competitive Landscape of the Automated Storage And Retrieval Systems Market

The competitive landscape of the Multi Cloud Storage Market is characterized by intense rivalry among key players such as Amazon Web Services, Microsoft Azure, and Google Cloud Platform, who continuously innovate to enhance service offerings and expand market presence globally.

January 2024: IBM has unveiled plans to acquire application modernization capabilities from Advanced, enhancing its presence in hybrid cloud and AI. The transaction's details were kept a secret, with completion anticipated by the second quarter of 2024. (Source: https://www.forbes.com/sites/stevemcdowell/2024/01/18/ibm-expands-modernization-services-with-acquisition-of-advanced/) March 2023: Hewlett Packard Enterprise is set to acquire OpsRamp, aiming to strengthen its hybrid cloud capabilities and extend the reach of HPE GreenLake into IT Operations Management. (Source: https://www.hpe.com/us/en/newsroom/press-release/2023/03/hewlett-packard-enterprise-to-acquire-opsramp-advancing-hybrid-cloud-leadership-and-expanding-hpe-greenlake-into-it-operations-management.htm

Top Companies Market Share in Multi Cloud Storage Industry: (In no particular order of Rank)

• Amazon Web Services (AWS)
• Microsoft Corporation
• Google LLC
• IBM Corporation
• Oracle Corporation
• Dell Technologies Inc.
• Hewlett Packard Enterprise (HPE)
• VMware Inc.
• NetApp Inc.
• Cisco Systems Inc.
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Automated Storage And Retrieval Systems Market

Which Region Dominates the Multi Cloud Storage Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. It accounted for around 40% of the global revenue. North America dominates the Multi Cloud Storage Market with its robust IT infrastructure and extensive adoption of cloud technologies, supported by major cloud service providers driving innovation and scalability in data management solutions.

Which Region is Expanding at the Fastest CAGR?

Europe stands out as the fastest-growing region in the Multi Cloud Storage Market due to several compelling reasons. ?Europe is leading the growth in the Multi Cloud Storage Market due to the widespread adoption of digital transformation and stringent data protection laws, fostering demand for secure and flexible cloud storage solutions. Investments in hybrid cloud deployments and advanced technologies further bolster market expansion across the region.

 

The current report Scope analyzes Multi Cloud Storage Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Multi Cloud Storage Market

According to Cognitive Market Research, the global Multi Cloud Storage Market size was estimated at USD 24814.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 9925.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.4% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Multi Cloud Storage Market with a market size of USD 2825.00 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. The United States leads the Multi Cloud Storage Market due to its advanced digital infrastructure, strong adoption of hybrid cloud strategies across industries, and robust emphasis on data security and compliance.
• The Canada Multi Cloud Storage Market had a market share of USD 429.66 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period. Canada's rapid growth in the Multi Cloud Storage Market is driven by robust digital transformation initiatives across industries, emphasizing secure and scalable data management solutions.
• The Mexico Multi Cloud Storage Market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 325.82 million in 2024.

Europe Multi Cloud Storage Market

According to Cognitive Market Research, the global Multi Cloud Storage Market size was estimated at USD 24814.2 Million, out of which Europe held the market of more than 30% of the global revenue with a market size of USD 7444.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.7% from 2024 to 2031.

• The United Kingdom Multi Cloud Storage Market had a market share of USD 1250.64 million in 2024 and is projected to grow at a CAGR of 16.5% during the forecast period. The UK leads in the Multi Cloud Storage Market due to its robust digital infrastructure, stringent data protection regulations, and high adoption rates across various sectors like finance, healthcare, and retail.
• The France Multi Cloud Storage Market is projected to witness growth at a CAGR of 14.9% during the forecast period, with a market size of USD 684.87 million in 2024.
• According to Cognitive Market Research, the Germany Multi Cloud Storage Market size was valued at USD 1473.96 million in 2024 and is projected to grow at a CAGR of 15.9% during the forecast period. Germany's rapid growth in the Multi Cloud Storage Market is propelled by stringent data protection laws driving demand for secure and compliant cloud solutions across industries.
• The Italy Multi Cloud Storage Market is projected to witness growth at a CAGR of 15.1% during the forecast period, with a market size of USD 640.21 million in 2024.
• The Russia Multi Cloud Storage Market is projected to witness growth at a CAGR of 14.7% during the forecast period, with a market size of USD 1153.86 million in 2024.
• The Spain Multi Cloud Storage Market is projected to witness growth at a CAGR of 14.8% during the forecast period with a market size of USD 610.43 million in 2024
• The Luxembourg Multi Cloud Storage Market is projected to witness growth at a CAGR of 15.8% during the forecast period, with a market size of USD 230.77 million in 2024.
• The Portugal Multi Cloud Storage Market is projected to witness growth at a CAGR of 15.5% during the forecast period, with a market size of USD 156.33 million in 2024.
• The Greece Multi Cloud Storage Market is projected to witness growth at a CAGR of 16.0% during the forecast period, with a market size of USD 89.33 million in 2024.
• Rest of Europe's Multi Cloud Storage Market is projected to witness growth at a CAGR of 14.4% during the forecast period, with a market size of USD 1153.86 million in 2024.

Asia Pacific Multi Cloud Storage Market

According to Cognitive Market Research, the global Multi Cloud Storage Market size was estimated at USD 24814.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 5707.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.2% from 2024 to 2031.

• According to Cognitive Market Research, the China Multi Cloud Storage Market size was valued at USD 2568.27 million in 2024 and is projected to grow at a CAGR of 18.7% during the forecast period. China's dominance in the Multi Cloud Storage Market is driven by rapid digital transformation initiatives and the adoption of hybrid cloud strategies across its expansive industrial landscape..
• The Japan Multi Cloud Storage Market is projected to witness growth at a CAGR of 18.7% during the forecast period, with a market size of USD 787.60 million in 2024.
• The India Multi Cloud Storage Market had a market share of USD 684.87 million in 2024 and is projected to grow at a CAGR of 21.0% during the forecast period. India's government initiatives augment the demand to encourage the adoption of automation technologies.
• The South Korean Multi Cloud Storage Market is projected to witness growth at a CAGR of 18.3% during the forecast period, with a market size of USD 570.73 million in 2024.
• The Australia Multi Cloud Storage Market is projected to witness growth at a CAGR of 18.9% during the forecast period, with a market size of USD 296.78 million in 2024.
• The South East Asia Multi Cloud Storage Market is projected to witness growth at a CAGR of 20.2% during the forecast period, with a market size of USD 393.80 million in 2024.
• The Rest of Asia Pacific Multi Cloud Storage Market is projected to witness growth at a CAGR of 19.0% during the forecast period, with a market size of USD 405.22 million in 2024.

South America Multi Cloud Storage Market

According to Cognitive Market Research, the global Multi Cloud Storage Market size was estimated at USD 24814.2 Million, out of which the Latin America market of more than 5% of the global revenue with a market size of USD 1240.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.6% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Multi Cloud Storage Market size was valued at USD 531.02 million in 2024 and is projected to grow at a CAGR of 17.2% during the forecast period Brazil's rapid growth in the Multi Cloud Storage Market is fueled by expanding digital transformation initiatives and increasing adoption of hybrid cloud solutions across diverse industries.
• Argentina Multi Cloud Storage Market had a market share of USD 208.44 million in 2024 and is projected to grow at a CAGR of 17.5% during the forecast period. In Argentina, the adoption of multi-cloud storage solutions is driven by the need for scalable and secure data management solutions across diverse industries amidst increasing digital transformation efforts..
• Colombia Multi Cloud Storage Market is projected to witness growth at a CAGR of 16.4% during the forecast period, with a market size of USD 110.42 million in 2024.
• Peru Multi Cloud Storage Market is projected to witness growth at a CAGR of 16.8% during the forecast period, with a market size of USD 101.74 million in 2024.
• Chile Multi Cloud Storage Market is projected to witness growth at a CAGR of 16.9% during the forecast period, with a market size of USD 89.33 million in 2024.
• The Rest of Latin America Multi Cloud Storage Market is projected to witness growth at a CAGR of 15.7% during the forecast period, with a market size of USD 199.75 million in 2024.

Middle East and Africa Multi Cloud Storage Market

According to Cognitive Market Research, the global Multi Cloud Storage Market size was estimated at USD 24814.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 496.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.9% from 2024 to 2031.

• The GCC Countries Multi Cloud Storage Market is projected to witness growth at a CAGR of 17.7% during the forecast period with a market size of USD 212.41 million in 2024. GCC countries are experiencing rapid growth in the Multi Cloud Storage Market driven by digital transformation initiatives and investments in secure, scalable cloud infrastructure.
• The Egypt Multi Cloud Storage Market is projected to witness growth at a CAGR of 17.2% during the forecast period, with a market size of USD 52.11 million in 2024.
• The South Africa Multi Cloud Storage Market is projected to witness growth at a CAGR of 17.9% during the forecast period, with a market size of USD 78.41 million in 2024. South Africa leads in the Multi Cloud Storage Market due to its progressive adoption of digital technologies and investments in robust IT infrastructure, catering to diverse industry needs with secure and scalable cloud solutions.
• The Turkey Multi Cloud Storage Market is projected to witness growth at a CAGR of 16.4% during the forecast period, with a market size of USD 42.68 million in 2024.
• The Nigeria Multi Cloud Storage Market is projected to witness growth at a CAGR of 16.0% during the forecast period, with a market size of USD 52.11 million in 2024.
• The Rest of MEA Multi Cloud Storage Market is projected to witness growth at a CAGR of 15.9% during the forecast period, with a market size of USD 58.56 million in 2024.

Multi Cloud Storage Market Analysis

Multi Cloud Storage Market Development Type Segment Analysis

According to Cognitive Market Research, the hybrid cloud storage segment leads the Multi Cloud Storage Market by offering a versatile solution that integrates both public and private cloud environments. This approach allows organizations to optimize their IT infrastructure by balancing cost-effectiveness, scalability, and security. Hybrid cloud storage is favored for its flexibility in deploying applications across different cloud platforms while maintaining control over sensitive data through private cloud capabilities. It addresses diverse enterprise needs, making it the preferred choice for businesses looking to leverage the benefits of multiple cloud models without compromising on security or performance.

The public cloud storage segment is experiencing rapid growth in the Multi Cloud Storage Market as organizations increasingly adopt cloud-first strategies. This category offers scalable storage solutions hosted by third-party providers, eliminating the need for on-premises infrastructure and associated maintenance costs. Public cloud storage supports agile business operations by providing easy accessibility to data and applications from any location, promoting collaboration and innovation. Its popularity stems from the ability to rapidly scale resources according to demand, making it ideal for dynamic workloads and digital transformation initiatives across various industries.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Multi Cloud Storage Industry. Request a Free Sample PDF!

Multi Cloud Storage Market Enterprise Size Segment Analysis

According to Cognitive Market Research, Large Enterprises hold a dominant position in the Multi Cloud Storage Market, leveraging extensive IT budgets and infrastructure requirements to deploy robust multi-cloud storage solutions. Their focus on scalability, data security, and comprehensive cloud management drives substantial investments in advanced cloud technologies tailored to meet complex business needs and regulatory compliance.

SMEs (Small and Medium-sized Enterprises) are experiencing rapid growth in the Multi Cloud Storage Market. SMEs are increasingly adopting multi-cloud strategies to optimize costs, enhance operational flexibility, and improve data accessibility. Cloud service providers are catering to SMEs with scalable solutions that offer agility in adapting to market dynamics while ensuring data resilience and compliance with regulatory standards, thereby accelerating the adoption of multi-cloud storage among smaller enterprises.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Multi Cloud Storage Verticals Segment Analysis

According to Cognitive Market Research, the BFSI sector leads the Multi Cloud Storage Market, driven by its stringent regulatory compliance demands and the critical need for secure, scalable data storage solutions. Financial institutions leverage multi-cloud storage to enhance operational efficiency, ensure data resilience, and meet regulatory requirements such as GDPR and PCI-DSS. The sector's reliance on real-time data analytics and AI-driven insights further propels adoption, facilitating personalized customer experiences and fraud detection capabilities.

The Healthcare & Life Sciences segment is rapidly expanding in the Multi Cloud Storage Market, driven by the digital transformation in medical records management, genomic research, and telehealth services. Multi-cloud storage solutions offer healthcare providers secure and compliant data management across distributed environments, facilitating seamless access to patient records and enabling collaborative research efforts. The sector's adoption is bolstered by increasing data volumes from IoT devices and the need for interoperable healthcare IT systems to improve patient outcomes and operational efficiency.

• BFSI
• Retail
• Energy & Utility
• Healthcare & Life Sciences

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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