AWS leads cloud storage services market with 30% share: Omdia

The global cloud storage services revenue reached $57 billion in 2023, the latest analysis from Omdia indicated.

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Amazon Web Services (AWS) has 30 percent share in terms of the cloud storage services revenue, followed by Microsoft and Google, Omdia said in its research report.

Among Chinese Tier 1 vendors, Alibaba dominated with a 6 percent global revenue share in the cloud storage services market, closely followed by China Telecom.

Omdia forecasts that the global cloud data storage services market will reach $128 billion by 2028, with a CAGR of 17 percent over the next five years.

Factors driving the substantial growth in cloud storage services market include the rise of remote work, ongoing digital transformation efforts, the proliferation of IoT devices, advances in data analytics, and the increasing need for scalable and cost-effective cloud solutions.

In 2023, the total storage capacity sold in cloud storage services amounted to a staggering 2,100 exabytes. Amazon led in terms of global storage capacity consumed, accounting for approximately 38 percent of the market. Object storage, often referred to as cloud storage, dominated the services capacity sold, making up 70 percent of the total storage services capacity.

“File storage is poised to be the fastest-growing segment, with an expected CAGR of 21 percent through 2028. This growth is largely attributed to the increasing use of file storage as high-performance storage in AI workloads,” Dennis Hahn, Omdia Principal Analyst said.

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, Dennis Hahn said.

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