The Cloud Block Storage Market is to Touch $295 Billion by 2030; Increasing adoption of Cloud Services propels market growth.

The Cloud Block Storage Market size is estimated to reach $295 Billion by 2030, growing at a CAGR of 19.7% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Cloud Block Storage Market – By Storage Type (Locally-Attached, Network-Attached), By Deployment Mode (Public Cloud, Private Cloud, Hybrid Cloud), By Industry Vertical (BFSI, Consumer Goods & Retail, Healthcare & Life Sciences, Telecommunications & IT, Media & Entertainment, Manufacturing, Transportation & Logistics, Energy & Utility, Public Sector, and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Expansion into Emerging Markets and Integration with AI and ML are expected to create growth opportunities in the market during forecast period.

North America accounted for the largest share of 41% of the Cloud Block Storage Market in 2023 followed by APAC and Europe. Enterprises in the region significantly invested in cloud storage solutions to support data-intensive applications, hybrid cloud strategies, and disaster recovery needs. The region's strong focus on technology innovation and favorable regulatory environment for cloud adoption further solidified its market leadership.

Hybrid cloud solutions have become a cornerstone in the evolution of the cloud block storage market, enabling organizations to seamlessly integrate on-premises and cloud environments. This approach offers flexibility to balance workload distribution, ensuring critical data and applications remain on-premises for security or regulatory compliance while leveraging the scalability and cost-efficiency of cloud block storage for non-sensitive tasks. Hybrid solutions allow businesses to avoid vendor lock-in, optimize performance by placing workloads in the most suitable environment, and enhance disaster recovery by ensuring data redundancy across multiple platforms. The demand for hybrid models is driven by enterprises aiming to modernize legacy systems while retaining control over sensitive data, making cloud block storage a vital component in these strategies.

Sustainability has emerged as a key focus area, with cloud providers prioritizing energy-efficient storage infrastructure to reduce their carbon footprint. Cloud block storage systems now increasingly rely on SSDs (Solid State Drives), which consume less power compared to traditional hard drives, and advanced data deduplication and compression techniques to minimize storage waste. Providers are investing in renewable energy-powered data centers and optimizing cooling systems to lower energy consumption. Additionally, the shift toward sustainability is driven by regulatory mandates and customer preferences for green IT solutions. By embedding eco-friendly practices into their operations, cloud providers not only contribute to global sustainability goals but also achieve cost savings, appealing to environmentally-conscious enterprises.

 

• In May 2024, HPE launched its GreenLake storage, adding GreenLake Block Storage for Amazon Web Services (AWS) and improving maximum capacity and performance for GreenLake for Block Storage.

• In April 2024, Google introduced Hyperdisk Storage Pools with Advanced Capacity, allowing easier management of large block storage deployments and potentially reducing costs.

• In October 2024, Oracle announced the availability of Oracle Cloud Infrastructure (OCI) Block Volume service direct APIs that enable changed block tracking between two backups. This feature is most beneficial for data protection services vendors and developers of backup and restore solutions.

Key companies profiled in the Cloud Block Storage Market are Amazon Web Services, Inc., Google Cloud, IBM, Alibaba Cloud, Oracle, Tencent Cloud, Rackspace Technology, Hewlett Packard Enterprise Development LP, DigitalOcean, LLC, Dell Inc., and Others.