Cloud Storage Services in Australia - Industry Market Research Report

Cloud Storage Services in Australia - Industry Market Research Report

Cloud Storage Services in Australia

As all facets of society are becoming more plugged into the online world, the Cloud Storage Services industry is flourishing. Growing internet traffic is heightening the need for businesses to outsource cloud storage, leading to cloud computing's rising prominence across several channels. Cloud computing has reduced companies' in-house storage and computing costs, as companies can quickly scale capacity up or down depending on demand. Firms that opt out of cloud storage have maintained their own servers and faced the brunt of capital expenditure and utility costs. Demand for outsourced cloud storage services has skyrocketed in recent years. This trend has supported data storage providers and revenue has grown an annualised 8.4% over the five years through 2022-23 to an estimated $4.8 billion. The COVID-19 pandemic accelerated demand for cloud storage and computing services as businesses shifted to remote working conditions. Revenue is expected to jump 9.3% in 2022-23.

Industry data centre operators provide electronic information storage and retrieval services. Electronic information storage, allows third parties to upload, download, back up and access files and systems over the internet. The industry excludes web hosting services, which primarily provide access to information stored on the internet as a means to disseminate information, and modular data centres sales, factory-produced, standardised data centre systems that store data in-house.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.