UK Cloud Storage Market

UK Cloud Storage Market Overview:

The UK cloud storage market size reached USD 4.48 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 19.42 Billion by 2032, exhibiting a growth rate (CAGR) of 16.80% during 2024-2032. There are various factors that are driving the market, which include the rising adoption of smartphones, expansion of data centers, increasing need for cost-effective solutions, and advancements in cloud security technologies and regulatory compliance requirements. 

UK Cloud Storage Market Trends:

Rising Adoption of Smartphones

In 2023, 98% of all adults aged 16-24 in the UK own a smartphone, as per Uswitch. The increasing adoption of smartphones among individuals is bolstering the market growth. Smartphones, tablets, and wearables are constantly generating data, including user-generated content, application data, geolocation data, and even health metrics. The Internet of Things (IoT) devices, such as smart home systems, industrial sensors, connected vehicles, and healthcare devices, generate real time data that needs to be collected, processed, and stored. These devices often produce high-frequency and high-volume data streams. Cloud storage offers a centralized and scalable infrastructure to manage the vast and ever-growing amount of data these devices generate. In addition, cloud storage is highly scalable, allowing businesses and individuals to easily expand their storage capacity as the amount of data grows. This is especially important for IoT devices, which often generate continuous streams of data. Cloud storage solutions avoid the need for upfront investments in physical storage hardware. Furthermore, data stored in the cloud can be accessed from any device with an internet connection, ensuring users can retrieve their data whenever needed. Cloud storage ensures that data from mobile and IoT devices is updated in real time, enabling businesses to make timely decisions based on up-to-date information.    

Expansion of Data Centers

On 11 September 2024, Amazon Web Services invested US$ 10.5 billion in its UK data centers with big artificial intelligence (AI) plans in store for the region. This helps in meeting the growing needs of users and partners and supporting the transformation of the UK’s digital economy. The rise of data centers in the UK aids in enhancing the overall cloud infrastructure, making cloud storage more accessible and efficient for businesses and individuals. By expanding local data centers, cloud providers can offer faster and more reliable services, reducing latency and improving performance for users. Moreover, with regulations like the General Data Protection Regulation (GDPR) and other data protection laws, businesses in the UK are increasingly concerned about where their data is stored. Local data centers allow companies to meet data residency requirements, ensuring that sensitive data remains within the UK. Apart from this, the presence of multiple data centers within the UK enables cloud storage providers to offer improved redundancy and disaster recovery services.

UK Cloud Storage Market News:

• On 26 July 2024: Amazon Web Services (AWS) agreed to provide US$ 10.3 million in cloud computing storage credits to biomedical database UK Biobank. This will be matched by the UK government, bringing the total cloud storage spending to US$ 20.6 million. UK Biobank stores data that helps researchers develop new ways to prevent, diagnose, and treat diseases like dementia, Parkinson's, diabetes, and cancer.
• 7 June 2024: Seagate announced the expansion of its Lyve Cloud S3 compatible object storage service with the addition of a second data center in London. Simultaneously, Seagate extended its UK Lyve Cloud channel through a fresh distribution agreement with Climb Channel Solutions and a long-term collaboration with Exertis. These partnerships aim to offer a comprehensive range of advanced cloud and on-premises storage solutions to UK resellers and solution providers.     

UK Cloud Storage Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on component, deployment type, user type, and industry vertical.

Component Insights:

• Solution
• Services
   

The report has provided a detailed breakup and analysis of the market based on the component. This includes solution and services.

Deployment Type Insights:

• Private
• Public
• Hybrid
   

A detailed breakup and analysis of the market based on the deployment type have also been provided in the report. This includes private, public, and hybrid.

User Type Insights:

• Large Enterprises
• Small and Medium-sized Enterprises
   

The report has provided a detailed breakup and analysis of the market based on the user type. This includes large enterprises and small and medium-sized enterprises.

Industry Vertical Insights:

• BFSI
• Government and Public Sector
• Healthcare
• IT and Telecom
• Retail
• Manufacturing
• Media and Entertainment
• Others
   

A detailed breakup and analysis of the market based on the industry vertical have also been provided in the report. This includes BFSI, government and public sector, healthcare, IT and telecom, retail, manufacturing, media and entertainment, and others.

Regional Insights:

• London
• South East
• North West
• East of England
• South West
• Scotland
• West Midlands
• Yorkshire and The Humber
• East Midlands
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include London, South East, North West, East of England, South West, Scotland, West Midlands, Yorkshire and The Humber, East Midlands, and Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

UK Cloud Storage Market Report Coverage:

Key Questions Answered in This Report:

• How has the UK cloud storage market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the UK cloud storage market?
• What is the breakup of the UK cloud storage market on the basis of component?
• What is the breakup of the UK cloud storage market on the basis of deployment type?
• What is the breakup of the UK cloud storage market on the basis of user type?
• What is the breakup of the UK cloud storage market on the basis of industry vertical?
• What are the various stages in the value chain of the UK cloud storage market? 
• What are the key driving factors and challenges in the UK cloud storage?
• What is the structure of the UK cloud storage market and who are the key players?
• What is the degree of competition in the UK cloud storage market? 

 Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the UK cloud storage market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the UK cloud storage market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the UK cloud storage industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.