Global Cloud Compute & Storage Growth – Why Consumption Is Accelerating

Cloud computing has become the backbone of the global digital economy. Enterprises across industries are steadily migrating workloads from on‑premise infrastructure to cloud‑based compute and storage platforms to achieve scalability, resilience, and operational efficiency.

According to Synergy Research Group, global cloud infrastructure services revenue exceeded USD 330 billion in 2024, reflecting sustained double‑digit growth driven by structural demand rather than short‑term market cycles ^[1].

The Untapped Market Opportunity

Despite widespread adoption, a significant portion of enterprise workloads remains outside public and hybrid cloud environments. Goldman Sachs estimates that cloud computing markets are expected to grow at over 20% CAGR through 2030, indicating a long runway for increased infrastructure consumption ^[2].

Data Generation as a Growth Driver

Data generation is another key growth driver. The proliferation of video content, enterprise collaboration tools, IoT devices, analytics platforms, and regulatory data retention requirements has led to exponential growth in unstructured data.

Omdia projects that global cloud storage services revenue will more than double by 2028, supported by rising demand for scalable storage solutions ^[3].

Essential Infrastructure for Modern Commerce

Cloud infrastructure also supports mission‑critical services such as digital payments, e‑commerce platforms, enterprise SaaS applications, and content delivery networks. As economies become increasingly digital‑first, cloud compute and storage are widely regarded as essential infrastructure supporting modern commerce and governance.