Cloud object storage is a type of data storage service provided by cloud computing platforms. It stores data as objects within a flat hierarchy, typically accessed via hypertext transfer protocol (HTTP) or application programming interface (API) calls. Object storage offers scalability, durability, and flexibility for storing large volumes of unstructured data, such as images, videos, and backups.
Sizing and Forecast
The cloud object storage market size has grown rapidly in recent years. It will grow from $6.99 billion in 2023 to $8.14 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The growth in the historic period can be attributed to data explosions, the adoption of cloud computing, cost-effectiveness, disaster recovery and business continuity, regulatory compliance, globalization, and remote work.
The cloud object storage market size is expected to see rapid growth in the next few years. It will grow to $14.99 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to 5G adoption, data sovereignty laws, hybrid and multi-cloud strategies, cybersecurity concerns, blockchain technology, sustainability initiatives, digital transformation, Internet of Things (IoT), data monetization, continued technological innovations, market competition. Major trends in the forecast period include the adoption of hybrid cloud solutions, scalable and cost-effective storage solutions, emphasis on data security and compliance, integration of advanced technologies, and expansion of object storage capabilities for diverse use cases.
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Segmentation & Regional Insights
The cloud object storage market covered in this report is segmented –
1) By Service: Professional Services, Managed Services
2) By Deployment: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organization Size: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By End User: Social Media Platforms, Banking, Financial Services, And Insurance (BFSI), Information Technology And Telecommunication, Healthcare, Others End Users
North America was the largest region in the cloud object storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud object storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increase in the volume of data is expected to propel the growth of the cloud object storage market going forward. Data volume refers to the amount of data stored, processed, or transmitted within a given system, network, or storage medium. The increase in the volume of data is primarily driven by the proliferation of internet-connected devices, digital services, and the growing use of data-intensive technologies like artificial intelligence and IoT. Cloud object storage is used to manage the increasing volume of data because it provides scalable, cost-effective, and accessible storage solutions for vast amounts of unstructured data generated by modern digital technologies. For instance, in December 2022, according to a report published by The Linux Foundation, a US-based non-profit consortium, data growth for an average end-user organization reached a significant 2,208 TB in 2022, an increase of 215.43%, or three times the 700 TB in 2021. Therefore, an increase in the volume of data is driving the growth of the cloud object storage market.
Key Industry Players
Major companies operating in the cloud object storage market are Google LLC, Microsoft Corporation, Dell Technologies Inc., Amazon Web Services Inc., Hitachi Vantara LLC, International Business Machines Corporation, Oracle Corporation, Fujitsu Limited, Hewlett Packard Enterprise Company, NetApp Inc., Iron Mountain Incorporated, Rackspace Technology Inc., Box Inc., Alibaba Cloud Computing Co. Ltd., International Data Corporation, Quantum Corporation, DataDirect Networks Inc., Backblaze Inc., Cloudian Inc., Scality Inc., Wasabi Technologies Inc., Zadara Storage Inc., Caringo Inc., MinIO Inc., Aruba S.p.A., Elastifile Inc., OSNEXUS Corporation
The cloud object storage market report table of contents includes:
1. Executive Summary
2. Cloud Object Storage Market Characteristics
3. Cloud Object Storage Market Trends And Strategies
4. Cloud Object Storage Market – Macro Economic Scenario
5. Global Cloud Object Storage Market Size and Growth
…
32. Global Cloud Object Storage Market Competitive Benchmarking
33. Global Cloud Object Storage Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cloud Object Storage Market
35.Cloud Object Storage Market Future Outlook and Potential Analysis
36. Appendix
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