How Is The Global Cloud Object Storage Market Defined?
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.
Cloud Object Storage Global Market Report 2024 provides data on the global cloud object storage market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cloud object storage market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Market Size And Growth Rate Of The Global Cloud Object Storage Market Projected?
The cloud object storage market has expanded significantly, growing from $6.99 billion in 2023 to $8.14 billion in 2024, with a compound annual growth rate (CAGR) of 16.4%. This growth is attributed to the surge in data generation, widespread adoption of cloud computing, cost-effectiveness, disaster recovery and business continuity solutions, regulatory compliance, globalization, and remote work trends. The market is expected to reach $14.99 billion by 2028, growing at a CAGR of 16.5%, driven by factors such as the adoption of 5G, hybrid and multi-cloud strategies, data sovereignty laws, cybersecurity concerns, blockchain integration, sustainability initiatives, IoT growth, data monetization, and ongoing technological advancements. Emerging trends include hybrid cloud solutions, scalable and cost-efficient storage, heightened focus on data security and compliance, integration of advanced technologies, and expanded use cases for object storage.
What Are The Primary Growth Drivers In The Cloud Object Storage Market?
The surge in data volume is expected to drive the growth of the cloud object storage market. Data volume refers to the total amount of data stored, processed, or transmitted within a system or network. This increase is driven by the proliferation of internet-connected devices, digital services, and data-intensive technologies like artificial intelligence and IoT. Cloud object storage addresses the challenges of managing large data volumes by offering scalable, cost-effective, and accessible solutions for handling unstructured data generated by modern technologies. For example, a report published by The Linux Foundation in December 2022 highlighted that average end-user data growth reached 2,208 TB in 2022, a 215.43% increase from 700 TB in 2021. Hence, the growing data volume is boosting the cloud object storage market.
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What Is The Segmentation Of The Global Cloud Object Storage Market?
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
What Emerging Trends Are Shaping The Cloud Object Storage Market Landscape?
Major firms in the cloud object storage sector are rolling out high-performance storage solutions with features like key management servers and data firewalls to address rising demands for secure and scalable cloud infrastructure. These solutions ensure data protection and seamless operations for extensive workloads. For instance, in March 2024, MinIO, a US-based object storage provider, introduced the MinIO Enterprise Object Store to support clients managing exabyte-scale data systems. This platform is tailored for high-performance AI applications, offering metadata search, caching, and comprehensive monitoring for reliable and efficient operations.
Which Region Has The Fastest Expansion In The Cloud Object Storage Market?
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.
