The cloud object storage global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Cloud Object Storage Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Cloud Object Storage Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Cloud Object Storage Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the cloud object storage market are focusing on high-performance object storage solutions with advanced features, such as key management servers and data firewalls, to meet the growing demand for efficient and reliable storage solutions in the cloud environment. Key management servers and data firewalls refer to the integration of systems responsible for securely managing cryptographic keys and enforcing access control policies to protect sensitive data from unauthorized access or breaches. For instance, in March 2024, MinIO., a US-based high-performance object storage system, launched the MinIO Enterprise Object Store, catering to commercial clients seeking streamlined creation and administration of exabyte-scale data infrastructure. Leveraging MinIO’s renowned technical expertise in object storage, this new solution is purpose-built to address the performance and scalability requirements posed by extensive AI workloads. MinIO’s Enterprise solutions streamline object storage management with features like the Catalog for efficient metadata search, Cache for high-performance AI workloads, and Observability for comprehensive system monitoring, ensuring smooth operations and compliance adherence.
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
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Regional Insights –
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.
Key Companies –
Major companies operating in the cloud object storage market are focusing on high-performance object storage solutions with advanced features, such as key management servers and data firewalls, to meet the growing demand for efficient and reliable storage solutions in the cloud environment. Key management servers and data firewalls refer to the integration of systems responsible for securely managing cryptographic keys and enforcing access control policies to protect sensitive data from unauthorized access or breaches. For instance, in March 2024, MinIO., a US-based high-performance object storage system, launched the MinIO Enterprise Object Store, catering to commercial clients seeking streamlined creation and administration of exabyte-scale data infrastructure. Leveraging MinIO’s renowned technical expertise in object storage, this new solution is purpose-built to address the performance and scalability requirements posed by extensive AI workloads. MinIO’s Enterprise solutions streamline object storage management with features like the Catalog for efficient metadata search, Cache for high-performance AI workloads, and Observability for comprehensive system monitoring, ensuring smooth operations and compliance adherence.
Table of Contents
1. Executive Summary
2. Cloud Object Storage Market Report Structure
3. Cloud Object Storage Market Trends And Strategies
4. Cloud Object Storage Market – Macro Economic Scenario
5. Cloud Object Storage Market Size And Growth
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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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