Report Details:
15 Companies Covered
100 Pages
Growing Data Generation and Need for Secure Storage Will Positively Impact the Global Cloud Object Storage Market at a CAGR of 11.68% During the Forecast Period 2025 to 2035
Market Research Future (MRFR) has published a cooked research report on the “Global Cloud Object Storage Market” that contains information from 2019 to 2035. The Cloud Object Storage Market is estimated to register a CAGR of 11.68% during the forecast period of 2025 to 2035.
MRFR recognizes the following companies as the key players in the Global Cloud Object Storage Market: Hewlett-Packard Enterprise, Caringo Inc., Dell EMC, International Business Machines Corporation (IBM), Microsoft Corporation, Hitachi Data Systems, Data Direct Networks, NetApp Inc., Google, and International Data Corporation (IDC).
Market Highlights
The Global Cloud Object Storage Market is projected to reach USD 25.62 billion by 2035, growing from USD 7.60 billion in 2024. This represents a CAGR of 11.68% over the projected period.
The principal factor contributing to this growth is the demand for data security and regulatory compliance. Additional factors include the rapid growth of cloud technologies and the increasing amounts of data generated internationally. Along with the need for scalable and affordable cloud solutions, digital transformation initiatives in the BFSI, Healthcare, and IT & Telecommunication sectors are drivers of cloud storage adoption.
The high availability, durability, and scalability of cloud object storage solutions are attractive to businesses as a substitute for legacy storage infrastructures. Businesses are using cloud object storage to balance the needs of remote workflows and operational flexibility by providing a higher level of IT service for unstructured data.
The growing adoption of AI and IoT is fueling demand for advanced cloud object storage services. Technologies for video analytics, remote sensing, and autonomous systems produce advanced workloads that require powerful cloud storage solutions. Huawei Cloud, for instance, announced new features for lifecycle management and compliance as part of its 2024 enhanced object storage services that are optimized for high-throughput AI and IoT workloads.
Along with key partnerships, public cloud projects are also defining the competitive environment. For instance,
•To support e-commerce and smart city development, Alibaba Cloud will implement larger storage clusters in Q2 2024.
•In Q2 2024, Tencent Cloud will broaden cross-border storage services for digital trade and media streaming services.
•Hyperscale object storage will be used for digital health records to be implemented in Q2 2024 by the Indian government to provide secure and scalable health data management.
These projects reveal the strategic importance of cloud object storage to enterprises supporting autonomous vehicles and digital banking.
Segment Analysis
The Global Cloud Object Storage Market has been segmented based on Service, Organization Size, Cloud Deployment, End User, and Region.
By Service:
The market is segmented into Professional Services and Managed Services. The Professional Services segment dominated the global market in 2022 due to the growing demand for deployment assistance, system integration, and technical support among enterprises transitioning to cloud infrastructure.
By Organization Size:
The market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). The Large Enterprises segment held the dominant share in 2022, driven by increasing adoption of cloud-based solutions to handle extensive datasets, remote workforce management, and enterprise-wide digital transformation.
By Cloud Deployment:
The market is segmented into Public Cloud, Private Cloud, and Hybrid Cloud. The Public Cloud segment dominated in 2022, benefiting from cost efficiency, scalability, and continuous innovation by cloud service providers. However, the Private Cloud segment is expected to grow steadily, supported by organizations emphasizing enhanced data security and control.
By End User:
The market is segmented into Social Media Platforms, BFSI, IT & Telecommunications, Healthcare, and Others. The BFSI segment dominated in 2022 due to the digitalization of banking services, including online transactions, mobile wallets, and e-payments, which require secure and scalable storage models. For instance, in February 2021, Global Financial Services and Google Cloud partnered to address data and security vulnerabilities using AI-based cloud platforms.
Region Analysis
The Cloud Object Storage Market is organized by Region into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Within North America, 2022 gross 45.8% of the global market was attributed to the region. This is due to the market being the most sophisticated and having the most advanced IT infrastructure, research and development spending, and market leading technology companies. Within North America, the U.S. market held the largest market share, and Canada was the region's fastest growing country.
Germany has the largest share of the cloud computing, AI, and digitalization technology adopted, and ML and IoT shipped the most market share to Europe in 2022. Within Europe, the U.K. market was the fastest growing, while Germany held the largest market share.
To the Asia Pacific region, 2025 to 2035 is the forecasted high growth period due to rapid digitalization followed by governmental instated cloud data infrastructure focused policies, and widespread cloud technology adoption by SMEs. Within the region, India is the fastest growing country. China, India and Japan are also major contributors.
As forecasted, growth in South America and Middle East & Africa has and is going to be attributed to increased digital trading, enterprise cloud technology adoption, and inter market trade. Emerging markets expect improved inter or intra connectivity to further accelerate growth.
Key Findings of the Study
- The Global Cloud Object Storage Market is expected to reach USD 25.62 billion by 2035, growing at a CAGR of 11.68% during the forecast period.
- North America accounted for the largest market share, while the Asia Pacific is the fastest-growing regional market.
- Based on Service, the Professional Services segment dominated the market in 2022.
- Based on Cloud Deployment, the Public Cloud segment was attributed to holding the largest market share in 2024.
- Based on End User, the BFSI segment was attributed to holding the largest share in 2024.
- Key players such as Hewlett-Packard Enterprise, Caringo Inc., Dell EMC, IBM Corporation, Microsoft Corporation, Hitachi Data Systems, Data Direct Networks, NetApp Inc., and Google are actively expanding their portfolios through innovation, collaborations, and regional expansion.
Report Link- https://www.marketresearchfuture.com/reports/cloud-object-storage-market-4202