Cloud Object Storage Market Research Report - Global Forecast 2027

Cloud Object Storage Market, By Service (Professional Service, Managed Service), By Organization Size (Large Enterprises, Small and Medium Enterprises), By Cloud Deployment (Public, Hybrid), By End-User (Social Media Platforms) – Global Forecast 2027

ID: MRFR/ICT/2858-HCR | February 2021 | Region: Global | 100 pages         

Cloud Object Storage Market

The Cloud Object Storage Market is generating a higher market value of USD136.23 Billion by the end of the year 2027. Further, it has expectations to generate a 21.29% CAGR of market revenue from 2020 to 2027

Segmentation

By Services Professional Service Managed Service
By Organization Size Large Enterprises Small and Medium Enterprises
By Cloud Deployment Public Hybrid

Key Players

  • Dell EMC (U.S.)
  • International Business Machines Corporation (U.S.)
  • Hewlett-Packard Enterprise (U.S.)
  • Caringo Inc. (U.S.)
  • Hitachi Data Systems (U.S.)
  • Datadirect Networks (U.S.)
  • Netapp Inc. (U.S.)
  • International Data Corporation (U.S.)
  • Microsoft Corporation (U.S.)
  • Google (U.S.)

Drivers

  • Technologically upgraded services
  • Cost-effective cloud services
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Market Overview


The Cloud Object Storage Market is generating a higher market value of USD 6 Billion by the end of the year 2023. Further, it has expectations to generate a 14% CAGR of market revenue from 2017 to 2023. Small and medium enterprises have adopted cloud-based services. The presence of major market players in the North American region is dominating the Cloud Object Storage Industry. The increasing data volumes from various verticals and technologies such as big data analytics, the internet of things, and cloud computing are some of the major factors that are boosting up the Cloud Object Storage Market in this region. Apart from that, the Asia-Pacific region is expected to increase its demand in the forecast period of 2023 due to the increasing big data analysis and rising adoption of its services.


The Market for Cloud Object Storage is segmented based on the organization size, service, cloud deployment, and end-user. Therefore, the cloud solution is increasing its demand by focusing on core business competencies. The enterprises are getting solutions for efficiently managing storage and privacy issues, data protection and security, providing information related to governance, and offering data integrity. The increasing expansion of professional and managed services, increasing demand for technologically upgraded services, and increasing awareness about cost-effective cloud services are the major growth factors for the Cloud Object Storage Market.


The market report has highlighted the overall growth and development of the global Cloud Object Storage Market across various regions. The report has given focused on the regional overview, market overview, segmental overview, COVID-19 analysis, and competitor analysis to understand the product and services demand across the regions. This report also explained the recent developments in the Global Cloud Object Storage Market to understand the growth aspects across the regions.


COVID-19 Analysis


The ongoing pandemic had brought a positive impact on the Global Cloud Object Storage Industry. The growing work from home trends, business continuity challenges, and global lockdowns has enhanced the growth of the global market. Hence, the adoption of cloud storage solutions across various enterprises to meet up the business continuity, storing their data, and running their workloads has become ease their work process. This has boost up the global market's Cloud Object Storage Business in the forecast period.


According to the Market Research Report, the increasing demand for services including support, consulting, integration, training, maintenance, and implementation are increasing the more opportunities for the global Cloud Object Storage Business. Therefore, cloud object storage has enhanced its growth due to its flexibility, scalability, and ubiquitous availability benefits.


Market Overview



  • Major Drivers of the Market


The increasing expansion of professional and managed services, increasing demand for technologically upgraded services, and increasing awareness about cost-effective cloud services are the major growth factors for the Cloud Object Storage Market. Another major growth driving factor is increasing data volumes across enterprises.


Therefore, the Cloud Object Storage Market Research Report explains that the demand of the global market is increasing day by day and bringing more scope and opportunities for the global market.



  • Opportunity for the Global Market


The adoption of AI to improve data quality is bringing more opportunities for the Cloud Object Storage Market because data integrity and data sprawl issues are rising among companies nowadays. Hence, the global market is giving more solutions like Artificial Intelligence (AI) and Machine Learning (ML) capabilities to the companies.


According to the Cloud Object Storage Market Research Report, the increasing demand for services including support, consulting, integration, training, maintenance, and implementation are increasing the more opportunities for the global Cloud Object Storage Business.



  • Market Restraints


The egress costs associated with public cloud environments and the lifetime storage can be a restraint for the Cloud Object Storage Market. Another restraint can be the rise of networking costs and latency issues associated with regional production.


Hence, the Cloud Object Storage Market Players have implied various suitable measures and promotional strategies to fight the market restraints. Therefore, the increasing demand for cloud object storage is expected to generate higher market growth for the reviewed period.



  • Market Growth Challenges


The Cloud Object Storage Market might face challenges due to data privacy and security concerns. Another challenge can be eliminating the regional boundaries to produce high-quality cloud object storage as per the increasing demands.


Hence, the global market is in need to involve more Cloud Object Storage Market Players across various regions to offer high-quality cloud object storage as per the increasing demands.



  • Cumulative Growth Analysis


The Cloud Object Storage Market is generating a higher market value of USD 6 Billion by the end of the year 2023. Further, it has expectations to generate a 14% CAGR of market revenue from 2017 to 2023.


Hence, the global market has involved more Cloud Object Storage Market Players across various regions to offer high quality of cloud object storage as per the increasing demands for the forecast period.


Market segmentation Overview



  • By Services:


Based on the services segmentation, the global Cloud Object Storage Market has been classified into two types of services: Support and Maintenance Service and Professional Service.


All these service types boost the global market's growth by providing better quality and functions.



  • By Organisation sizes:


According to the organization size segment, the global COS Market has been classified into Small & Medium Enterprises (SMEs) and Large Enterprises.


The Small and Medium-Sized Enterprises (SMEs) segment is predicted to generate a higher market share for the forecast period.



  • By Cloud Deployment:


According to the cloud deployment segmentation, the global Cloud Object Storage Market has been classified into Private Cloud, Hybrid Cloud, and Public Cloud.


All the Cloud Object Storage Market Segments are playing an important role in enhancing the growth of the global market across the regions.



  • By End-users:


According to the end-users segmentation, the global Cloud Object Storage Market has been segmented based on the BFSI, Social Media Platforms, IT & Telecommunication, and Others.


The BFSI segment is predicted to increase the Cloud Object Storage Market Size for the forecast period among all these end-users.


Regional Analysis


According to the regional analysis, the global Cloud Object Storage Market has its business across various regions such as Europe, South America, Asia-Pacific, North America, and other parts of the world.


The presence of major market players in the North American region is dominating the Cloud Object Storage Market. The increasing data volumes from various verticals and technologies such as big data analytics, the internet of things, and cloud computing are some of the major factors that are boosting up the Cloud Object Storage Industry in this region. Apart from that, the Asia-Pacific region is expected to increase its demand in the forecast period of 2023 due to the increasing big data analysis and rising adoption of its services.


Competitive Analysis


The global Cloud Object Storage Market has various key players across the regions. These major key players are:



  • Hewlett-Packard Enterprise (U.S.),

  • Caringo Inc. (U.S.),

  • Dell EMC (U.S.),

  • International Business Machines Corporation (U.S.),

  • International Data Corporation (U.S.),

  • Microsoft Corporation (U.S.),

  • Hitachi Data Systems (U.S.),

  • Data Direct Networks (U.S.),

  • Netapp, Inc. (U.S.),

  • Google (U.S.) 


These key players are increasing the demand for services, including support, consulting, integration, training, maintenance, and implementation, increasing the more opportunities for the global Cloud Object Storage Business.


Recent Developments



  • The IBM Corporation is offering the widest and most flexible ranges of object storage solutions in the global market.

  • For ultra-high durability of the data, Hewlett-Packard Enterprises has designed cloud object storage technology.


Report Overview


The Cloud Object Storage Market report has highlighted the overall growth and development of the global Cloud Object Storage Market Trends across various regions. The report has given focused on the regional overview, market overview, segmental overview, COVID-19 analysis, and competitor analysis to understand the product and services demand across the regions. This report also explained the recent developments in the Cloud Object Storage Industry to understand the growth aspects across the regions.


Segmental Table:


By Services



  • Support and Maintenance Service

  • Professional Service


By Organisation Sizes



  • Small & Medium Enterprises (SMEs)

  • Large Enterprises


By Cloud Deployment



  • Private Cloud,

  • Hybrid Cloud,

  • Public Cloud


By End-users



  • BFSI,

  • Social Media Platforms,

  • IT & Telecommunication,

  • Others



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 6 Billion (2023)
  CAGR   14% (2017-2023)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Service, By Organization Size, By Cloud Deployment
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Dell EMC (U.S.), International Business Machines Corporation (U.S.), Hewlett-Packard Enterprise (U.S.), Caringo Inc. (U.S.), Hitachi Data Systems (U.S.), Datadirect Networks (U.S.), Netapp, Inc. (U.S.), International Data Corporation (U.S.), Microsoft Corporation (U.S.), Google (U.S.)
  Key Market Opportunities

  • The cloud based services is adopted by both small and medium enterprises. \r\n
  • The factors contributing towards the growth of cloud services in the region is the increasing data volumes from various vertical and technologies such as cloud computing.
  •   Key Market Drivers   The major growth driver of cloud object storage market includes growing demand for technologically upgraded services, growing expansion of professional and managed services and increasing awareness about cost-effective cloud services among others.


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    Frequently Asked Questions (FAQ) :

    The global cloud object storage market can reach a valuation of USD 6 billion by 2023.

    The global cloud object storage market is predicted to exhibit 14% CAGR from 2017 to 2023.

    The huge need for storing unstructured data, expansion of professional and managed services, and awareness of cloud services can drive the global cloud object storage market.

    North America can lead the global cloud object storage market owing to small and medium enterprises adopting cloud for management and storage of unstructured dat

    Netapp, Inc., International Data Corporation, Microsoft Corporation, International Business Machines Corporation, Hitachi Data Systems, Caringo Inc., Google, Datadirect Networks, Hewlett-Packard Enterprise, and Dell EMC are key cloud object storage providers operating globally.