Market Synopsis:
The global Cloud Object Storage Market Growth, according to Market Research Future (MRFR)’s report, is projected to scale a stellar CAGR of 14% during the forecast period 2017 to 2023. The global market is poised to touch a valuation of USD 6 Bn by the end of 2023. The report indicates that a rapid shift towards the cloud storage and conveniently accessible data is primarily responsible for driving the growth of the cloud object storage market in the upcoming years.
The technological innovations provided by the key players such as HP’s Open Stack technology, IBM’s most flexible portfolio of cloud object storage solutions, etc. are likely to boost the growth trajectory of the cloud object storage market over the next couple of years. Furthermore, the availability of different deployment models has unleashed various opportunities in the market.
The market is at a nascent stage and is likely to be penetrated by new entrants in the upcoming years. This, in turn, has been prognosticated to have a favorable impact on the proliferation of the cloud object storage market across the forecast period. However, the security and privacy issues are anticipated to check the expansion of the cloud object storage market over the next couple of years.
Market Segmentation:
By Service, the cloud object storage market has been segmented into professional service, and managed service.
By organization size, the cloud object storage market has been segmented into large enterprises, and small & medium enterprises
By cloud deployment, the global cloud object storage market has been segmented into public cloud, hybrid cloud, and private cloud.
By end-user, the cloud object storage market has been segmented into social media platforms, IT & telecommunication, BFSI, and others.
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Regional Analysis:
By region, the global cloud object storage market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is presumed to lead the expansion of the global market through the projection period. The consolidation of key players in the region is likely to aid the proliferation of the cloud object storage market in the region across the review period. In addition, the large-scale inflow and outflow of massive data has intensified the adoption of cloud storage services in the region among both large as well as small & medium enterprises. Meanwhile, Asia Pacific is also expected to resonate strong opportunities and exhibit drastic rise in growth curve of the cloud object storage market.
Competitive Dashboard:
Some of the major players participating in the cloud object storage market are International Business Machines Corporation (U.S.), Dell EMC (U.S.), Hewlett-Packard Enterprise (U.S.), Hitachi Data Systems (U.S.), Caringo Inc. (U.S.), Datadirect Networks (U.S.), International Data Corporation (U.S.), Netapp, Inc. (U.S.), Microsoft Corporation (U.S.), and Google (U.S.).
Industry News:
In October 2018, Elastifile, a cloud file system startup, has announced the addition of automated tiering to its cloud object storage.
In January 2019, the leading developer of grid-scale software-defined storage solutions, OSNEXUS, announced that a next-generation scalable storage management platform, QuantaStor 5, will now be available with new upgrades and integrations offering hyperscale storage technology, advanced analytics, automation.
In January 2019, the global leader in storage and information management services, Iron Mountain Incorporated®, announced the launch of Iron Mountain® Iron Cloud™ Object Storage in Canada for the expansion of its cloud portfolio.
In January 2019, a leader in backup solutions that facilitates Intelligent Data Management, has announced that new Veeam Availability Suite 9.5 Update 4 will come with cloud data management capabilities.
In February 2019, Microsoft, an American multinational technology company, has announced the rolling out of Azure Data Lake Storage Gen2 and Azure Data Explorer for commercial use.
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