USD 5.11 billion
Cloud Object Storage Market Size, Share, Growth Analysis, By Offering(Storage Type(Block Storage, Object Storage, File Storage), Services(Training and Consulting), By Deployment Model(Public Cloud, Private Cloud, Hybrid Cloud), By Organization Size(Large Enterprises, SMEs), By Vertical(BFSI, Telecommunications, IT & ITeS, Government & Utilities), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45I2152 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
59
|Figures:
75
Cloud Object Storage Market Insights
Cloud Object Storage Market size was valued at USD 5.8 billion in 2022 and is poised to grow from USD 6.5 billion in 2023 to USD 17.98 billion by 2031, growing at a CAGR of 13.4% during the forecast period (2024-2031).
Global Cloud Object Storage Market has been experiencing significant growth and transformation in recent years. With the increasing adoption of cloud services across various industries, cloud object storage has become a critical component of the digital infrastructure. The demand for scalable, flexible, and cost-efficient data storage solutions has been driving the market expansion. Enterprises are increasingly leveraging cloud object storage to handle the soaring volumes of unstructured data generated by IoT devices, social media, and multimedia content. Leading cloud service providers like Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform, and IBM Cloud have been competing fiercely, offering robust and secure cloud object storage solutions with data redundancy and disaster recovery capabilities. Moreover, the integration of AI and machine learning technologies has further enhanced the value proposition of cloud object storage solutions, enabling advanced data analytics and content-based retrieval. However, challenges such as data privacy, regulatory compliance, and network latency in remote regions still need to be addressed. Despite these obstacles, the future prospects for the global market appear promising, as both established players and emerging vendors continue to innovate and cater to diverse business needs. For the latest market trends and developments, I recommend referring to recent reports and industry analyses.
US Cloud Object Storage Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2023-2030
Global Market Size
Largest Segment
Professional
Fastest Growth
Professional
Growth Rate
13.4% CAGR
Global Cloud Object Storage Market ($ Bn)
Country Share for North America Region (%)
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Cloud Object Storage Market Segmental Analysis
Global Cloud Object Storage Market is segmented By Offering, By Deployment Model, By Organization Size, By Vertical and Region. Based on Offering, the market can be segmented into Storage Type(Block Storage, Object Storage, File Storage), Services(Training and Consulting, Integration and Implementation, Support and Maintenance). Based on Deployment Model, the market is segmented into Public Cloud, Private Cloud, Hybrid Cloud. Based on Organization Size, the market is segmented into Large Enterprises, SMEs. Based on Vertical, the market is segmented into BFSI, Telecommunications, IT & ITeS, Government & Utilities, Manufacturing, Retail & Consumer Goods, Media & Entertainment, Healthcare &Life Science, Education, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Cloud Object Storage Market Analysis By Service
The dominant segment in the Global Cloud Object Storage Market is the Professional Services category. Professional services encompass a range of offerings, including consulting, system integration, implementation, and support services. As cloud adoption continues to rise, enterprises require expert assistance to effectively migrate their data to the cloud, optimize storage infrastructure, and ensure seamless integration with existing systems. Professional service providers play a vital role in guiding businesses through their cloud journey, tailoring solutions to specific needs, and addressing complex technical challenges. This segment's dominance is attributed to the growing demand for specialized expertise and customized solutions as organizations seek to harness the full potential of cloud object storage while aligning with their unique operational requirements.
The Managed Services category stands as the fastest-growing segment in the Global Cloud Object Storage Market. Managed service providers offer comprehensive solutions to monitor, manage, and optimize cloud storage environments on behalf of their clients. As cloud object storage deployments become more complex and diverse, businesses are increasingly outsourcing management responsibilities to ensure efficient and reliable operations. Managed services provide advantages like proactive monitoring, 24/7 support, automated backups, and security enhancements, freeing up internal resources and allowing organizations to focus on their core competencies. The rapid growth of this segment is driven by the rising awareness of the benefits of managed services, cost-effectiveness, and the need for hassle-free storage management, especially for small and medium-sized enterprises seeking scalable and secure cloud storage solutions without the burden of day-to-day administration.
Cloud Object Storage Market Analysis By Size
The dominant segment in the Global Cloud Object Storage Market is Large Enterprises. Large enterprises, with their substantial data volumes and complex storage requirements, have been at the forefront of adopting cloud object storage solutions. These organizations are seeking scalable and flexible storage options to handle their ever-growing data sets, applications, and workloads. Additionally, large enterprises often have more resources and budgets to invest in advanced cloud storage solutions, making them the primary drivers of cloud object storage adoption. Their demand for sophisticated features, seamless integration with existing systems, and enhanced security measures has fueled the growth of cloud storage providers catering to this segment.
The Small and Medium Enterprises (SMEs) segment is the fastest-growing category in the Global Cloud Object Storage Market. SMEs are increasingly recognizing the benefits of cloud object storage, such as cost savings, ease of scalability, and reduced maintenance efforts. As cloud technologies become more accessible and affordable, SMEs are overcoming initial hesitations and embracing cloud storage to remain competitive in a digitally-driven business landscape. The growing need for efficient data storage and collaboration tools, coupled with the desire to adopt scalable solutions without significant upfront investments, has propelled the accelerated adoption of cloud object storage among SMEs. As a result, cloud storage providers are targeting this segment with tailored offerings and simplified onboarding processes, contributing to its rapid growth in the market.
Global Cloud Object Storage Market By Service
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Cloud Object Storage Market Regional Insights
The dominant region in the Global Cloud Object Storage Market is North America. North America has been a frontrunner in cloud adoption and technological advancements, driving the widespread adoption of cloud object storage solutions. The region is home to numerous large enterprises and tech-savvy organizations that have been early adopters of cloud technologies. Factors such as the presence of leading cloud service providers, a well-established digital infrastructure, and a strong emphasis on data-driven decision-making have contributed to North America's dominance in the cloud storage market. Moreover, a growing focus on data analytics, IoT, and artificial intelligence has further increased the demand for scalable and efficient cloud object storage solutions in the region.
The Asia Pacific region stands as the fastest-growing region in the Global Cloud Object Storage Market. Asia Pacific has been experiencing significant economic growth and rapid digital transformation across various industries. With the emergence of numerous startups and SMEs, the demand for cloud storage solutions has surged in the region. Governments and businesses are investing heavily in cloud infrastructure, promoting cloud-based initiatives, and fostering a favorable regulatory environment for cloud services. As a result, the Asia Pacific region has witnessed a substantial increase in cloud adoption, making it the fastest-growing market for cloud object storage. The need for cost-effective and scalable storage solutions, combined with the region's burgeoning internet penetration and mobile device adoption, continues to fuel the growth of cloud object storage services in Asia Pacific.
Global Cloud Object Storage Market By Geography
- Largest
- Fastest
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Cloud Object Storage Market Dynamics
Cloud Object Storage Market Drivers
Exponential growth of unstructured data
- One key driver of the Global Cloud Object Storage Market is the exponential growth of unstructured data. With the proliferation of digital content, IoT devices, social media interactions, and multimedia content, organizations are grappling with vast amounts of unstructured data. Cloud object storage offers a scalable and cost-efficient solution to store, manage, and access this data, providing businesses with the flexibility and agility required to handle the data deluge effectively. As the volume of unstructured data continues to grow, the demand for cloud object storage is expected to rise, driving the market's expansion.
Cloud Object Storage Market Restraints
Data security and privacy concerns
- A key restraint of the Global Cloud Object Storage Market is data security and privacy concerns. As data is stored in remote cloud servers managed by third-party providers, businesses may have reservations about the security of their sensitive information. Data breaches, unauthorized access, and potential data loss are significant concerns that hinder some organizations from fully embracing cloud object storage solutions. Addressing these security and privacy issues, ensuring compliance with data protection regulations, and providing robust security measures remain critical challenges that cloud service providers must overcome to foster wider adoption of cloud object storage among risk-averse enterprises.
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Cloud Object Storage Market Competitive Landscape
The competitive landscape of the Global Cloud Object Storage Market is characterized by intense rivalry among leading cloud service providers and technology companies. These players vie for market share by offering a wide array of cloud object storage solutions and services, emphasizing factors such as scalability, data security, cost-effectiveness, and advanced features. Additionally, emerging players and regional cloud storage providers contribute to the market's competitiveness, further diversifying the available offerings. The market's dynamic nature fosters continuous innovation, as competitors invest in research and development to stay ahead and cater to the evolving needs of diverse industries and enterprises. Strategic partnerships, acquisitions, and collaborations are common tactics employed to expand market presence and enhance service portfolios, contributing to the ever-changing landscape of the cloud object storage market.
Cloud Object Storage Market Top Player’s Company Profiles
- Caringo Inc. (US)
- International Data Corporation (US)
- Microsoft Corporation (US)
- Hitachi Data Systems (Japan)
- Data Direct Networks (US)
- NetApp, Inc. (US)
- Google (US)
- Amazon Web Services (US)
- Oracle Corporation (US)
- Rackspace Technology (US)
- Alibaba Cloud (China)
- Tencent Cloud (China)
- Hewlett Packard (HP) (US)
- Wasabi Technologies (US)
- Backblaze (US)
- IBM Cloud (US)
- Box, Inc. (US)
Cloud Object Storage Market Recent Developments
- In May 2022, Snowflake and Dell Technologies announced a groundbreaking partnership, introducing an innovative collaboration that brings together Snowflake's cloud data technology and Dell's on-premise storage solutions. This strategic alliance aims to empower users with enhanced flexibility to operate seamlessly across multi-cloud environments, comply with data sovereignty regulations, and effortlessly convert data into valuable insights for informed decision-making.
Cloud Object Storage Key Market Trends
- Increasing adoption of multi-cloud environments by enterprises: One key market trend in the above market is the increasing adoption of multi-cloud environments by enterprises. As organizations seek to leverage the best features and services from multiple cloud providers, they are embracing multi-cloud strategies. The partnership between Snowflake and Dell Technologies, combining cloud data technology and on-premise storage solutions, aligns with this trend, enabling users to operate more effectively across different cloud platforms while ensuring data sovereignty and accessibility. The demand for seamless integration and management of data across various cloud environments is driving the growth of multi-cloud adoption in the market.
Cloud Object Storage Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Cloud Object Storage Market analysis, the market is witnessing significant growth driven by the increasing adoption of cloud services across various industries. Key players, such as Amazon Web Services, Microsoft Azure, Google Cloud Platform, and IBM Cloud, are fiercely competing, offering comprehensive cloud object storage solutions backed by advanced security measures, data redundancy, and disaster recovery capabilities. The market is segmented based on service into professional and managed services, with the latter experiencing the fastest growth. In terms of company size, large enterprises dominate the market, while the fastest-growing segment is the small and medium enterprises (SMEs). Additionally, North America stands as the dominant region in the market, while Asia Pacific represents the fastest-growing region. Data security and privacy concerns remain a significant restraint in the market, but the exponential growth of unstructured data continues to be a key driver for cloud object storage adoption. The competitive landscape is characterized by intense rivalry among leading cloud service providers and technology companies, fostering continuous innovation and strategic partnerships.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 5.11 billion |
| Market size value in 2030 | USD 15.86 billion |
| Growth Rate | 13.4% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cloud Object Storage Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cloud Object Storage Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cloud Object Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cloud Object Storage Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cloud Object Storage Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cloud Object Storage Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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