Vancouver, British Columbia, May 25, 2021 (GLOBE NEWSWIRE) -- The cloud object storage market size is expected to reach USD 13.65 Billion in 2028 and register a CAGR of 13.6% over the forecast period, according to recent analysis by Emergen Research. Some major factors contributing to market revenue growth are numerous benefits offered by cloud object storage such as durability, scalability, compliance & security, faster data retrieval, and reduction in costs of storing data for enterprises.
Cloud object storage does not depend on directory tree like object based storage. Multiple independent object exists in the same pool. Each object has a unique name that identifies it with the application used for retrieving it. This unique design makes object storage more scalable, reliable, and efficient than all other traditional solutions for static data. Cloud object storage is mainly used for data retrieval and backup and is also suitable for web and mobile applications. Hence, cloud object storage makes it possible to store limitless volumes of unstructured data like videos, audios, images, backups, and logs cost effectively.
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Hybrid cloud deployment is expected to register a significant CAGR during the forecast period. Hybrid clouds combines cloud and on-premises computing environment to create a more efficient business model. Any organization looking to the cloud to address increasing storage capacity requirements and maximize the value of its unstructured data should be considering object storage. Flexibility is essential in deploying hybrid cloud object storage in the era of social media, Internet of Things, and big data analytics because it creates various opportunities for organizations to leverage unstructured data to achieve a competitive business advantage. A hybrid cloud provides organizations multiple advantages such as greater flexibility, reduced costs, interoperability, more deployment options, improved business agility, data acumen, improved productivity, greater security, and compliance compared to public and private deployment.
Some Key Highlights From Report
- In November 2020, Amazon introduced Amazon S3 Storage lens, which was the first cloud storage analytics solution to provide a single view of object storage usage and activity across hundreds, or even thousands, of accounts in an organization, to generate insights at account, bucket, or even prefix level. Amazon S3 is used to store large, shared data sets across ten to thousands of accounts and buckets, multiple regions, and thousands of prefixes. S3 storage also helps to understand, analyze, and optimize storage with interactive dashboards.
- Asia Pacific revenue is expected to register a significantly rapid revenue growth rate among other regional markets in the global cloud object storage market during the forecast period. Rising adoption of cloud-based services by both small and medium enterprises owing to massive scalability and speed of services in countries such as China, India, and Japan are some key factors driving growth of the market in this region. Adopting cloud object storage services will enhance operations and improve corporate flexibility and agility. In addition, various key players are focusing on expanding their presence in the Asia Pacific region. These factors are anticipated to continue to drive growth of the market in the region.
- Key players in Cloud Object Storage Market include Oracle Corporation, Cisco Systems, Inc., Hewlett Packard Enterprise, International Business Machines Corporation, Microsoft Corporation, Hitachi Data System, Google LLC, Amazon Web Services, Inc., Datadirect Networks, and Dell EMC.
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Emergen Research has segmented the cloud object storage market based on deployment, enterprise-size, end-use, and region:
- Deployment Outlook (Revenue, USD Billion; 2018-2028)
- Public Cloud
- Private Cloud
- Hybrid Cloud
- Enterprise Size Outlook (Revenue ,USD Billion; 2018-2028)
- SMEs
- Large Enterprises
- End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Social Media Platforms
- IT & Telecommunication
- BFSI
- Others
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- BENELUX
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Turkey
- Rest of MEA
- North America
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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