Global Cloud Object Storage Market Size By Service (Professional Services, Managed Services), By Organization Size (Large Enterprises, Small And Medium Enterprises (SMEs), By End-User (Social Media Platforms, BFSI), By Geographic Scope And Forecast
Report ID: 36410|No. of Pages: 202
Global Cloud Object Storage Market Size By Service (Professional Services, Managed Services), By Organization Size (Large Enterprises, Small And Medium Enterprises (SMEs), By End-User (Social Media Platforms, BFSI), By Geographic Scope And Forecast
Cloud Object Storage Market Size And Forecast
Cloud Object Storage Market size was valued at USD 6.77 Billion in 2024 and is projected to reach USD 22.33 Billion by 2031, growing at a CAGR of 16% from 2024 to 2031.
- Cloud Object Storage is a data storage architecture that allows users to store and manage large amounts of unstructured data in a scalable and cost-effective manner. Unlike traditional file systems or block storage, cloud object storage organizes data into discrete units called objects, which include the data itself, metadata, and a unique identifier.
- This type of storage is commonly used for a variety of applications, including backups, archives, and big data analytics, providing high durability and accessibility over the internet.
- The future of cloud object storage is poised for significant growth as organizations increasingly adopt cloud-native solutions and seek scalable storage options to handle the exponential rise in data generated by IoT, AI, and machine learning applications.
Global Cloud Object Storage Market Dynamics
The key market dynamics that are shaping the global cloud object storage market include:
Key Drivers
- Rising Data Explosion: The rapid increase in data generated by digital activities, IoT devices, and AI applications drives the demand for scalable and flexible cloud object storage solutions to manage and store vast amounts of unstructured data. According to the U.S. Bureau of Economic Analysis, the digital economy accounted for 10.2% of U.S. GDP in 2023, up from 9.8% in 2022, indicating significant growth in digital activities and associated data generation.
- Cost Efficiency: Cloud object storage offers a cost-effective solution by providing pay-as-you-go pricing models, reducing the need for large capital investments in physical hardware and minimizing operational expenses. The U.S. Government Accountability Office reported in late 2023 that federal agencies adopting cloud storage solutions, including object storage, saw an average cost reduction of 23% compared to on-premises storage over a three-year period.
- Scalability and Flexibility: The ability to scale storage capacity up or down based on demand without needing physical infrastructure is a key driver, enabling organizations to efficiently handle fluctuating data volumes. For instance, in April 2024, Cloudflare announced a new edge computing integration with its R2 object storage, allowing for dynamic scaling based on regional demand.
- Enhanced Data Accessibility: Cloud object storage provides global access to data through the internet, facilitating remote work and collaboration by allowing users to access and share data from any location. For instance, in February 2024, Box launched a new feature allowing direct integration of its cloud object storage with popular productivity suites, enhancing collaborative workflows.
Key Challenges:
- Data Security Concerns: Storing sensitive information in the cloud raises concerns about data breaches and unauthorized access, requiring robust encryption and security measures to ensure data protection.
- Compliance and Regulatory Issues: Adhering to various data protection regulations and compliance standards can be challenging, as different regions have specific requirements for data storage and handling.
- Vendor Lock-In: Dependence on a single cloud service provider can lead to vendor lock-in, making it difficult to migrate data or switch providers without incurring significant costs and potential service disruptions.
- Latency and Performance Issues: Although cloud object storage offers high availability, latency in data access and performance issues can arise, especially with large-scale data retrieval or in remote geographic locations.
Key Trends
- Multi-Cloud and Hybrid Cloud Adoption: Increasingly, organizations are using multi-cloud and hybrid cloud strategies to leverage the strengths of different cloud providers, improve data redundancy, and enhance flexibility in managing cloud object storage. The National Institute of Standards and Technology (NIST) reported in early 2024 that organizations using multi-cloud strategies saw an average of 24% improvement in data availability and disaster recovery capabilities.
- Enhanced Security Features: There is a growing emphasis on advanced security measures, such as end-to-end encryption, data masking, and access controls, to protect data stored in the cloud and meet stringent regulatory requirements. For instance, in April 2024, Amazon Web Services (AWS) introduced “AWS PrivateLink” for S3, allowing customers to access S3 through a private endpoint within their VPC, enhancing security and compliance.
- Integration with AI and Machine Learning: Cloud object storage is increasingly integrated with AI and machine learning technologies to enable advanced data analytics, automate data management, and derive actionable insights from large volumes of unstructured data. According to the U.S. Bureau of Labor Statistics, jobs requiring skills in both cloud technologies and AI/ML grew by 35% in 2023, highlighting the increasing integration of these fields.
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Global Cloud Object Storage Market Regional Analysis
Here is a more detailed regional analysis of the global cloud object storage market:
North America
- North America leads the global cloud object storage market, reflecting significant growth and market dominance. According to a report from the U.S. Department of Commerce published in June 2024, the region holds a commanding 42% share of the global cloud object storage market. This dominance is attributed to widespread adoption of cloud technologies by businesses seeking scalable and cost-effective storage solutions.
- Recent data from the Bureau of Economic Analysis (BEA) released in August 2024 highlights a 14% increase in cloud object storage investments in North America over the past year. This surge is driven by the growing need for data management and backup solutions across various industries, including finance and healthcare. Key market players such as Amazon Web Services (AWS) and Microsoft Azure are significantly contributing to this growth through continuous innovation and expanded service offerings.
Asia Pacific
- Asia-Pacific is experiencing rapid growth in the cloud object storage market, demonstrating a strong expansion trajectory. According to a report from the Asia-Pacific Economic Cooperation (APEC) published in July 2024, the region’s market share in cloud object storage has increased to 30% of the global total. This growth is driven by the rising adoption of digital services and the need for scalable storage solutions across diverse industries in countries like China and India.
- Recent statistics from the Asian Development Bank (ADB) in August 2024 reveal a 16% year-over-year increase in cloud object storage investments across Asia-Pacific. This surge is largely due to the burgeoning tech ecosystem and increasing digital transformation initiatives within the region. Leading companies such as Alibaba Cloud and Tencent Cloud are actively expanding their cloud infrastructure to cater to the growing demand for storage solutions.
Global Cloud Object Storage Market: Segmentation Analysis
The Global Cloud Object Storage Market is segmented based on Service, Organization Size, End-User, And Geography.
Cloud Object Storage Market, By Service
- Professional Services
- Managed Services
Based on Service, the Global Cloud Object Storage Market is bifurcated into Professional Services and Managed Services. Managed Services currently dominate the cloud object storage market due to their comprehensive offerings that include ongoing support, maintenance, and optimization of cloud storage environments, which are crucial for organizations with extensive data management needs. However, Professional Services are the rapidly growing segment, driven by the increasing demand for specialized expertise in cloud migration, implementation, and customization. As businesses seek to optimize their cloud storage solutions and ensure a smooth transition to cloud environments, the need for tailored professional services is expanding swiftly.
Cloud Object Storage Market, By Organization Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
Based on Organization Size, the Global Cloud Object Storage Market is bifurcated into Large Enterprises and Small & Medium Enterprises (SMEs). Large enterprises dominate the cloud object storage market due to their significant data storage needs, extensive IT infrastructure, and higher budgets for advanced cloud solutions. These organizations leverage cloud object storage for its scalability and flexibility to manage vast amounts of data. On the other hand, Small & Medium Enterprises (SMEs) are the rapidly growing segment, as they increasingly adopt cloud solutions to gain cost-effective, scalable storage options without the need for extensive on-premises infrastructure. The shift to cloud storage among SMEs is driven by the need for affordable, easily manageable solutions to support their growing data requirements.
Cloud Object Storage Market, By End-User
- Social Media Platforms
- Banking, Financial Services and Insurance (BFSI)
- IT & Telecommunication
- Healthcare
Based on End-User, the Global Cloud Object Storage Market is bifurcated into Social Media Platforms, Banking, Financial Services and Insurance (BFSI), IT & Telecommunication, Healthcare. IT & Telecommunication is the dominant segment in the cloud object storage market due to the sector’s extensive need for scalable, flexible storage solutions to handle large volumes of data generated by network operations, applications, and customer interactions. Conversely, the Healthcare sector is experiencing rapid growth, driven by the increasing use of cloud storage for managing patient records, medical imaging, and research data. The demand for secure, compliant, and easily accessible storage solutions in healthcare is fueling its swift expansion in the cloud object storage market.
Cloud Object Storage Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
Based on Geography, the Global Cloud Object Storage Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. North America is the dominant segment in the cloud object storage market due to its advanced technological infrastructure, early adoption of cloud solutions, and high concentration of major cloud service providers. However, Asia Pacific is the rapidly growing region, driven by the region’s expanding digital economy, increasing adoption of cloud technologies by enterprises, and significant investments in IT infrastructure. The rapid economic development and rising demand for scalable storage solutions in emerging markets contribute to the accelerated growth of cloud object storage in Asia Pacific.
Key Players
The “Global Cloud Object Storage Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Caringo, Inc., Dell EMC, International Business Machines Corporation, International Data Corporation Hitachi Data Systems, Data Direct Networks, Netapp, Inc., and IBM Cloud.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Global Cloud Object Storage Market Key Developments
- In February 2023, Amazon Web Services (AWS) announced the launch of Amazon S3 Intelligent-Tiering Archive Access, a new storage class for Amazon S3 that offers cost-effective and automated data archiving. This new class is designed to optimize storage costs for infrequently accessed data while ensuring rapid retrieval when needed.
- In May 2023, Google Cloud introduced a major update to its Cloud Storage service with the addition of integrated machine learning capabilities. This update includes AI-driven analytics tools that help users automatically categorize and manage their data, enhancing data accessibility and operational efficiency.
Report Scope
| Report Attributes | Details |
|---|---|
| Study Period | 2021-2031 |
| Base Year | 2024 |
| Forecast Period | 2024-2031 |
| Historical Period | 2021-2023 |
| Unit | Value(USD Billion) |
| Key Companies Profiled | Caringo, Inc., Dell EMC, International Business Machines Corporation, International Data Corporation Hitachi Data Systems, Data Direct Networks, Netapp, Inc., and IBM Cloud. |
| Segments Covered | By Service, By Organization Size, By End-User, And By Geography. |
| Customization Scope | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Research Methodology of Verified Market Research
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL CLOUD OBJECT STORAGE MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL CLOUD OBJECT STORAGE MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
5 GLOBAL CLOUD OBJECT STORAGE MARKET, BY SERVICE
5.1 Overview
5.2 Professional Services
5.3 Managed Services
6 GLOBAL CLOUD OBJECT STORAGE MARKET, BY ORGANIZATION SIZE
6.1 Overview
6.2 Large Enterprises
6.3 Small & Medium Enterprises (SMEs)
7 GLOBAL CLOUD OBJECT STORAGE MARKET, BY CLOUD DEPLOYMENT
7.1 Overview
7.2 Public Cloud
7.3 Private Cloud
7.4 Hybrid Cloud
8 GLOBAL CLOUD OBJECT STORAGE MARKET, BY END- USER
8.1 Overview
8.2 Social Media Platforms
8.3 Banking, Financial Services and Insurance (BFSI)
8.4 IT & Telecommunication
8.5 Healthcare
9 GLOBAL CLOUD OBJECT STORAGE MARKET, BY GEOGRAPHY
9.1 Overview
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 U.K.
9.3.3 France
9.3.4 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 Japan
9.4.3 India
9.4.4 Rest of Asia Pacific
9.5 Rest of the World
9.5.1 Latin America
9.5.2 Middle East & Africa
10 GLOBAL CLOUD OBJECT STORAGE MARKET COMPETITIVE LANDSCAPE
10.1 Overview
10.2 Company Market Ranking
10.3 Key Development Strategies
11 COMPANY PROFILES
11.1 Caringo, Inc.
11.1.1 Overview
11.1.2 Financial Performance
11.1.3 Product Outlook
11.1.4 Key Developments
11.2 Dell EMC
11.2.1 Overview
11.2.2 Financial Performance
11.2.3 Product Outlook
11.2.4 Key Developments
11.3 International Business Machines Corporation
11.3.1 Overview
11.3.2 Financial Performance
11.3.3 Product Outlook
11.3.4 Key Developments
11.4 International Data Corporation Hitachi Data Systems
11.4.1 Overview
11.4.2 Financial Performance
11.4.3 Product Outlook
11.4.4 Key Developments
11.5 Data Direct Networks
11.5.1 Overview
11.5.2 Financial Performance
11.5.3 Product Outlook
11.5.4 Key Developments
11.6 Netapp, Inc.
11.6.1 Overview
11.6.2 Financial Performance
11.6.3 Product Outlook
11.6.4 Key Developments
11.7 IBM Cloud
11.7.1 Overview
11.7.2 Financial Performance
11.7.3 Product Outlook
11.7.4 Key Developments
12 KEY DEVELOPMENTS
12.1 Product Launches/Developments
12.2 Mergers and Acquisitions
12.3 Business Expansions
12.4 Partnerships and Collaborations
13 Appendix
13.1.1 Related Reports
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Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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Econometrics and data visualization model
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Industry Analysis Matrix
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