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Cloud Object Storage: Opportunities and Challenges
As organizations grow, information accumulation is developing along, which similarly creates the want for Cloud Object Storage. Users can create, manage, and access their storage from anywhere through data centers. Public cloud environments are designed for high durability, resiliency, and security. Cloud-managed infrastructure automatically scales to businesses’ needs. This, as a result, will increase the market demand and escalates the market fee. Citing the growing proliferation of cloud object storage with increasing numbers of rapidly growing companies, MRFR expects the cloud object storage market to garner a market value of USD 6 Billion by 2023, expanding at a 14% CAGR from 2017 to 2023. Benefits of cloud object storage, such as greater data analytics, unlimited scalability, and faster data retrieval & optimization of resources, all at much-reduced costs, drive the market demand.
Cloud object storage solutions manage storage in one place with an easy-to-use application interface. This further uses policies to optimize storage costs, automatically tiering between different storage classes and making storage easier to analyze, gain insights, and make better decisions faster. With growing business needs, there come greater needs to manage rapidly expanding data pools from many applications and business processes. Therefore, many companies with different storage portfolios that add complexity and slow down innovations of business applications turn to cloud object storage.
Covid 19 impact analysis:
The report is attuned with the latest market changes and economic landscape with regard to the currently unfolding COVID-19 pandemic. . The pandemic has dynamically affected all aspects of life on a global scale along with drastic changes in the economy and market conditions. The report covers the currently fluctuating market scenario along with present and future assessment of the COVID-19 impact. The report encompasses the historical data, company overview, financial standing, and necessary information about the new and key players of the market.
Cloud object storage helps provide massively scalable, cost-effective storage to store data, breaking down silos in their native format. Use cases for cloud object storage include disaster recovery, cloud-native application data, hybrid cloud storage, big data analytics, data archiving & compliance, and backup & recovery. The increased need for additional storage solutions for consumer electronic devices, alongside the emergence of industry-leading cloud capabilities, positively impacts the market’s growth. Additionally, the rising uptake of cloud-based technology and personal devices boosts the growth of the market. Also, the increasing availability of broadband connectivity drives the market.
Cloud solution accounts for the highest market share as it helps enterprises by minimizing the cost associated with the IT infrastructure. Cloud solutions enable enterprises to focus on core business competencies. It provides enterprises with data protection and security, efficiently manage storage and privacy issues, offers data integrity and provides information related to governance, and make enterprise legally prepared.
Cloud Object Storage Market – Segmentation
The services segment is sub-segmented into support & maintenance services and professional services. The organization size Small & Medium Enterprises (SMEs) and large enterprises. The cloud deployment segment is sub-segmented into private cloud, hybrid cloud, and public cloud. The end-user segment is sub-segmented into BFSI, social media platforms, IT & telecommunication, and others. The region segment is sub-segmented into North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
Cloud object storage is garnering constant revenue growth. The benefits of cloud object storage (COS) for higher education are major driving forces behind the rapid market growth. Rising demand for cloud-based services and the proliferation of smart and connected devices substantiate the size of the COS market, offering a different approach for data retention.
The recent COVID 19 pandemic has accelerated the push to go off-premises. As universities and colleges focus on quality hybrid learning experiences for students. However, storage stays a task for many greater training establishments persevering with blended or online learning.
Key Industry Trends Driving Cloud Object Storage Market Growth
The benefits of cloud object storage in higher education are major driving forces. The proliferation of smart & connected devices and growing demand for cloud-based services substantiate the market size, offering a different approach for data retention. The rising demand for improved user experiences allows the market to garner significant gains. The recent COVID 19 pandemic has accelerated the push to go off-premises.
This cloud penetration is not going to slow down anytime sooner. Universities and colleges are increasingly focusing on quality hybrid learning experiences for students. However, cloud storage remains challenging for many higher education institutions continuing with hybrid or online learning. Traditional storage options like network-attached storage (NAS) and storage area networking (SAN) don’t suit unstructured assets.
North America, the Largest Cloud Object Storage Market
North America remains the significant market for cloud object storage solutions globally due to substantial R&D investments made by most cloud computing organizations. Technological advances and the proliferation of the internet, tablets, and other smart connected devices accelerate the region’s market shares. Moreover, the rising take-up of cloud-based innovation and man or woman devices helps the market interest. Additionally, the rising accessibility of broadband networks influences market improvement emphatically.
Industry Players’ Strategies to Follow
Highly competitive, the cloud object storage market appears fragmented with several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launches. Substantial R&D investments are made in developing a completely different technology than their competition.
Notable Industry Updates
On June 07, 2022, Seagate Technology announced the expansion of the geographic reach of its cloud object storage infrastructure and offerings tied to the service. The company plans to add several regions to support its Lyve Cloud, roll out of Lyve Cloud Archive storage service, and Cloud Marketplace with partners. Move massive datasets in multi-cloud environments and retain full control of their data.
July 08, 2021 – MinIO, a pioneer in high-performance, Kubernetes-native object storage, announced its partnership with Red Hat to offer its hybrid COS platform on the Red Hat marketplace. The collaboration would enable enterprises to create their multi-tenant object storage as a service. Red Hat OpenShift to MinIO’s roster of supported Kubernetes platforms represents a significant milestone for its customer base.
Cloud Object Storage Market – Regional Analysis
North America overwhelms the worldwide cloud object capacity. Factors, for example, significant R&D speculations by most distributed computing associations encourage the development of the COS market. Innovative advances and the multiplication of the web, tablets, and other brilliant associated gadgets support the territorial market development.
Major Players:
Players leading the cloud object storage market include Hewlett-Packard Enterprise (US), Caringo Inc. (US), Dell EMC (US), International Business Machines Corporation (US), International Data Corporation (US), Microsoft Corporation (US), Hitachi Data Systems (US), Data Direct Networks (US), Netapp, Inc. (US), and Google (US), among others.
Cloud Object Storage Market – Competitive Analysis
The market appears hugely competitive and fragmented, with several well-established players forming a competitive landscape. Market players adopt several strategic approaches such as mergers & acquisitions, collaboration, expansion, and innovations, supporting their growth and expansion plans. Also, they make substantial investments in R&D to develop adept technologies and products to deliver reliable, leading-edge products and services.
Research Methodology
The exploration philosophy has been trailed by investigators. While they chipped away at the global Cloud Object Storage technological know-how understanding. The use of individual primary and secondary research methodologies and top-down and bottom-up approaches have aided in obtaining an accurate, precise, yet comprehensive analysis of the Cloud Object Storage market.
Source: https://www.marketresearchfuture.com/reports/cloud-object-storage-market-4202
