Cloud Object Storage – Most Durable & Reliable Platform for Data Analysis
As businesses grow, data accumulation is growing along, which further creates the need for a cloud-based storage solution. 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, increases the market demand and escalates the market value.
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.
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.
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, 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.
Also, growing amounts of unstructured data are encouraging organizations to adopt cloud storage technologies to support access to and share of organizational information and large data. Moreover, the increased demand for pre-installed storage services influences market revenues. The increased need for additional storage solutions for consumer electronic devices and the emergence of industry-leading cloud capabilities influence the market value.
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. Furthermore, the rising uptake of cloud-based technology and personal devices boosts the market demand. Also, the increasing availability of broadband connectivity impacts the market growth positively.
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. The expansion of its Lyve Cloud line is intended to help its partners to store, access, and move massive datasets in multi-cloud environments and retain full control of their data.