Cloud Object Storage Solutions Market to Witness Significant Growth

Posted by surendra choudhary on March 28th, 2019

Cloud object storage solutions is used for storing infinite amount of data, cost-efficiently. Object storage with metadata can be accessed by Hyper Text Transfer Protocol (HTTP), Hyper Text Transfer protocol secure (HTTPS), and application program interfaces (APIs). Cloud object storage solutions does not use directory tree for data storage. Separate units of objects exist at the same level in a storage pool. In cloud object storage solution each object has a unique, identifying name that an application uses to retrieve it. Cloud object storage solutions is used for backup & data archiving and mobile & web applications. These solutions provide strong data security and data integrity. Cloud object storage solutions automatically replicates objects through multiple domains for high durability. This helps in storing unlimited objects per bucket for large amounts of unstructured data such as backups, logs, and videos. Cloud object storage solutions are designed to provide durability, availability, scalability, and security & compliance.

The global cloud object storage solutions market is primarily driven by increasing awareness about cost-effective cloud-based solutions to enterprises. Cloud-based solutions can be accessed easily and quickly by any device with a web browser. Additionally, growing expansion of managed and professional services is expected to boost the demand for cloud object storage solutions across the globe. Moreover, rise in adoption of technologies such as big data analytics, Internet of things, and cloud computing are driving the demand for cloud object storage solutions worldwide. Currently, rise in demand for technologically upgraded services by organizations is anticipated to boost the demand for cloud object storage solutions globally.

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Furthermore, increase in demand for data protection and security by enterprises is another key factor driving the global market. Cloud-based solutions provide data protection with server-side encryption. Moreover, rising need for fast data transfer increases the demand of cloud object storage globally. However, adoption of traditional object storage solutions by end-users restrains the cloud object storage solutions market.

The global cloud object storage solutions market can be segmented based on component, deployment, enterprise size, end-user, and region. In terms of component, the cloud object storage solutions market can be classified into software and services. The services segment can be further bifurcated into professional and maintenance. Based on deployment, the cloud object storage solutions market can be categorized into cloud-based and on-premises. The cloud segment can be sub-segmented into public, private, and hybrid. In terms of enterprise size, the cloud object storage solutions market can be divided into small & medium enterprises and large enterprises. In terms of end-user, the global cloud object storage solutions market can be segregated into banking, financial services & insurance (BFSI); IT & telecom; social media platforms, and others.

Based on region, the global cloud object storage solutions market can be split into Europe, North America, Middle East & Africa, South America, and Asia Pacific. The market in North America is estimated to expand at a substantial pace during the forecast period due to the increase in adoption of analytics by organization in cloud marketing platform in the region. Furthermore, adoption of advanced marketing techniques to enhance business is boosting the cloud object storage solution market in North America. The market in Asia Pacific is anticipated to expand significant pace during the forecast period. The region is estimated to create attractive opportunities in the cloud object storage solutions market in the near future. Factors such as increase in urbanization, industrial development, and advancement of technologies are propelling the demand for cloud object storage in the Asia Pacific.

Major players operating in the global cloud object storage solutions market include Dell EMC Corporation, Oracle Corporation, International Business Machines Corporation, Amazon Web Services, Inc., Hewlett-Packard Enterprise, Alibaba Cloud Computing Company, Cisco Systems, Hitachi Data Systems, Datadirect Networks, Netapp, Inc., Microsoft Corporation, and Google LLC.