The COS Market 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.
Recent COVID 19 pandemic has accelerated the push to go off-premises. This penetration of cloud is not expected to slow down over the next few years as universities and colleges focus on quality hybrid learning experiences for students. However, storage remains a challenge for many higher education institutions continuing with blended or online learning.
With the rising demand for improved user experiences, the market will garner significant gains over the next six years. According to Market Research Future (MRFR), the global cloud object storage market is estimated to create an exponential valuation by 2027, registering a massive CAGR during the anticipated period (2020 – 2027).
Traditional storage options like storage area networking (SAN) and network-attached storage (NAS) are not ideal for unstructured assets. Rising amounts of unstructured data encourage organizations to adopt COS technologies to support organizational information and handle the explosion of data. Furthermore, increased demand for pre-installed storage services influences the market growth.
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.
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Cloud Object Storage Market – Segmentation
The report is segmented into services, organization sizes, cloud deployment, end-users, and regions. 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 Market – Regional Analysis
North America dominates the global cloud object storage market. Factors such as substantial R&D investments by most cloud computing organizations foster the growth of the COS market. Technological advances and the proliferation of the internet, tablets, and other smart connected devices boost the regional market growth. The North American cloud object storage market is projected to retain its dominance over the global market.
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.
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.
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Industry/ Innovation/ Related News
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, which can be deployed and managed across hybrid cloud environments using a single interface.Red Hat OpenShift to MinIO’s roster of supported Kubernetes platforms represents a significant milestone for its customer base.
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