Cloud Object Storage Market Overview:
The flexibility in the range of object storage solutions in the industry is promoting the cloud object storage market globally. Reports that investigate the information and communication technology industry have been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects.
The Cloud Object Storage Market is anticipated to be fortified by earnings worth USD 6 Billion by 2023 at 14 % of CAGR in the forecast period.
The need for ultra-high durability of the data that is accessible for instant retrieval is adding to the cloud object storage market. Also, the rising adoption of IT services and big data analysis is increasingly motivating the market cloud object storage around the world. The intensified emphasis on core business competencies is expected to create new growth opportunities in the approaching period.
Major Key Players:
The central companies in the cloud object storage market are International Business Machines Corporation (U.S.), Hewlett-Packard Enterprise (U.S.), EMC (U.S.), Hitachi Data Systems (U.S.), Caringo Inc. (U.S.), Dell Datadirect Networks (U.S.), Netapp, Inc. (U.S.), Microsoft Corporation (U.S.), International Data Corporation (U.S.), Google (U.S.) among others.
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The study of segments in the cloud object storage market is conducted on the basis of services, organization size, cloud deployment, end-user, and region.
- On the basis of Services, the cloud object storage market is segmented into Support and Maintenance Service and Professional Service.
- Based on the organization size, the cloud object storage market is segmented into large enterprises and small & medium enterprises.
- Based on cloud deployment, the market for cloud object storage is segmented into Private Cloud, Public Cloud, and Hybrid Cloud.
- On the basis of end-users, the cloud object storage market is segmented into IT & telecommunication, social media platforms, BFSI, and others.
- On the basis of geography, the cloud object storage market is segmented into Europe, Americas, Asia Pacific and rest of the world.
Detailed Regional Analysis:
The regional appraisal of the cloud object storage market covers regions such as Europe, the Americas, Asia Pacific and rest of the world. The North American region is the top player in the cloud object storage market due to the incidence of major market companies in the region. The availability of cloud-based services are increasing due to the adoption by both small and medium enterprises.
The factors adding to the progress of cloud object storage market in the region is the growing data capacities from several vertical and technologies such as big data analytics, cloud computing, and internet of things furthering the cloud object storage market. Moreover, the Asia Pacific region is estimated to grow considerably in the cloud object storage market during the forecast period. Apart from these factors, the intensifying adoption of IT services and big data analysis is also compelling the market.
The intensification of investors in the market has played a pivotal role in the progress of the market. The reduction in the barrier to trade is expected to offer new areas for growth in the upcoming years. Also, the competition being observed in the market is not detrimental to the individual player’s development in the market.
The monetary inflows in the market are being directed towards increasing the innovations in the core product offering offered in the market so that the growth doesn’t stagnate in the forthcoming period. The market has developed an incremental pace in the past few years, which is highlighted by the achievements in terms of valuation.
The development of the resources needed to sustain against competition has improved greatly leading to an unprecedented growth rate. The governments around the world have also played a substantial role in the growth of the market in recent years.
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