Object-Based Storage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Object-Based Storage Market is Segmented by its Type (Cloud-Based, On-Premise) and Geography.

Object-Based Storage Industry Overview

object-based storage market
Study Period: 2018 - 2028
Fastest Growing Market: North America
Largest Market: North America
CAGR: 12 %

Major Players

 cloud object storage market

*Disclaimer: Major Players sorted in no particular order

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Object-Based Storage Market Analysis

The object-based storage market is expected to registering a CAGR of around 12%, during the forecast period (2021 - 2026). With the never-ending data growth around the world, businesses are seeking object-based storage technology to manage the growth of unstructured data.

  • Conventional data storage technologies such as file storage are not able to handle a large amount of everyday data, including music, video, web application, sensor data etc.
  • The object-based storage technology emerged as an essential technology that offers better scalability, faster data retrieval, better recovery, and higher cost-effectiveness.
  • Moreover, the data explosion worldwide, digitization of day-to-day activities and increase in all data related applications such as the Internet of Things and Data Analytics by the enterprises are anticipated to impact the growth of the market positively.

Object-Based Storage Industry Segments

Object-based storage technology  organizes data  in a flat structure that can be retrieved in the same manner as the original data stored rather than a hierarchical form. This report segments the market by its type (cloud-based, on-premise) and geography.

By Type
Cloud-based
On-Premise
By Geography
North America
Europe
Asia-Pacific
Rest of the World

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Object-Based Storage Market Trends

This section covers the major market trends shaping the Object-Based Storage Market according to our research experts:

North America is expected to hold major share

  • The growing internet traffic and user-generated data is one of the reasons which is contributing to the growth of the market and the North American region observes highest amount of IP traffic globally. According to Cisco, the region's IP traffic is expected to reach 108.4 EB per month by 2022 at a CAGR of 21%.
  • Moreover, the region also houses prominent vendors in the object storage space, including IBM, Dell, among others. This factor contributes to the increased penetration of Object-based storage in the region. 
  • The shift in business strategy is driving the BFSI industry to adapt and innovate its services as well. Banking service providers across the world are adopting cloud storage solutions. According to the American Bankers Association, the majority of the new core banking projects launched by 2020 will be on the cloud.
  • Further, according to the US Census Bureau, the country recorded USD 146.2 billion retail e-commerce sales during the second quarter of 2019 which indicates the need for object-based storage because it works with the best efficiency for unstructured data such as web, social, video, e-mail etc.
cloud object storage industry

Object-Based Storage Market Competitor Analysis

The object-based storage market is a fairly competitive market and consists of several players, with a few of the major players, currently, dominate the market. Many companies are working on this technology due to the numerous advantages it provides over the other storage options. Some of the recent developments include:

  • April 2019: Google launched a new archival cold storage service at its Cloud Next conference. The new object storage service will complement the company’s existing Nearline and Coldline services for storing infrequently used data at an affordable low cost. Google’s new object storage service reportedly uses the same APIs as it's other storage classes and enables users to redundantly store data across availability zones, with eleven 9’s of annual durability.
  • November 2019 - Scality added an Azure Blob API connector to give Microsoft Azure Stack Hub and Edge customers the option to scale out using its on-premises Ring object storage. Target deployments for Azure Stack with Scality storage include ocean-based oil and gas rigs or remote military bases that have limited connectivity to push data to the public and government agencies or companies in regulated industries that need to keep data on premises.

Object-Based Storage Market Top Players

  1. Hitachi Vantara Corp

  2. NetApp Inc.

  3. IBM Corporation (Red Hat)

  4. Scality Inc.

  5. Dell EMC

*Disclaimer: Major Players sorted in no particular order

Hitachi Vantara Corp, NetApp Inc., IBM Corporation, Scality Inc., Dell EMC, Cloudian, Inc., Caringo Inc., StorageCraft Technology Corp, WesternDigital Corp

Object-Based Storage Market Report - Table of Contents

  1. 1. INTRODUCTION​

    1. 1.1 Study Assumptions​ and Market Definition

    2. 1.2 Scope of the Study​

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY​

  4. 4. MARKET INSIGHT​

    1. 4.1 Market Overview​

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power of Suppliers​

      2. 4.2.2 Bargaining Power of Consumers

      3. 4.2.3 Threat of New Entrants​

      4. 4.2.4 Intensity of Competitive Rivalry

  5. 5. MARKET DYNAMICS​

    1. 5.1 Introduction to Market Dynamics​

    2. 5.2 Market Drivers

      1. 5.2.1 Low acquisition costs of object-based solutions (especially for large-scale storage)

      2. 5.2.2 Technological advancements such as multi-cloud data management and introduction of ML In storage analytics

    3. 5.3 Market Challenges

      1. 5.3.1 Resistance to Change From the Traditional Storage Practices

    4. 5.4 Comparative Analysis of File vs Block vs Object-based storage

    5. 5.5 Key use-cases for Object-based storage – big data, web-apps, backup archives, fraud prevention, etc.

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Type

      1. 6.1.1 Cloud-based

      2. 6.1.2 On-Premise

    2. 6.2 By Geography

      1. 6.2.1 North America

      2. 6.2.2 Europe

      3. 6.2.3 Asia-Pacific

      4. 6.2.4 Rest of the World

  7. 7. COMPETITIVE INTELLIGENCE - KEY VENDOR PROFILES

    1. 7.1 Hitachi Vantara Corp

    2. 7.2 NetApp Inc.

    3. 7.3 IBM Corporation (Red Hat)

    4. 7.4 Scality Inc.

    5. 7.5 Dell EMC

    6. 7.6 Cloudian, Inc.

    7. 7.7 Caringo Inc.

    8. 7.8 StorageCraft Technology Corp

    9. 7.9 WesternDigital Corp

  8. 8. INVESTMENT ANALYSIS

  9. 9. FUTURE OUTLOOK AND OPPORTUNITIES

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Object-Based Storage Market Research FAQs

The Object-Based Storage Market is studied from 2018 - 2028.

The Object-Based Storage Market is growing at a CAGR of 12% over the next 5 years.

North America is growing at the highest CAGR over 2018 - 2028.

North America holds highest share in 2021.

Hitachi Vantara Corp, NetApp Inc., IBM Corporation (Red Hat), Scality Inc., Dell EMC are the major companies operating in Object-Based Storage Market.

Object-Based Storage Industry Reports

In-depth industry statistics and market share insights of the Object-Based Storage sector for 2020, 2021, and 2022. The Object-Based Storage research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Object-Based Storage report PDF.

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