Object-Based Storage Market Size

Object-Based Storage Market Analysis

The object-based storage market is expected to register a CAGR of around 12% during the forecast period. In contrast to conventional storage architectures like file systems, which manage data as a file hierarchy, and block storage, which manages data as blocks inside sectors and tracks, object storage is a type of computer data storage that maintains data as objects.

• The storage market is evolving to address new challenges in enterprise IT, such as exponential data growth, rapid digitalization and globalization of business, and requirements to connect and collect everything. Storage infrastructure systems based on object storage are growing significantly in both the number and capacity of deployments and are becoming the platform of choice to address the growth of unstructured data in enterprise data centers.
• The steep growth of unstructured data for emerging and established workloads requires products driven by infrastructure software-defined storage that can deliver tens of petabytes of storage and potentially leverage hybrid cloud workflow with public cloud IaaS. New and established storage companies are developing scalable object storage products to address cost, agility, and scalability limitations in traditional scale-up storage environments.
• Most organizations use a mix of storage types: file storage, block storage, and object storage. But the use of object storage is surging for several reasons: speed, scalability, searchability, security, data integrity, and reliability. Object storage provides various benefits for organizations that want to aggregate vast amounts of data, essential layer applications on top of that data store, conduct advanced data analytics that drives innovation, and protect against ransomware attacks.
• Several companies in the market for object storage are offering mixed deployment options to give customers choices in how they deploy infrastructure. Standard deployment options include turnkey high-density appliances or software-only options deployed on bare-metal industry-standard hardware as virtual machines or on docker containers. Companies in this market are increasingly offering their products as software-defined storage pre-certified to run on x86 industry-standard hardware.
• The unpredictable nature of COVID-19's impact on enterprises underscores the need to adapt quickly and remain agile from both operational and technical perspectives. Budgetary constraints, coupled with new operational challenges, such as accelerated reliance on e-commerce and increasingly remote workforces, will exacerbate challenges currently faced by customers relying on on-premises infrastructure (e.g., data silos, management, capex, and changing demands from net new greenfield workloads). Cloud storage services such as object-based storage as a service are poised to be a pivotal contributor to both efficiencies and cost savings enterprises need in the immediate future.