Cloud Object Storage Global Market 2024 : Major Drivers, Analysis, Size, Share, Growth And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Cloud Object Storage Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The cloud object storage market size has grown rapidly in recent years. It will grow from $6.99 billion in 2023 to $8.14 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The growth in the historic period can be attributed to data explosions, the adoption of cloud computing, cost-effectiveness, disaster recovery and business continuity, regulatory compliance, globalization, and remote work.

The cloud object storage market size is expected to see rapid growth in the next few years. It will grow to $14.99 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to 5G adoption, data sovereignty laws, hybrid and multi-cloud strategies, cybersecurity concerns, blockchain technology, sustainability initiatives, digital transformation, Internet of Things (IoT), data monetization, continued technological innovations, market competition. Major trends in the forecast period include the adoption of hybrid cloud solutions, scalable and cost-effective storage solutions, emphasis on data security and compliance, integration of advanced technologies, and expansion of object storage capabilities for diverse use cases.

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Market Drivers and Trends:

The rising prevalence of cancer is expected to propel the growth of the cell-free DNA (cfDNA) testing market going forward. Cancer is a complex group of diseases characterized by the uncontrolled growth and spread of abnormal cells in the body. These cells can invade and destroy normal tissue and, if not controlled, can significantly harm the body. The prevalence of cancer is due to aging populations, shifts in lifestyle, environmental influences, and advancements in detection and diagnostic techniques. cfDNA testing detects genetic mutations associated with cancer at an early stage, often before symptoms appear. This allows for early intervention, improving patient outcomes and survival rates by identifying cancer in its initial stages. For instance, in February 2024, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization, there are expected to be over 35 million new cases of cancer in 2050, a 77% increase over the projected 20 million cases in 2022. Therefore, the rising prevalence of cancer is driving the growth of the cell-free DNA (cfDNA) testing market.

Major companies operating in the cloud object storage market are focusing on high-performance object storage solutions with advanced features, such as key management servers and data firewalls, to meet the growing demand for efficient and reliable storage solutions in the cloud environment. Key management servers and data firewalls refer to the integration of systems responsible for securely managing cryptographic keys and enforcing access control policies to protect sensitive data from unauthorized access or breaches. For instance, in March 2024, MinIO., a US-based high-performance object storage system, launched the MinIO Enterprise Object Store, catering to commercial clients seeking streamlined creation and administration of exabyte-scale data infrastructure. Leveraging MinIO's renowned technical expertise in object storage, this new solution is purpose-built to address the performance and scalability requirements posed by extensive AI workloads. MinIO's Enterprise solutions streamline object storage management with features like the Catalog for efficient metadata search, Cache for high-performance AI workloads, and Observability for comprehensive system monitoring, ensuring smooth operations and compliance adherence.

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Major Key Players of the Market:

Google LLC, Microsoft Corporation, Dell Technologies Inc., Amazon Web Services Inc., Hitachi Vantara LLC, International Business Machines Corporation, Oracle Corporation, Fujitsu Limited, Hewlett Packard Enterprise Company, NetApp Inc., Iron Mountain Incorporated, Rackspace Technology Inc., Box Inc., Alibaba Cloud Computing Co. Ltd., International Data Corporation, Quantum Corporation, DataDirect Networks Inc., Backblaze Inc., Cloudian Inc., Scality Inc., Wasabi Technologies Inc., Zadara Storage Inc., Caringo Inc., MinIO Inc., Aruba S.p.A., Elastifile Inc., OSNEXUS Corporation

Cloud Object Storage Market 2024 Key Insights:

• The cloud object storage market size is expected to see rapid growth in the next few years. It will grow to $14.99 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%.
• Rising Data Volumes Propel Growth In The Cloud Object Storage Market
• Enhancing Data Security And Performance In The Cloud Object Storage Market
• North America was the largest region in the cloud object storage market in 2023

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