A Deep Dive into Cloud Object Storage Market 2025: Key Drivers, Growth Factors, and Projections 2025-2034

Which drivers are expected to have the greatest impact on the over the cloud object storage market's growth?
The expansion of the cloud object storage market is anticipated to be driven by a surge in data volume. Data volume encompasses the quantity of data stored, processed or transmitted within a given framework, network or storage device. The growth in data volume is primarily fueled by the widespread use of internet-linked devices, digital services, and data-heavy technologies like artificial intelligence and IoT. Cloud object storage comes in handy to manage this escalating data volume due to its accessibility, affordability, and ability to handle a vast array of unstructured data created by contemporary digital technologies. As an example, a report by The Linux Foundation, a non-profit consortium in the US, revealed in December 2022, that data growth for an average end-user organization touched a notable 2,208 TB in 2022. This marked an increase of 215.43% or triple the 700 TB in 2021, indicating that the growing volume of data is acting as a significant catalyst for the enhancement of the cloud object storage market.

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What is the future CAGR of the cloud object storage market, and how will it impact industry expansion?
Recent years have seen a swift escalation in the size of the cloud object storage market. Projected to expand from $8.14 billion in 2024 to $9.49 billion in 2025, it showcases a compound annual growth rate (CAGR) of 16.7%. The significant increase during the historical period can be credited to factors like data surges, incorporation of cloud computing, affordability, disaster recovery and continuity of business, adherence to regulations, globalization, and the trend of working remotely.

The market for cloud object storage is projected to witness remarkable expansion in the forthcoming years, swelling to a valuation of $17.43 billion in 2029 at a CAGR of 16.4%. This expected surge during the forecast period can be credited to factors such as the integration of 5G, the application of data sovereignty laws, the formation of hybrid and multi-cloud strategies, awareness about cybersecurity, the utilization of blockchain technology, initiatives towards sustainability, digital transformation, the influence of IoT, data monetization, ongoing technological evolution, and market rivalry. The forecast period will see significant trends such as the preference for hybrid cloud solutions, scalable and economical storage solutions, emphasis on data security and regulatory compliance, integration of cutting-edge technologies, and enhanced object storage capabilities catering to a variety of use cases.

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What are the most significant trends transforming the cloud object storage market today?
Major firms in the cloud object storage sector are prioritizing high-performance object storage solutions with state-of-the-art features like data firewalls and key management servers to accommodate the hardening need for reliable and efficient cloud-based storage solutions. The concepts of key management servers and data firewalls are affiliated with the consolidation of systems that confer secure management of cryptographic keys and enforcing strict access control regulations to safeguard precarious data from unauthorized breaches or access. For instance, MinIO., an American high-performance object storage system, unveiled the MinIO Enterprise Object Store in March 2024, targeting corporate clientele who need a seamless process of creating and governing an exabyte-scale data infrastructure. This new solution capitalizes on MinIO's impressive technical proficiency in object storage and is custom-made to cater to the performance and scalability challenges brought forth by exhaustive AI workloads. MinIO's Enterprise solutions make the management of object storage more efficient with features like the Catalog for effective metadata search, Cache for delivering high-performance AI workloads, and Observability for a wholesome system monitoring, ensuring consistent operations and upholding compliance.

Which key market segments comprise the cloud object storage market and drive its revenue growth?
The cloud object storage market covered in this report is segmented -

1) By Service: Professional Services, Managed Services
2) By Deployment: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organization Size: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By End User: Social Media Platforms, Banking, Financial Services, And Insurance (BFSI), Information Technology And Telecommunication, Healthcare, Others End Users

Subsegments:
1) By Professional Services: Consulting Services, Integration Services, Implementation Services, Training And Support Services
2) By Managed Services: Data Backup And Recovery, Cloud Storage Monitoring, Cloud Storage Optimization, Security And Compliance Management

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North America was the largest region in the cloud object storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud object storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the leading players fueling growth in the cloud object storage market?
Major companies operating in the cloud object storage market are 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

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What Is Covered In The Cloud Object Storage Global Market Report?

•Market Size Forecast: Examine the cloud object storage market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the cloud object storage market for a structured understanding.
•Key Players Overview: Analyze major players in the cloud object storage market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cloud object storage market.
•Segment Contributions: Evaluate how different segments drive overall growth in the cloud object storage market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cloud object storage market.
•Industry Challenges: Identify potential risks and obstacles affecting the cloud object storage market.
•Competitive Landscape: Review strategic developments in the cloud object storage market, including expansions, agreements, and new product launches.

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