Cloud Object Storage Market Poised to Hit $17.43 Billion by 2029 with Accelerating Growth Trends

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Cloud Object Storage Market Size Growth Forecast: What to Expect by 2025?
The size of the cloud object storage market has experienced swift expansion in the past few years. Its growth projection indicates an increase from $8.14 billion in 2024 to $9.49 billion in 2025, with a compound annual growth rate (CAGR) of 16.7%. Factors contributing to growth during this historical period include the explosion of data, the uptake of cloud computing, its cost-effective nature, its role in disaster recovery and business continuity, compliance with regulations, globalization, and the surge in remote work.

How Will the Cloud Object Storage Market Size Evolve and Grow by 2029?
In the coming years, the cloud object storage market is projected to experience accelerated growth. The forecast suggests that the market will expand to a size of $17.43 billion by 2029, taking into account a compound annual growth rate (CAGR) of 16.4%. Factors such as the uptake of 5G, data sovereignty legislation, hybrid and multi-cloud approaches, cybersecurity issues, the application of blockchain, sustainability efforts, digital transformation, IoT, data monetization, along with continued technological advancements and market competition are the key influencers of this growth during the forecast period. Noteworthy trends for the forecast period incorporate the implementation of hybrid cloud solutions, a prioritization of data security and compliance, embracing of cutting-edge technologies, the provision of scalable and cost-efficient storage solutions, and an enhancement in object storage capabilities tailored for diverse scenarios.

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What Drivers Are Propelling the Growth of Cloud Object Storage Market Forward?
The massive growth in data volume is predicted to spur the expansion of the cloud object storage market. When we talk about data volume, it's the quantity of data that's being stored, processed or conveyed within a specific system, network or storage medium. The swelling volume of data is largely propelled by the widespread adoption of internet-powered devices, digital services, and data-heavy technologies such as the IoT and artificial intelligence. The ability of cloud object storage to offer scalable, cost-friendly, and easily accessible storage solutions for the immense amounts of unstructured data created by contemporary digital technologies helps manage this surge in data volume. As an example, a Linux Foundation study in December 2022 reported that the data growth for a standard end-user organization hit an impressive 2,208 TB in 2022, a mammoth leap of 215.43%, or triple the 700 TB in 2021. Hence, this surge in data volume is propelling the growth of the cloud object storage market.

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Which Emerging Trends Are Transforming the Cloud Object Storage Market in 2025?
Key industry players in the cloud object storage market are prioritizing the development of high-performance object storage solutions embedded with advanced components, such as data firewalls and key management servers. These elements serve the significant role of securely handling cryptographic keys and imposing access control policies to defend delicate data against unlawful intrusion or security breaches. For example, MinIO, an American firm renowned for its high-performance object storage systems, rolled out the MinIO Enterprise Object Store in March 2024. This product is designed primarily to fulfill the needs of commercial customers who require an efficient means of building and managing exabyte-scale data infrastructure. With MinIO's recognized technical proficiency in object storage, this innovative solution is tailored to accommodate the performance and scalability demands presented by extensive AI workloads. Key features of MinIO's Enterprise solutions, including the Catalog for effective metadata search, Cache for optimizing AI workloads, and Observability for all-inclusive system scrutiny, facilitate streamlined object storage management, ensuring efficient operation and adherence to compliance standards.

What Are the Key Segments in the Cloud Object Storage Market?
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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Who Are the Key Players Shaping the Cloud Object Storage Market's Competitive Landscape?
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

What Geographic Markets Are Powering Growth in the Cloud Object Storage Market?
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.

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