The Global Object Based Storage Market size is predicted to reach $7 billion by 2030, growing at a CAGR of 12% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The surging demand for Backup and Recovery, Content Distribution and Media Management, Archiving, Data Analytics, Data Lakes are poised to propel the market growth, finds IndustryARC in its recent report, titled “Object Based Storage Market Size, Share & Trends Analysis Report By Deployment Type [On-Premises, Cloud-Based], By Type [Private, Public, Hybrid], By Organization Size[SMEs, Large Enterprises], By Application [Backup and Recovery, Content Distribution and Media Management, Archiving, Data Analytics, Data Lakes, Internet of Things (IoT) Data Storage, Video Surveillance Data Storage, Healthcare Imaging Storage, Research and Scientific Data Storage], By End-User Industry [Healthcare, Financial Services, Retail, Media and Entertainment, Government, manufacturing, Telecom and IT, Others], By Region and Segment Forecasts, 2024–2030”
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North America to Register Highest Growth:
North America is poised to register the highest share of 32% in 2023 in the Object-Based Storage (OBS) market, driven by compelling facts. The region’s robust technology infrastructure, coupled with a thriving digital ecosystem, positions it as a key adopter of OBS solutions. With a burgeoning volume of data generated across industries, OBS answers the demand for scalable, efficient, and secure storage. Furthermore, heightened data security and compliance mandates push organizations to turn to OBS systems. These factors, combined with a culture of technology adoption, make North America a frontrunner in OBS market expansion, propelling it to record the highest growth soon.
Object-Based Storage Market 2023-2030: Segmentation
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Object Based Storage Market Report – Key Takeaways:
- Increasing application in Research and Scientific Data Storage
The Object-Based Storage (OBS) market is witnessing a significant upswing, attributed to its increasing application in Research and Scientific Data Storage, supported by factual trends and real incidents. Research institutions and laboratories deal with vast datasets in fields such as genomics, climate modeling, and high-energy physics, requiring secure, scalable, and efficient data storage solutions. OBS, with its capacity for handling extensive and diverse data types, has emerged as the preferred choice. Real-world incidents underscore the critical role of OBS in facilitating breakthrough discoveries and innovations across scientific disciplines. This trend highlights OBS as a pivotal market opportunity with long-term growth potential, addressing the unique needs of research and scientific data storage.
- Financial Services Industry Shows Fastest Growth
The Financial Services Industry emerges as the frontrunner in the rapid expansion of the Object-Based Storage (OBS) market, reflecting a robust growth trajectory. Recent market analyses reveal a notable surge in demand, propelled by the industry’s increasing reliance on data-driven strategies. OBS adoption in financial services is driven by the escalating volumes of structured and unstructured data, necessitating scalable and efficient storage solutions. Notably, OBS facilitates seamless data management, compliance adherence, and cost optimization. As the industry pioneers this surge, the strategic integration of OBS underscores its pivotal role in addressing evolving storage needs. This trend underscores a paradigm shift in data storage dynamics within the Financial Services sector, paving the way for sustained market leadership.
- Asia Pacific Records Fastest Growth in the Market
Asia Pacific has solidified its position as the fastest-growing market with a CAGR of 13.5% during forecast period 2024-2030 in Object-Based Storage (OBS). The region’s dynamic growth in digitalization, data generation, and technological innovation has propelled its OBS market share. With a burgeoning economy, rapid urbanization, and robust cloud adoption, Asia Pacific exemplifies the demand for scalable, secure, and cost-effective data storage solutions. Real-world incidents reveal the extensive adoption of OBS across industries, from e-commerce to healthcare, as organizations harness its capabilities for efficient data management. As the digital landscape continues to evolve, Asia Pacific retains its dominant market share, representing an enduring opportunity for OBS providers.
- Burgeoning Opportunities in Content Streaming
Burgeoning opportunities in content streaming represent a pivotal market opportunity within the Object-Based Storage (OBS) sector, substantiated by facts and real-world incidents. The global surge in online content consumption, fueled by streaming services and digital entertainment, has created an immense demand for scalable, high-performance storage solutions. OBS, with its ability to efficiently handle vast volumes of multimedia content, has played a pivotal role in ensuring seamless streaming experiences. Real-world incidents underline the OBS’s essential role in the success of streaming platforms. As content streaming continues its upward trajectory, OBS providers find themselves at the forefront of an opportunity with long-term growth potential.
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Key Opportunity Analysis:
IoT Data Management
IoT data management stands out as a pivotal market opportunity in the Object-Based Storage (OBS) industry, substantiated by compelling facts and real-world incidents. The exponential growth of connected devices and IoT applications has led to an unprecedented surge in data volumes. OBS, with its scalability and ability to efficiently store and manage massive datasets, addresses the pressing need for IoT data storage. Real-world incidents have underscored the significance of OBS in industries like smart manufacturing, agriculture, and healthcare, where IoT-generated data is harnessed for critical insights. As the IoT ecosystem continues to expand, OBS emerges as the linchpin for secure and structured data management, driving its long-term market potential.
High Opportunity in Data Analytics and AI for Object Based Storage
A high-potential market opportunity in the Object-Based Storage (OBS) sector lies in its symbiotic relationship with Data Analytics and Artificial Intelligence (AI). The relentless growth of data necessitates advanced analytics, and OBS offers the ideal platform for storing and managing vast datasets efficiently. Real-world incidents underline this synergy, with AI-driven insights revolutionizing industries such as finance and healthcare. OBS facilitates the storage and retrieval of the massive datasets required for AI and machine learning, making it a linchpin for innovation. As data analytics and AI adoption continues to surge, OBS is poised to play a pivotal role, affirming its position as a key market opportunity with significant long-term potential.
The Emergence of Hybrid and Multi-Cloud Deployments
The emergence of Hybrid and Multi-Cloud Deployments in the Object-Based Storage (OBS) market is a compelling trend supported by facts and real-world incidents. Organizations increasingly leverage a combination of public, private, and hybrid cloud environments to optimize flexibility and cost-efficiency. OBS systems, with their ability to bridge these diverse cloud ecosystems, provide a unified and secure data storage solution. Real-world incidents highlight the effectiveness of OBS in ensuring data consistency and accessibility across various cloud platforms. As the demand for versatile and scalable storage solutions grows, OBS is well-positioned to thrive, making it a pivotal opportunity with substantial long-term potential in the evolving cloud landscape.
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The Report also Covers the Following Areas:
- Object Based Storage Market Size and Forecast
- Object Based Storage Market Trends
- Object Based Storage Market Analysis by Product Type
Object Based Storage Market 2023-2030: Key Highlights
- CAGR of the market during the forecast period 2023-2030
- Value Chain analysis of key stake holders
- Detailed analysis of market drivers and opportunities during the forecast period
- Object Based Storage Market size estimation and forecast
- Analysis and predictions on end users’ behaviour and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Object Based Storage Market
Covid and Ukrainian Crisis Impact:
The COVID-19 pandemic significantly impacted the Object Based Storage (OBS) market. With the sudden surge in remote work and increased reliance on digital data, organizations sought scalable storage solutions to accommodate growing volumes of information. OBS providers adapted, offering cloud-based solutions to meet demand. However, the crisis strained supply chains and delayed infrastructure projects. Post-crisis, the OBS market is in recovery mode, benefitting from the continued need for flexible data storage and disaster recovery. Organizations prioritize data resilience and security, driving innovation within the industry. While challenges persist, the OBS market demonstrates resilience, fostering a promising path to sustained growth.
The Russia-Ukraine crisis has cast a shadow on the Object-Based Storage (OBS) market, impacting global supply chains and geopolitical uncertainties. Supply disruptions have led to delays in OBS infrastructure deployment and increased hardware costs. Additionally, heightened cybersecurity concerns have pushed companies to reassess their data storage strategies, favouring security-centric solutions. Post-crisis, OBS providers are expected to focus on data encryption and compliance as essential features, with an emphasis on geopolitical risk mitigation. While challenges persist, the OBS market’s resilience is evident, as it adapts to evolving global dynamics and capitalizes on the growing importance of data security in a volatile geopolitical landscape.
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List of Key Market Players in Object Based Storage Market:
The Global Object Based Storage Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- Dell EMC
- IBM
- Hitachi Vantara
- NetApp
- Hewlett Packard Enterprises
- Amazon Web Services
- Google Cloud
- Microsoft Azure
- Scality
- Caringo
- SwiftStack
- MinIO
- Cloudian
- Red Hat
- Nutanix
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