Expanse of Social Media, and Exponential Growth in Data Volumes Gush Demand for New Storage Capacity
With the growing demand for analytical insights for quick decision-making, across industries, cloud analytics presents numerous opportunities for cloud providers. Likewise, social media analytics encouraged businesses to employ cloud-based automatic data storage systems to improve customer experience in real-time. For instance, in October 2020, Backblaze, a cloud service provider, teamed with Facebook LLC. To guarantee security and privacy, the alliance concentrated on shifting social media videos and photographs to cloud-based secured storage. In the coming years, these technological advancements are projected to propel the growth of cloud object storage market.
The other significant factors driving demand for cloud object storage solutions across many verticals globally include the increased use of technologies such as deep learning, Internet of Things (IoT), data analytics, Artificial Intelligence (AI), and cloud computing. In February 2021, NextBillion Al, a California-based start-up, collaborated with Google Cloud to accelerate time-to-market solutions by utilising cloud SQL, and storage. For NextBillion Artificial Intelligence clients, the alliance intends to provide data security, and 99 percent uptime.
Networked gadgets and autonomous systems such as self-driving cars are projected to increase cloud computing use, including data storage for real-time support. In February 2021, Ford Motor Company, a connected vehicle maker, teamed up with Google Cloud to better customer experience with linked vehicles. With autonomous and driverless cars, the company is pushing toward digitalisation. By combining machine learning, automation, and cloud across all cars, the company hopes to provide a better experience. Owing to these factors, cloud object storage market is predicted to rise at a faster rate.
Easier Access to Big Data Analytics and Internet of Things (IoT) to Enhance Demand for Public Cloud Category
The public cloud category is expected to dominate the market over the forecast period due to easier access to platform solutions such as big data analytics and the Internet of Things. The most prevalent type of cloud computing deployment is public clouds. It reduces maintenance expenses by having a third-party cloud service provider own and maintain all hardware, software, and other supporting infrastructure over the Internet. Several merchants have adopted public cloud deployment because it provides a wide range of data recovery options, increased reliability, and near-unlimited scalability.
Furthermore, hybrid cloud deployment is expected to grow at a significant rate. To build a more effective business model, hybrid cloud mixes cloud and on-premises computing environments. Object storage should be considered by every corporation turning to the cloud to meet expanding storage capacity needs and optimize the value of its unstructured data. In an era of social media, the Internet of Things, and big data analytics, flexibility is critical when installing hybrid cloud object storage because it opens new ways for businesses to use unstructured data to gain a competitive advantage in cloud object storage market.
Large Investments in R&D by Technocrats in North America to Drive Growth of Cloud Object Storage Market
North America is expected to dominate the market over the forecast period. The presence of significant firms in the region, large investments in R&D by technocrats, and improved infrastructure have all contributed to steady growth. Other drivers driving cloud object storage market revenue growth include increasing data volumes from various verticals and technologies such as cloud computing, big data analytics, and the Internet of Things. Data security and data protection are becoming increasingly important to businesses. Furthermore, an increase in demand for technologically advanced services as well as a high need for data transfer speed is expected to influence the performance of cloud object storage market in this region.
The US has the largest market share due to the presence of major cloud providers and many data centres. Furthermore, the growing use of smart home devices, connected devices, video streaming services, and digital payments generates massive amounts of data daily. Canada is expected to grow at the fastest rate during the forecast period, owing to increased investment by businesses in cloud-based services, and solutions. According to the CDW Cloud Report in January 2021, more than half of Canadian enterprises (52%) have already planned to invest in cloud-based infrastructure and services to ensure consistent service delivery.
Asia Pacific is expected to grow at a significant rate. Growing adoption of cloud-based services by small and medium businesses, owing to the huge scalability and speed of services in countries like China, India, and Japan, is propelling the market in this area forward. Government initiatives to drive digital transformation across countries fuel the region's adoption of cloud technology. In July 2021, the imperative cloud Asia Pacific's unmissable opportunity, public cloud spending in China was US$19.45 Bn in 2020 and is expected to rise to US$67.64 Bn by 2024. It also stated that total Asia Pacific annual public cloud spending is expected to reach US$116.06 Bn in 2024, up from US$43.14 Bn in 2020. These factors are expected to drive the growth of cloud object storage market across Asia Pacific.
Global Cloud Object Storage Market: Competitive Landscape
In March 2021, Oracle Corporation introduced new Cloud Lift Services to help customers migrate quickly using its tools and engineering resources. The new platform eliminates critical barriers and provides single points of contact, high speed, and other benefits. Through Google Cloud support, this advancement is assisting in accelerating customer growth. On the other hand, In April 2020, Microsoft Corporation collaborated with Blackrock, Inc., an investment management firm. The collaboration aims to host Blackrock Solutions' Aladdin infrastructure on the Azure cloud platform. Using the Microsoft Azure cloud platform, Blackrock enhances the capabilities of its Aladdin platform.
A few of the players in the cloud object storage market include Dell, Hewlett-Packard Enterprise, IBM, Microsoft, International Data Corporation, Caringo Inc., Google, Cisco, Hitachi, Datadirect, and APPENDIX.
Global Cloud Object Storage Market is Segmented as Below:
Key Elements Included In The Study: Global Cloud Object Storage Market
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