Object Based Storage Market - Forecast(2024 - 2030)

Object Based Storage Market Overview:

Object Based Storage Market size is estimated to reach $7 billion by 2030, growing at a CAGR of 12% during the forecast period 2024-2030. Increasing demand for Backup and Recovery, Content Distribution and Media Management, Archiving, Data Analytics, Data Lakes propelling the Object Based Storage Market growth.

Additionally, the growth of the Internet of Things (IoT) generates massive volumes of data that require efficient storage and management. The Media and Entertainment industry continues to expand, creating opportunities for OBS to support content delivery, streaming, and video-on-demand services. These factors positively influence the Object-Based Storage industry outlook during the forecast period. In February 2022 High Performance Object Data Storage module was developed to equip Big Data, Artificial Intelligence Web Streaming and was released by OVHcloud and European Cloud Operator. These factors are propelling the market in coming days.

Market Snapshot:
Object Based Storage Market - Report Coverage:

The “Object Based Storage Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Object Based Storage Market.

COVID-19 / Ukraine Crisis - Impact Analysis: 

• 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.

Key Takeaways:

• Fastest Growth of Asia Pacific Region : Asia-Pacific has emerged as the fastest-growing market in the Object-Based Storage (OBS) industry with a CAGR of 13.5% during forecast period 2024-2030. The region's dynamic growth is propelled by factors such as robust digital transformation, surging data creation, and expanding cloud adoption. Countries such as China and India are at the forefront, fostering demand for scalable storage solutions. The OBS market in the Asia-Pacific region benefits from burgeoning e-commerce, government-driven tech infrastructure initiatives, and increasing investments in advanced IT systems. With a maturing digital landscape and a hunger for data-driven solutions, Asia-Pacific holds a pivotal role in the OBS market's global expansion, presenting abundant opportunities for providers and investors.

• Data Lakes to Register the Highest Demand : Data lakes have emerged as the largest market segment with the market share of 23% in 2023. within the Object-Based Storage (OBS) industry. The impact is profound, driven by the ever-increasing volumes of unstructured and structured data. OBS solutions are the backbone of data lakes, offering scalability and efficient data management. Organizations have realized the potential of data lakes for analytics, machine learning, and business insights. Post-crisis recovery sees continued growth in this segment as companies prioritize data-driven decision-making. OBS providers are focusing on enhancing data integration, security, and compliance features to meet evolving demands, solidifying data lakes as a cornerstone of modern data management strategies. For instance, in March 2022, Data Centre Dynamics published a report stating that Object based storge is emerging as the standard for data lakes specially in connection with the tools of the Hadoop ecosystem and Object based storage offers huge advantages for data lakes as it can store all types of files without the need for this redefined schema and with no limit on the volume of data.

• Financial Services Industry Shows Fastest Growth : Financial services have showed fastest growth in the Object-Based Storage (OBS) industry with CAGR of 13.7% during forecast period 2024-2030. The impact is significant, given the immense data demands of this sector, including transaction records, compliance documents, and client information. OBS solutions are crucial for secure, scalable data storage and rapid retrieval. The post-crisis recovery demonstrates sustained growth, driven by heightened data security and regulatory compliance priorities. OBS providers are enhancing encryption and data protection features to meet stringent financial industry standards. With the recovery well underway, financial services continue to rely on OBS as a cornerstone of their data management strategies, ensuring both growth and data integrity.

• Better Growth in SMEs : The Object-Based Storage industry is experiencing significant growth within SMEs with a CAGR of 13.4% during forecast period 2024-2030 due to its scalable and efficient data management solutions. Organizations are increasingly adopting this technology to streamline operations, enhance data accessibility, and facilitate seamless collaboration. The industry's robust performance in addressing the unique storage needs of SMEs underscores its pivotal role in optimizing resource utilization and fostering business growth. As businesses recognize the value of scalable and flexible storage solutions, the Object-Based Storage sector is poised for continued expansion among SMEs.

• Rapid Growth of Digital Data Volumes : The rapid growth of digital data volumes has significantly impacted the Object-Based Storage (OBS) market. With a staggering influx of data from sources like IoT, social media, and online transactions, organizations face an unprecedented storage challenge. OBS solutions have emerged as a pivotal resource, offering scalable and efficient data management. This surge is evidenced by the increasing adoption of OBS across various sectors. As data continues to proliferate, OBS is instrumental in ensuring seamless storage, accessibility, and security, thereby meeting the evolving demands of the digital age. OBS is poised to remain at the forefront of the data storage landscape, addressing the exponential growth in digital information.

• Data Security and Privacy Concerns Hamper the Market Growth : Data security and privacy concerns cast a shadow over the growth of the Object-Based Storage (OBS) market. With heightened focus on data protection and regulatory compliance, organizations hesitate to adopt OBS due to potential vulnerabilities. High-profile data breaches and stringent privacy regulations underscore the need for robust security measures in OBS systems. The market's growth is further hampered by the evolving threat landscape and the growing complexity of safeguarding data stored in OBS. To overcome these challenges, OBS providers must invest in enhanced security features, encryption, and compliance tools to rebuild trust and ensure that data remains secure, fostering growth in the OBS market.

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Object Based Storage Market. The top 10 companies in this industry are listed below:

1. Dell EMC
2. IBM
3. Hitachi Vantara
4. NetApp
5. Hewlett Packard Enterprises
6. Amazon Web Services
7. Google Cloud
8. Microsoft Azure
9. Scality
10. Caringo

Scope of the Report: