Pune, India, July 26, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR) recently came out with a report on the cloud object storage system market to declare the advantages the market would obtain in the coming years. Cloud object storage system is a virtual section where people can store their data and information for timely operations. This is fast becoming popular among industries and is gaining strong tailwinds that ensures a swift growth for the cloud object storage system market by 14% CAGR to USD 6 billion valuation during the forecast period (2017-2023).
Growing digitalization across countries, better access, high technology, and increasing knowledge of the cost-effective system are expected to open up avenues for the system. In addition, big data analytics and IoT are anticipated to create substantial market growth.
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Segmentation:
MRFR’s attempt to unearth details of the cloud object storage market is based on the extensive segmentation of the service, organization size, cloud deployment and end-user. This analysis has proper backing from the value-based and volume-based figures.
Based on the service, the global cloud object storage market can be segmented into professional service and support & maintenance service.
Based on the organization service, the Cloud Object Storage Market can be segmented into large enterprise, and small & medium enterprises (SMEs). The SMEs segment has started showing interest in the market, which would help in increasing revenues. SMEs are showing interest in the system as they are willing to curb their production cost at any price.
Based on the deployment, the cloud object storage market can be segmented into public cloud, private cloud, and hybrid cloud. Hybrid clouds are quite popular as it offers diverse functions.
Based on the end-user, the cloud object storage market can be segmented into social media platforms, IT & telecommunication, BFSI, and others. The IT & telecommunication segment is providing substantial tailwind to the global market. The BFSI segment is also spending much to get access to the cloud for better storage facilities.
Regional Analysis:
Based on the region, the global cloud object storage market report includes namely, North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). MRFR’s take on the market is to get hold of growth pockets and provide an intense study of that to unravel possibilities.
North America, presumably, to lead the global market in the coming years by maintaining its present standards. The presence of key players is expected to play in favor of the global market and control the high intake of revenues. Both SMEs and large enterprises could show remarkable intake capacity for the product and in the process, would ensure a market growth. Infrastructural superiority of the US and Canada is deemed to take the global market ahead.
The APAC market can resonate strong opportunities and showcase its potential in taking the cloud object storage market ahead. On the other hand, emerging economies are showing this tendency to promote high integration of the latest technologies, which is bound to promote the market.
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Competitive Landscape:
Cloud object storage system Increasing realization from end-user industries are making market players more interested in taking the global cloud object storage market ahead. Their strategic moves, which often include merger, acquisition, collaboration, product launch, and others are primarily aimed at their individual market growth. However, its results also impact the holistic growth of the market as well. These companies are Dell EMC (U.S.), International Business Machines Corporation (U.S.), Hitachi Data Systems (U.S.), Hewlett-Packard Enterprise (U.S.), Datadirect Networks (U.S.), Microsoft Corporation (U.S.), Caringo Inc. (U.S.), Netapp, Inc. (U.S.), International Data Corporation (U.S.), and Google (U.S.). MRFR profiled these companies for better market understanding.
In February 2019, Microsoft declared that they have initiated the commercial usage of the Azure Data Lake Storage Gen2 and Azure Data Explorer. This shows how extensively the global market has been impacted by the inclusion of this product.
Related Reports:
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Cloud Computing Market research report by cloud service type (SaaS, PaaS, IaaS), deployment model (private cloud, public cloud, hybrid cloud, community cloud), application (government, banking, healthcare) – Forecast till 2023
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