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Object-Based Storage Market Size (2024 - 2029)

The object-based storage market is experiencing significant growth, driven by the need to manage the increasing volume of unstructured data in enterprise data centers. This market's expansion is fueled by the limitations of traditional storage systems, prompting organizations to adopt object storage for its advantages in speed, scalability, and reliability. The market size is influenced by the demand for infrastructure that supports hybrid cloud workflows and software-defined storage solutions, which offer flexibility and cost-effectiveness. As businesses continue to digitalize and globalize, the adoption of object storage is becoming more prevalent, with companies providing various deployment options to meet diverse customer needs.

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Market Size of Object-Based Storage Industry

Object-Based Storage Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 12.00 %
Fastest Growing Market North America
Largest Market North America
Market Concentration Low

Major Players

Object-Based Storage Market Major Players

*Disclaimer: Major Players sorted in no particular order

Object-Based Storage Market Analysis

The Object-Based Storage Market is expected to register a CAGR of 12% during the forecast period.

In contrast to conventional storage architectures like file systems, which manage data as a file hierarchy, and block storage, which manages data as blocks inside sectors and tracks, object storage is a type of computer data storage that maintains data as objects.

  • The storage market is evolving to address new challenges in enterprise IT, such as exponential data growth, rapid digitalization and globalization of business, and requirements to connect and collect everything. Storage infrastructure systems based on object storage are growing significantly in both the number and capacity of deployments and are becoming the platform of choice to address the growth of unstructured data in enterprise data centers.
  • The steep growth of unstructured data for emerging and established workloads requires products driven by infrastructure software-defined storage that can deliver tens of petabytes of storage and potentially leverage hybrid cloud workflow with public cloud IaaS. New and established storage companies are developing scalable object storage products to address cost, agility, and scalability limitations in traditional scale-up storage environments.
  • Most organizations use a mix of storage types: file storage, block storage, and object storage. But the use of object storage is surging for several reasons: speed, scalability, searchability, security, data integrity, and reliability. 
  • Object storage provides various benefits for organizations that want to aggregate vast amounts of data, essential layer applications on top of that data store, conduct advanced data analytics that drives innovation, and protect against ransomware attacks.
  • Several companies in the market for object storage are offering mixed deployment options to give customers choices in how they deploy infrastructure. Standard deployment options include turnkey high-density appliances or software-only options deployed on bare-metal industry-standard hardware as virtual machines or on docker containers. Companies in this market are increasingly offering their products as software-defined storage pre-certified to run on x86 industry-standard hardware.

Object-Based Storage Industry Segmentation

Object-based storage technology organizes data in a flat structure that can be retrieved in the same manner as the original data stored rather than in a hierarchical form. This report segments the market by its type (cloud-based, on-premise) and geography.

The object-based storage market is segmented by its type (cloud-based, on-premise) and geography (North America, Europe, Asia Pacific, and the Rest of the World).

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

Type
Cloud-based
On-Premise
Geography***
North America
Europe
Asia
Australia and New Zealand
Latin America
Middle East and Africa
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Object-Based Storage Market Size Summary

The object-based storage market is experiencing significant growth, driven by the need to manage the exponential increase in unstructured data across various industries. Unlike traditional storage methods such as file and block storage, object storage manages data as discrete units, offering advantages in speed, scalability, and data integrity. This technology is becoming the preferred choice for enterprises looking to harness the power of digitalization and globalization, as it supports the aggregation of vast amounts of data and facilitates advanced analytics. The market is characterized by a mix of deployment options, including turnkey appliances and software-only solutions, which provide organizations with the flexibility to choose how they implement their storage infrastructure. The adoption of object storage is further bolstered by its ability to integrate with hybrid cloud environments, leveraging public cloud infrastructure to enhance agility and efficiency.

North America is poised to lead the global object-based storage market, driven by the region's high internet traffic and the presence of major vendors like IBM and Dell. The BFSI sector is increasingly adopting cloud storage solutions, with a significant number of financial institutions utilizing cloud technology to streamline operations. The market is competitive and fragmented, with several key players such as Hitachi Vantara, NetApp, and Scality Inc. actively developing scalable object storage products. Recent developments include collaborations and product launches aimed at enhancing storage capabilities for AI and big data workloads. These advancements underscore the growing importance of object-based storage in addressing the challenges of modern data management and the ongoing shift towards cloud-based solutions.

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Object-Based Storage Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter Five Forces

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Consumers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Intensity of Competitive Rivalry

    3. 1.3 Market Drivers

      1. 1.3.1 Low acquisition costs of object-based solutions (especially for large-scale storage)

      2. 1.3.2 Technological advancements such as multi-cloud data management and introduction of ML In storage analytics

    4. 1.4 Market Challenges

      1. 1.4.1 Resistance to Change From the Traditional Storage Practices

    5. 1.5 Comparative Analysis of File vs Block vs Object-based storage

    6. 1.6 Key Use-cases for Object-based Storage - Big Data, Web-apps, Backup Archives, Fraud Prevention, etc.

    7. 1.7 Impact of COVID-19 on the market

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Cloud-based

      2. 2.1.2 On-Premise

    2. 2.2 Geography***

      1. 2.2.1 North America

      2. 2.2.2 Europe

      3. 2.2.3 Asia

      4. 2.2.4 Australia and New Zealand

      5. 2.2.5 Latin America

      6. 2.2.6 Middle East and Africa

Object-Based Storage Market Size FAQs

The Object-Based Storage Market is projected to register a CAGR of 12% during the forecast period (2024-2029)

Hitachi Vantara Corp, NetApp Inc., IBM Corporation (Red Hat), Scality Inc. and Dell EMC are the major companies operating in the Object-Based Storage Market.

Object Based Storage Market Report Snapshots

Object Based Storage Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)