Object storage is a latest storage technology concept. It is also known as cloud object storage. It describes how to extend the local infrastructure with cloud storage capabilities and meet the needs of hyper growth management to unlock the value of data based on demand elasticity, pricing as a service, unlimited scaling and global reach. Object storage generally adds the metadata to a document and deletes the hierarchical file structure used in file storage as well as places everything in a flat address space known as a storage pool. This kind of metadata is a key to the success of object-storage and provides a detailed overview of data usage and roles in the storage group.
Some of the key benefits of object storage include infinite scalability, greater data analytics, and reduction in cost, faster data retrieval and optimization of resources. Besides, key characteristics of object storage include durability, strong consistency, custom metadata and encryption etc.
As per analysis, “Global Object Storage Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global object storage market include Swift Stack, Hyve, Basho, Nexenta, Seagate, Supermicro, ETegro, Newisys, Cloud Founders and among others. Some well-known companies focus on numerous organic growth strategies including product launches, product approvals, and others like patents and events. Apart from this, few of the inorganic growth-strategies activities witnessed in the market include mergers & acquisitions (M&A), and partnership & collaborations. These activities have paved the way for growing the business and customer base of market participants. With the increasing demand for cloud object storage on the world market, players in the cloud object storage market expect lucrative growth opportunities in the future.
Based on type, object storage market can be segregated as metadata server, object-based storage device and others. In addition, based on application, market can be segregated as memory, graphics files, using network to work, mobile apps, manipulate data, sensor data and others.
The object storage market is driven by rise in awareness about cost-effective cloud services, followed by increase in data volumes across enterprises, expansion of professional & managed services, increase in big data analysis, rise in demand for data security & protection of data by various enterprises and increase in demand for technologically upgraded services. However, resistance to change from the traditional-storage practices may impact the market. Moreover, rise in demand for technologically upgraded service is a leading opportunity for market. Furthermore, increase in AI & machine learning storage analytics and multi-cloud data management are major trends for global market.
Based on geography, the North-America is a leading region in global object storage market owing to growth in internet traffic and user-generated data across the region. The Europe and Asia-Pacific regions are anticipated to witness higher growth rate due to presence of key companies coupled with high technological advancement over the forecast period. It is projected that future of the global object storage market will be bright on account of growth in technological advancements such as multi-cloud data management and introduction of machine-learning in the storage analytics during the forecast period.
For More Information, refer to below link:-
Contact Us: –
Ankur Gupta, Head Marketing & Communications