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Cloud Object Storage Market Value Analysis: What Growth Is Expected Over The Forecast Period?
The cloud object storage market has seen rapid expansion in recent years. Its value is expected to rise from $9.44 billion in 2025 to $10.97 billion in 2026, driven by a compound annual growth rate (CAGR) of 16.2%. Historically, this market’s growth can be attributed to factors such as the increasing volumes of unstructured data, the proliferation of cloud-native applications, the growing need for data backup solutions, the rising adoption of content storage platforms, and the surge in digital media consumption.
The cloud object storage market is anticipated to experience substantial expansion over the upcoming years. Its valuation is projected to reach $18.79 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 14.4%. This expansion during the forecast period is attributable to several factors, including a heightened demand for cost-effective storage options, the growing integration of AI and analytics workloads, the proliferation of hybrid and multi-cloud infrastructures, a stronger emphasis on data security and adherence to compliance standards, and the wider deployment of cloud storage optimization tools. Key developments anticipated within this timeframe involve the increasing uptake of scalable object storage architectures, a surging need for backup and archival storage, the expanding utilization of API-driven data access, the broadening of multi-cloud storage approaches, and an amplified focus on data durability and redundancy.
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Cloud Object Storage Market Expansion Supported By Key Demand Factors
The expansion in data volume is projected to fuel the advancement of the cloud object storage market moving forward. Data volume refers to the quantity of information stored, processed, or transmitted within a particular system, network, or storage medium. This surge in data volume primarily originates from the widespread presence of internet-connected devices, various digital services, and the increasing application of data-heavy technologies such as artificial intelligence and IoT. Cloud object storage plays a crucial role in managing this escalating data volume by offering scalable, economical, and readily available storage solutions for the vast amounts of unstructured data generated by modern digital technologies. For example, in March 2024, Edge Delta, a US-based software company, stated that in 2023, the world generated an estimated 120 zettabytes (ZB) of data, which translates to roughly 337,080 petabytes (PB) daily. With approximately 5.35 billion internet users globally, this suggests that, on average, each user might be producing around 15.87 terabytes (TB) of data every day. Hence, the rising volume of data is actively propelling the growth of the cloud object storage market.
Cloud Object Storage Market Segment Analysis And Revenue Opportunities
The cloud object storage market covered in this report is segmented –
1) By Service: Professional Services, Managed Services
2) By Deployment: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organization Size: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By End User: Social Media Platforms, Banking, Financial Services, And Insurance (BFSI), Information Technology And Telecommunication, Healthcare, Other End Users
Subsegments:
1) By Professional Services: Consulting Services, Integration Services, Implementation Services, Training And Support Services
2) By Managed Services: Data Backup And Recovery, Cloud Storage Monitoring, Cloud Storage Optimization, Security And Compliance Management
Cloud Object Storage Market Industry Trends: What Changes Are Reshaping Demand?
Leading companies in the cloud object storage market are focusing on high-performance object storage solutions, incorporating advanced features such as key management servers and data firewalls, to satisfy the increasing need for efficient and reliable storage within cloud environments. Key management servers and data firewalls signify the integration of systems dedicated to securely managing cryptographic keys and enforcing access control policies, thereby protecting sensitive data from unauthorized access or breaches. As an illustration, in March 2024, MinIO, a US-based high-performance object storage system, launched the MinIO Enterprise Object Store, designed to serve commercial clients requiring streamlined creation and administration of exabyte-scale data infrastructure. Leveraging MinIO’s renowned technical expertise in object storage, this new solution is specifically built to fulfill the performance and scalability requirements posed by extensive AI workloads. MinIO’s Enterprise solutions simplify object storage management with capabilities like the Catalog for efficient metadata search, Cache for high-performance AI workloads, and Observability for comprehensive system monitoring, ensuring seamless operations and compliance adherence.
Cloud Object Storage Market Leading Players Shaping Industry Direction
Major companies operating in the cloud object storage market are Google LLC, Microsoft Corporation, Dell Technologies Inc., Amazon Web Services Inc., Hitachi Vantara LLC, International Business Machines Corporation, Oracle Corporation, Fujitsu Limited, Hewlett Packard Enterprise Company, NetApp Inc., Iron Mountain Incorporated, Rackspace Technology Inc., Box Inc., Alibaba Cloud Computing Co. Ltd., Quantum Corporation, DataDirect Networks Inc., Backblaze Inc., Cloudian Inc., Scality Inc., Wasabi Technologies Inc., Zadara Storage Inc., Caringo Inc., MinIO Inc.
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Cloud Object Storage Market Regional Analysis: Which Region Leads By Revenue?
North America was the largest region in the cloud object storage market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud object storage market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.