Business requires modern data storage solutions that manage costs, ensure consistent performance, and support corporate sustainability goals. To unify, manage, and secure voluminous enterprise data for use in data-heavy applications, such as AI, savvy businesses are turning to hybrid cloud storage solutions.
The hybrid cloud storage market is in the emerging stages: it is dynamic and rapidly evolving based on the urgent need to efficiently unify and manage growing enterprise data stores. Today, few vendors provide a complete solution that supports unified data and multiple storage formats (file and object) and data types (structured and unstructured). Frost & Sullivan believes that a full solution is necessary to support multimodal AI solutions, which draw from a combination of public and private datasets of a variety of formats and types. Ideally, a service offering a global namespace to unify data offers the best performance and scalability for workloads requiring large-scale datasets.
Despite being nascent, the market opportunity is immense. Frost & Sullivan estimates that the market generated about $100 billion in 2024, with a projected compound annual growth rate of about 16% over the next 6 years. Some providers noted that these estimates could increase more rapidly if business adoption of AI and creation of large language models (LLMs) accelerate.
Frost & Sullivan analyzes numerous companies in an industry. Those selected for further analysis based on their leadership or other distinctions are benchmarked across 10 Growth and Innovation criteria to reveal their position on the Frost Radar™. The publication presents competitive profiles of each company on the Frost Radar™ considering their strengths and the opportunities that best fit those strengths.
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