Flash-Based Array Market to Reach $63 Billion by 2024 – Persistence Market Research18% CAGR from 2016
This is a Press Release edited by StorageNewsletter.com on 2017.02.14
Persistence Market Research (PMR)'s outlook on Global Market Study on Flash-Based Array: North America Projected to Remain the Dominant Regional Market Through 2024 ($4,900) indicates that the global market for flash-based arrays is set to ride on a robust CAGR of 18% between 2016 and 2024.
Key Driver Insights
- Shrinking cost and impressive performance capabilities of flash arrays have emerged as the two most favorable growth factors providing an impetus to the global flash-based array market.
- Widespread use of flash-based arrays for high-intensity transactional workloads and development of virtual storage infrastructure is likely to drive the sales of flash-based array worldwide.
Key Trends and Opportunities
Robust adoption of mobile devices, cognitive systems, machine learning, cloud computing, IoT, and artificial intelligence is necessitating real-time data processing to enable resourceful service delivery along with the flexibility of time. Another significant trend identified was that star-ups hold an important position in the market as these enterprises provide cutting edge storage solutions through flash-based SSD capable of storing data on a solid-state flash memory.
- In terms of volume, the hybrid flash array is expected to remain the largest product type segment throughout the assessment period. Whereas, the all-flash array segment is anticipated to witness a stout CAGR of 27.9% to reach a market valuation of $17,882.4 million by 2024-end
- Based on storage capacity, flash arrays between 100 and 500TB held nearly 24.2% share of the market in 2015 and is anticipated to register the highest CAGR during the forecast period.
- Demand for flash-based arrays was notably high from the BFSI sector in 2016 and the sector is expected to maintain similar stance throughout the forecast period. Media and entertainment is one of the other fastest growing end-user segments in flash based array market owing to increasing adoption of flash-based arrays in media and entertainment industry spread across North America, Europe and Latin America region.
- Based on enterprise type, in 2015, large enterprises segment accounted for over 68% revenue share of the market and is expected to remain at the top spot through 2024. Meanwhile, the SMEs segment is projected to increase at a CAGR of 22.3% over the forecast period.
Regional Market Analysis
On the basis of regions, the market in North America is expected to remain dominant over the forecast period, commanding for a massive revenue share by the end of the forecast period. Similarly, Latin America market is also expected to register a healthy CAGR of 22.8% in terms of revenue during 2016 to 2024. This is primarily attributed to the rapid adoption of flash-based array systems in healthcare, banking, financial services and insurance, media entertainment and telecom sector in the region. The Middle East and Africa is another region set to witness strong growth of its flash-based array market, expanding at over 22% CAGR during the forecast period.
Some of the prominent players in the market include IBM Corporation, Oracle Corporation, Pure Storage, Inc., Hewlett Packard Enterprise Development LP, NetApp, Inc., Fujitsu Limited, Hitachi Data Systems Corporation, Huawei Technologies Co. Ltd., Dell EMC, Kaminario Inc., Tegile Systems, Inc., and Tintri, Inc.