Storage in Big Data Market to Register CAGR of 20% From 2016 to 2026 – Persistence Market Research

Persistence Market Research PVT. LTD. delivers insights on the global storage in big data market in a new report titled, Storage in Big Data: Global Industry Analysis and Forecast, 2016-2026 (235 pages, $4,900, November 2016).

According to the report, the global storage in big data market is estimated to be valued at $ 9.599,1 billion by the end of 2016 and this is anticipated to increase to $ 61.44 billion by 2026 end. In terms of value, the global storage in big data market is expected to register a CAGR of 20.4% over the forecast period (2016-2026). This is attributed to various factors.

Global Storage in Big Data Maket Value Share
(by segment, 2016)

Market dynamics
Digitization of records globally is the primary factor driving the global storage in big data market. Due to recent laws enforced by governments of various countries, companies are shifting towards digital maintenance of records, especially in the healthcare sector. Increasing digital data volumes is leading to companies increasingly adopting various storage options.

Further, increasing adoption of software-based storage options and an increase in the number of connected devices is expected to fuel the growth of the global storage in big data market over the forecast period.

One of the major restraints for growth of the global storage in big data market to a certain extent are macroeconomic factors such as reduced budgets for storage and high TCO of flash storage. Improper data representation is also posing a threat to the global storage in big data market.

Leading market players are integrating predictive analytics with storage systems and are providing storage servers close to end users to reduce latency time.

Market forecast
The global storage in big data market is segmented on the basis of – segment (hardware segment, software segment, services segment); industry (BFSI, IT and telecommunications, transportation, logistics and retail, healthcare and medical, media and entertainment, others); and region (North America, Latin America, Western Europe, Eastern Europe, AsiaPac Excluding Japan (APEJ), Japan, and Middle East and Africa (MEA)).

The hardware segment dominated the global storage in big data market with 49.1% market share in terms of value in 2015. It is estimated to create incremental revenue opportunity of $ 16.38 billion between 2016 and 2026. The software segment is estimated to create incremental $ opportunity of $ 11.34 billion between 2016 and 2026.

The BFSI segment was valued at $ 1.694,1 billion in 2015 and is estimated to reach revenue of 2.071,2 billion by the end of 2016, reflecting a Y/Y growth rate of 22.3%. The media and entertainment segment is expected to register high Y/Y growth rates throughout the forecast period.

Among regions, North America is expected to remain dominant in terms of revenue throughout the forecast period, registering a CAGR of 21.1% between 2016 and 2026. The North America storage in big data market is estimated to be valued at $ 30.12 billion by the end of 2026. The Western Europe storage in big data market is anticipated to register the highest CAGR of 21.8% during the forecast period. Latin America is projected to be the most attractive region in the global storage in big data market in terms of revenue during the forecast period.

Top companies profiled in the report include Google Inc., Microsoft Corporation, Amazon Web Services Inc., VMware Inc., IBM Corporation, Dell EMC, SAS Institute Inc., Oracle Corporation, SAP SE, Teradata Corporation, Hewlett Packard Enterprise, Hitachi Data Systems Corporation, and MemSQL Inc.

Some of these companies are adopting strategies such as increasing global investment in cloud services, providing hybrid storage solutions, enhancing flash storage product portfolio, integrating cloud and flash technology with storage products, and collaborating with various technology partners to expand their market presence and enhance customer base globally.