Vancouver, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The global storage in big data market size was USD 6.20 billion in 2022 and is expected to register a rapid revenue CAGR of 16.9% during the forecast period. Flexibility and efficiency in operational data management and increasing data generation due to rising use of smartphones, Personal Computers (PCs), and other electronic devices are major factors driving market revenue growth.
Big data storage solutions enable consumers and organizations to manage, transfer, and retrieve a company’s operational data efficiently and flexibly. In addition, rising emphasis of businesses on data security, portability, dependability, improved programmability, and speed is another key factor driving revenue growth of the market. Organizations across the world are improving their data storage systems with new, cutting-edge technology and cooperation in response to the impending adoption of technologies. For instance, in May 2022, Samsung and Red Hat collaborated on software mechanics for future generation memory solutions. This collaboration focused on developing and validating software solutions for present and emerging storage solutions.
Increasing volume of big data, which is rising demand for data storage solutions is also expected to drive market revenue growth during the forecast period. Massive volumes of data storage have been produced as a result of increasing digitalization and Internet of Things (IOT). High volume of data produced by major industries including banking, healthcare, e-commerce, financial services, photography, videography, and other organizations must manage their storage capacity to preserve memory storage. Consequently, there is a greater need to spend in the handling and storage of such data.
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Lack of data security and data corruption is a key factor, which could restrain market revenue growth. Rising demand for big data storage increases the risk of data corruption and cyberattack. Data can get corrupted during editing, transferring files to another drive, or through other means. Stray components can disrupt various forms of data storage, and any storage reliant on electric or magnetic strips can be susceptible to electromagnetic intrusion. In addition, reduction in the budgets of data storage and higher overall cost of flash storage ownership are other factors, which could restrain market revenue growth.
Segment Insights
Component Insights:
On the basis of component, the global storage in big data market is segmented into hardware, software, and services.
The software segment accounted for largest revenue share in the global storage in big data market in 2022. This is because software-based solution is the storage controller software decoupled from the hardware and uses industry-recognized hardware platforms to provide a full spectrum of storage services. This enables multiple big data storage, service options, data access interface that can be provided in various ways, including the cloud.
Storage Medium Insights:
On the basis of storage medium, the global storage in big data market is segmented into direct attached storage, storage area network, network attached storage, cloud storage, and software defined storage.
The direct attached storage segment is expected to account for significantly large revenue share in the global storage in big data market during forecast period. This is because direct attached storage offers greater data protection and central data storage features, therefore direct connected storage is still the preferred option for end users.
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Regional Insights:
North America market accounted for largest revenue share in the global storage in big data market in 2022 attributed to rapid digitalization across various industries. In addition, increasing presence of major players across the U.S. is another factor driving market revenue growth of this region over the forecast period.
Asia Pacific market is expected to register fastest revenue growth rate in the global storage in bog data market over the forecast period. This is due to rapid technological advancements and increasing volume of unstructured data across different verticals/industries, which have created the need for secure, reliable, and cost-efficient storage infrastructure in the Asia Pacific region. In addition, digitization of services is accelerating across various sectors that include healthcare and education. For instance, in October 2021, DingTalk, one of the workplace apps in China, reported that its number of users has increased to 500 million in August 2021 from 400 million in January 2021.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 6.20 Billion |
| CAGR (2023–2032) | 16.9% |
| Revenue Forecast To 2032 | USD 29.04 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Component, storage medium, storage architecture, deployment type, enterprise size, industry, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Google, Microsoft Corporation, Amazon Web Services, VMware Inc., IBM, Dell Inc., SAS Institute Inc., Oracle Corporation, SAP SE, Teradata Corporation, Hewlett Packard Enterprise, Hitachi Data Systems Corporation, MemSQL, Datadirects Network, Micron Technology, Inc., Drobo, Inc., Scality, Datacore, Nutanix, and Cloudian |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global storage in big data market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective storage in big data products.
Some of the major companies included in the global storage in big data market report are:
- Amazon Web Services
- Microsoft Corporation
- VMware Inc.
- IBM
- Dell Inc.
- SAS Institute Inc.
- SAP SE
- Hitachi Data Systems Corporation
- Datadirects Network
- Micron Technology, Inc.
- Drobo, Inc.
- Scality
- Oracle Corporation
- Teradata Corporation
- Datacore
- Nutanix
- Cloudian
- Hewlett Packard Enterprise
- MemSQL
Strategic Development
- On 3 January 2022, Oracle updated Oracle Analytics Cloud, which will help users to identify, display, and act on crucial insights with a sparkling fresh style, increased spacing, and typefaces that are specifically designed for dense data.
- On 9 August 2021, IBM launched IBM Db2-based, which may be utilized in containerized micro-service scenarios as well as typical corporate settings. It would also be the engine of other Db2-based single-container products in the most recent edition.
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For the purpose of this report, Emergen Research has segmented the global storage in big data market on the basis of component, storage medium, storage architecture, deployment type, enterprise size, industry, and region:
- Component Outlook (Revenue, USD Billion; 2019-2032)
-
- Hardware
- Software
- Services
- Storage Medium Outlook (Revenue, USD Billion; 2019-2032)
-
- Direct Attached Storage
- Storage Area Network
- Network Attached Storage
- Cloud Storage
- Software Defined Storage
- Storage Architecture Outlook (Revenue, USD Billion; 2019-2032)
-
- File & Object Based Storage
- Block Storage
- Deployment Type Outlook (Revenue, USD Billion; 2019-2032)
-
- On-premises
- Cloud
- Hybrid
- Enterprise Size Outlook (Revenue, USD Billion; 2019-2032)
-
- Large Enterprises
- Small & Medium Enterprises (SMEs)
- Industry Outlook (Revenue, USD Billion; 2019-2032)
-
- Commercial
- Government
- Information Technology (IT) & Telecom
- Banking, Financial Services, and Insurance (BFSI)
- Healthcare
- Retail
- Media and Entertainment
- Education
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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