Global storage hardware market is expected to witness a high growth on account of increasing data collection need across the world. The overall industry is projected to grow at an approximate CAGR of 15 % from 2016 to 2024.
Data volume is undergoing high growth in recent years. Most organizations work with unstructured and disorganized data including web pages, emails, and web pages. Data storage has become one of the key issues for IT managers and business executives in achieving cost control and storage utilization.
An increase in stored data volume leads the rising demand in the global market. Moreover, the information protection system awareness is growing among the organizations and government bodies.
The enterprises number worldwide has gradually increased over time along with the economy recovery. These new businesses have been the turning out to be new potential customers to the storage vendors.
This client base expansion is expected to drive the overall market growth in near future. The ever-increasing documents size requires storage facilities and, therefore, has raised the requirements to increase the overall capacity.
User demand has driven the existing systems up gradation activities and new technologies emergence. Upcoming years are about to witness demand for big data storage leading to technology innovation.
Customers have raised high requests on data availability along with the increasing demand on stored data volume. Data is expected to be recovered anywhere at any time as the movement of working location increases.
Moreover, information security is a primary concern owing to malicious hacking methods which have shown a rapid growth in the recent past. Organizations undergo regular backup activity to reduce the risk arising on account of data loss.
High data availability has created strong storage systems need which is expected to drive the global market in near future. Small or medium enterprises have a limited budget for establishing storage infrastructure.
There is always a dilemma whether to go for high performance or implement low-cost techniques. The cost of maintenance and continuous management add to the expenses of the user. Therefore, the high price is expected to restrain the industry over the forecast period.
However, these problems are supposed to solve gradually with continuous innovation and new technologies development. Big data demand and cloud technology have been increasing owing to the high data collection volume by telecommunication and retail sector.
Energy consumption has grown along with the storage capacity increase, which adds to the user expenses and, therefore, generating a need for more environment-friendly storage solutions. There has been significant entry by new entrants in the market providing stiff competition to major players.
Technology advancement coupled with competition has led to the price decrease. Large scale players have been focusing on innovation and new product development to retain their market share. This kind of competitive position provides excellent opportunities for overall industry growth.
Big data and cloud infrastructure gain significant importance with a rapid information volume increase. Government and management consulting organizations are investing more in a mass storage system.
These new solutions provide useful information and have been an essential feature of E-government system. Such trends offer bright prospects for global industry growth in near future.
These applications find usage in multiple verticals which include banking & financial institutions, telecommunications, IT & consulting, logistics, healthcare, retail, defense, government, and aerospace.
Rising users on social media have led to facilities capable of accumulating multimedia files. Segmentation is done based on the hardware infrastructure which includes direct-attached storage (DAS), network attached storage (NAS) and storage area network (SAN).
DAS is a traditional technique which does not use any network. Multiple computers can access files over a local area network using NAS and SAN technology. NAS occupies the largest share among all the technologies on account of its simpler and low-cost systems.
North America has been the greatest storage hardware market so far on account of extensive digitalization and computer usage in various sectors. Regional demand was followed by Asia Pacific and is expected to show rapid growth, therefore dominating the global market over the forecast period.
IT industries' development coupled with the introduction of computers in banking & retail sector have been the primary factors for industry demand especially in emerging economies including India and China. Europe and South America is anticipated to witness a steady growth mostly driven by growing banking and government institutions.
Africa is expected to show a slow demand increase on account of lack of supporting IT infrastructure initiatives. Key players in the market include Dell, EMC, HP, IBM, and NetApp. The other main players are Symantec, Toshiba, Huawei, Western Digital, Micron Technology, SanDisk, Hitachi, Seagate Technologies, Coho, Jeda Networks and Pernix.
Merger and acquisition play a vital part in achieving economies of scale, increasing customer portfolio and acquiring new technologies. In 2015, IBM announced to acquire Cleversafe having expertise in data management.
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