The global storage management market is expected to experience brisk growth over the forecast period owing to increased data generation due to high internet usage. Rise in cloud-based systems in the recent past is presumed to complement the progress in market demand over the forecast period.
Storage Management provides operational benefits to the organization by enhancing electronic data storage efficiency. It is used to track and monitor the storing performance efficiency that enables proactive management and device optimization, which, in turn, helps the organizations to identify the unused capacity and utilize the space for future use. Moreover, it aids organizations by discovering invalid information that is shifted or removed to alternative locations. Thus, it maximizes the information storing capacity of the business organizations and helps them reduce operational costs. With the rapid growth in enterprise data generation and computing complexity, the need for space management is projected to grow over the forecast period.
With the rise in data volume, the organizations face problems such as disorganized and unstructured data which include emails, web pages, and other similar information. Increase in operational cost and need to manage this data effectively has become a major concern for the market in the recent past It has been observed that rapid adoption of such systems has resulted in a higher demand for gateways. Gateway is a software or hardware-based appliance which resides on the customer premises and serves as a link between the remote storage systems and local applications. As companies need to pay only for the space that they use for data storage, it reduces operational expenses for the companies. Thus, such benefits are expected to propel the market ahead over the forecast period.
It provides immediate access to a broad range of applications and resources hosted by another organization via a web interface. Several advantages of this system have increased its popularity in the recent past. Easy access to the stored information has been made possible by a few vendors through mobile apps. Virtually unlimited space at a reasonable price has increased the demand in this industry in the recent past and is expected to continue this trend over the forecast period.
The primary restraint for this market is data security which is anticipated to impact negatively market growth and development. Malicious hacking technologies have seen rapid growth in the recent past and are presumed to affect industry performance and profit margins. The service providers in this industry need to adapt to change and update their technology as per the requirements to improve data security management. Such malicious technologies are expected to impact the global industry over the next eight years, negatively.
Innovations related to transfer, security, and efficient technology are projected to offer ample opportunities for industry participants for growth and development. The shortage of experienced and skilled workforce is estimated to be a major challenge for market growth over the forecast period. Performance issues related to transfer rate, uploading, extraction, and quality management are presumed to act as major bottlenecks for this industry over the forecast period. The rise in demand for unified data accumulation management solution is the latest trend in this market and is expected to play a fundamental role in shaping the market in the next few years
The industry has applications in different verticals such as financial services, media & entertainment, telecom industry, government organization, insurance, and banking sector. The industry is classified as data protection & recovery, storage replication, storage virtualization, storage infrastructure software, storage & device management, archiving, and software-defined storage. Based on deployment types, storage management is segmented as cloud and on-premises.
Prominent regional markets include North America, Europe, Middle East & Africa, Central & South America, and Asia-Pacific. Developed regions such as Europe and North America dominated the global market in the recent past and are presumed to show a similar trend over the next eight-year period. Developing regions such as Asia Pacific is expected to witness huge demand for this system over the forecast period. Asia-Pacific region is projected to grow at a rapid CAGR over the next eight years due to increasing awareness and increasing demand from the end-use industries. Rapidly emerging nations including China, India, Brazil, and Russia are presumed to lead their respective regional markets over the forecast period. The storage management market is highly cost-intensive and requires a substantial initial investment. The industry vendors are investing heavily in R&D operations to develop systems with better performance and higher security and aim to gain a permanent foothold in the market. Prominent industry participants include Dell, Hitachi Data Systems, IBM, Accenture, Brocade Communications Systems, Capgemini, Cisco Systems, Data Dynamics, InfoFort, Micron Technology, Oracle, EMC, HP, NetApp, Aptare, Pure Storage, CA Technologies, CenturyLink Technologies Solutions, Coraid, Datacore, Rackspace Redhat, OASIS Group, Pivot3, and SanDisk.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.
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