Data Storage Technologies Market to Register High Demand Rate by 2024

Data Storage Technologies Market: Overview

 

The data storage technology is associated with an advanced collection of solutions and products that will cater to services regarding data storage for several end-user industries such as data centers, IT firms, automotive industries, and others. This is due to the fact that the volumes of data are increasing and a huge amount of unstructured data is being collected.

 

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Data Storage Technologies Market: Segmentation

 

The global market for the data storage technologies is fragmented into the storage system, storage architecture, technology, and the end-user industry. Depending on the storage system, the global market is segregated into direct-attached storage, cloud storage, storage area network, network-attached storage, unified storage, and software-defined storage. The storage architecture can be broadly categorized into file-based and object-based storage, and block storage. The file-based and object-based storage segment is sub-categorized into object storage and file storage. On the basis of the technology, the global market is divided into magnetic storage, solid-state storage, and others. On the basis of the end-user industry, the global market is bifurcated into business & consulting, media & entertainment, government, healthcare, consumer goods & retail, BFSI, telecommunications & ITES, energy, education & research, manufacturing, and others.

 

Data Storage Technologies Market: Growth Factors

 

Increase in the number of input and output devices is driving the global data storage technologies market. Another major factor driving the market is the increasing requirement for less utilization of time. Some of the time-saving technologies include internet of things, online shopping, and much more. Constant research and development activities are being carried out to make improvements in the data storage technologies. Several challenges are being faced by the enterprises regarding the data storage, thus making it important to improve and advance the data storage techniques. As the global market is constantly developing, the requirement for data storage will never end which triggers the growth of the market. The latest trend in the data storage technology market is cloud computing and there are several cloud providers in the market. The factor limiting the growth of the global data storage technology market is the lack of security issues in the server and cloud-based services.

 

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Data Storage Technologies Market: Regional Analysis

 

The region leading the global data storage technologies market is North America, which is followed by Europe and Asia Pacific regions. The influencing factors driving the global data storage technologies demand in the North American market are the presence of some of the major IT firms in this region, which aids in enhancing the big data storage, cloud computing, and other services associated with IT. Huge investments are done in this region in order to develop the data centers. The global market is estimated to witness a significant growth in the coming years in Asia Pacific region. Data centers have made advancements in a significant manner, thus affecting several end-user industries positively.

 

Data Storage Technologies Market: Competitive Players

 

The key market players involved in the global data storage technologies market include EMC Corporation, VMware, Inc., Sandisk Corporation, Nutanix, Toshiba Corporation, Hitachi Data Systems, Drobo, SimpliVity Corporation, IBM, Hewlett-Packard Development Company, Micron Technology, NetApp, Inc., Quantum Corporation, HGST, Inc., Avago Technologies, and Tintri.

 

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