Big data storage is a storage infrastructure specially designed to store, manage and retrieve massive volumes of big data. The global storage in big data market is anticipated to grow at USD 30 billion by 2022, a CAGR of 20 % during the forecast period of 2016 and 2022.
Digitization, Adoption Of Smart Devices, And Growing Connectivity Is The Prime Driver Of The Market
Growing digitization, adoption of smart devices, increasing connectivity, are the prime drivers of the market. The growing availability of data is reflected by the study conducted by Pew research. The study reveals that in contrast to a median of 45 % across developing countries using the internet in 2013, the number in 2015, rose to a whopping 54 %. In 12 emerging nations surveyed in 2014 and 2015, there was a significant increase in the share of adult internet users accessing internet several times a day, including in Nigeria (+20 points), Ghana (+19) and China (+13).
Growing adoptions of cloud computing and the internet of things (IoT) have boosted the storage in big data market.
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Advancements In Technology And Storage Devices Are Expected To Generate A Significant Demand
The development of high volume storage technology such as Blu-ray disk with improved network connectivity features is driving down the cost of big data lakes storage. Solid state drives provide better performance, higher readability, robustness, high data speed, stability and reliability, and resiliency, is a further market attraction.
Growth in Investments and Impressive Application Potential and Expanse is the Most Significant Market Opportunity
BIG data storage provides attractive benefits like scalability, high speed, advanced analytics, centralization, and integration of data under one platform, benefiting coherence and pattern identification. An enormous market enthusiasm has been generated by investments by technology giants including Microsoft Corporation, Informatica, Teradata Corporation, Capgemini, EMC Corporation and Oracle Corporation entering the fray.
The potential applications of big data technologies include price optimization, search engine optimization (SEO), business forecasting, business intelligence, better sample selection for analytics, and others. The opportunities include quantification of the link between actions and revenues, higher market penetration, better customer targeting and engagement, real-time data for feedback, corrective actions to prevent customer switching, not to mention better customer satisfaction. The development of analytics computer languages has resulted in the faster growth of Azure data storage and Hadoop data storage systems.
Concerns For Data Security And Privacy May Hamper The Market
The market barriers are concerns for data security and privacy, legal restrictions, integration of multi-point and multi-sectorial cross-channel data resulting in growing complexity of data management, issues of data governance and standardization.
The prominent players in the Storage in Big Data Market are – Amazon Web Services (U.S.), Google Inc. (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Dell EMC (U.S.), Hitachi Data Systems Corporation (U.S.), VMware, Inc. (U.S.), Hewlett Packard Enterprise (U.S), Teradata Corporation (U.S.), among others.
To generate a bird’s view of the market, the report is segregated by component, vertical and regions.
- Based on the components, the market has been segregated into hardware, software, and services. The hardware components are further sub-segmented into servers, storage, and networks. The software service is further sub-segmented into software-as-a-service (SaaS), platform-as-a-service (PaaS), infrastructure-as-a-service (IaaS) and cloud services.
- Based on the verticals, the market has been segregated into BFSI, IT & telecommunication, healthcare, manufacturing, transportation, media & entertainment, and others.
- Based on regions, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa.
North America led by the U.S. is the absolute leader for the global big data storage market. Development of antecedents such as growing focus on big data management, adoption of analytics and technological advancement connected information systems are driving the growth of the market. Europe accounts for the second largest market led by U.K., Germany, and France Presence of global players and excellent research ecology are prime drivers of the European market.
The market is expected to shift its momentum in favor of Asia-Pacific, led by Japan, China, India, and others. The Middle East and Africa region are expected to deliver a moderate growth skewed in favor of the Gulf economies of Saudi Arabia, UAE, and others.
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- Healthcare Organizations
- Cloud service providers
- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- Bank & financial agencies
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