Data Storage Market Overview:
The paperwork is gradually becoming defunct, and the world is rapidly moving towards digitization. In the United Nations alone, 400,000 documents were digitized in 2016, and the process of digitization is still on-going. Now, there is a myriad of small and big organizations in the world that are digitizing their data which is becoming a boon to the data storage market that had already generated an impressive worth of $35 billion to $40 billion in 2018 as per the market research report by IndustryARC’s analyst. The market analyst estimates the data storage market growth to be a remarkable 14% to 18% in terms of CAGR during the forecast period of 2019 to 2025.
According to the indigenously generated intelligence report by Global System for Mobile Communications (GSMA), China alone accounts for 630 million unique mobile subscribers. Additionally, India and China will add 200 million more mobile subscribers between 2017 and 2025. Similarly, other Asian countries have observed a tangible surge in the number of mobile users which will translate to 73% of the population using mobile by 2025 in the APAC region. These mobile users open up the data storage marketplace as they need SD cards. Apart from this, the sales of external hard drives and other data storage devices in Asian countries is the main cause of APAC topping the data storage market with 35% to 40% market share, according to the market analyst.
Data Storage Market Outlook:
Basically, data storage is the recording of data in various storage media such as DNA and RNA, handwriting, phonographic recording, magnetic tape, and optical discs. Nowadays, electronic media is used to store data using various recording formats. Sometimes, volatile organic compounds are also used to make the data expire over a period of time. Now, these electronic data storage devices are used to store enterprise data and consumer storage applications. They are also used in industries to store the company data.
“Owing to the rapidly pervading digitization in huge corporate giants across the globe, the application CAGR in the largest-enterprises sector is estimated to be 20% to 25%”; mentions the market analyst in the data storage market analysis report.
Data Storage Market Growth Drivers:
- The Penetration of Cloud Services in Organizations –
Cloud computing is not a new tool anymore, and a lot of organizations have already subscribed to the cloud services. Now according to the Global Cloud Computing Scorecard by BSA, The Software Alliance; cloud computing has penetrated in 24 countries, and 80% of the IT market share belongs to the same. Now, these cloud services need data storage devices like external and internal hard drives in their systems, which is the most effective driving force that attributes to the data storage market growth.
- The Demand for Data Storage in Banks –
The way in which banks operate has changed significantly over the course of the last two decades. The banks across the globe are reducing the extraneous paperwork and digitizing each transaction to streamline the operations. This inception of digital banking has created opportunities galore in the data storage market.
- The End-Users Generating Personal Data –
Consumers are generating a flabbergasting amount of data and media files each year, especially because of the easy accessibility of camera in mobile phones and free audio and video data available on the Internet. Furthermore, due to the advent and subsequent prevalence of Internet of Things (IoT), the amount of personal data is only going to increase. This rising mobile content is creating a revenue avenue for the vendors in the data storage market.
Data Storage Market Challenges:
In data storage devices, there are possibilities of losing data. So, even consumers are resorting to cloud computing which is also supporting the data storage market but is proving to be detrimental to the sales of personal data storage devices like hard drives and pen drives. However, the vendors are striving to strengthen the data security in these consumer’s products, thereby sustaining their position in the market.
Data Storage Market Key Players Perspective:
The market leader in the data storage market is Western Digital (WD) that generated revenue of $19.1 billion in fiscal 2017. This majorly attributes to their sustained leadership in HDD. The company came up with its third generation 10TB HDD and shipped more than 16 million HDDs.
Other key players crusading for data storage market share are Hitachi Data System Corporation, Samsung Group, IBM Corporation, Amazon Web Services, Inc., Alphabet, Inc., Microsoft Corp., and Toshiba.
Data Storage Market Trends:
- In May 2015, WD had acquired Sandisk for a whopping $19 billion. It was a way forward to be the leading storage solutions company.
- In September 2016, Dell Computer and EMC had merged to make an impact in the data storage market.
Data Storage Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the data storage market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of data storage market, and their specific applications in the industrial, banking, government, and other sectors.
Data Storage Market Report: Industry Coverage
The report analyses the product demands on the bases of type of product – Optical storage device, magnetic storage device, and other data storage devices. The data storage market can be further segmented on the basis of medium of data storage such as cache memory, dynamic RAM (DRAM), and others.
The data storage market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia