Storage in Big Data Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region

Cutting-edge Technologies and Digitization Drive Market Growth

The global storage in big data market is witnessing remarkable growth, fueled by the digitization of records worldwide and the increasing adoption of software-based storage options. According to the latest research, the market is expected to expand at a Compound Annual Growth Rate (CAGR) of 22% over the forecast period (2024-2031).

Digitization Driving Market Expansion

The primary driver behind this surge is the digitization of records, propelled by recent government regulations across various countries. Companies, particularly in the healthcare sector, are swiftly transitioning towards digital record maintenance. This shift is not only streamlining operations but also leading to increased adoption of various data storage options.

Software-Based Storage Options and Connected Devices Fueling Growth

Moreover, the increasing adoption of software-based storage solutions and the proliferation of connected devices are further propelling the market growth. Leading market players are integrating predictive analytics with storage systems and strategically positioning storage servers close to end-users to reduce latency time.

Challenges and Restraints

Despite the promising growth trajectory, the market faces challenges such as macroeconomic factors including reduced budgets for data storage and the high total cost of ownership of flash storage. Additionally, improper data representation poses a threat to market growth, emphasizing the need for robust data management solutions.

Segment Analysis: Hardware, Software, and Services

The global storage in big data market is segmented into Hardware, Software, and Services segments. While the Hardware segment is projected to remain the most attractive in terms of revenue, the Services segment is expected to witness high Year-on-Year (Y-o-Y) growth rates throughout the forecast period.

Industry Verticals Driving Market Growth

In terms of industry verticals, the Banking, Financial Services, and Insurance (BFSI) sector are anticipated to lead the market by 2031. However, the Information Technology (IT) and Telecommunications segment are poised to be the most attractive segment in the global storage in big data market during the forecast period.

Regional Analysis: North America, Latin America, Europe, Asia Pacific, Japan, and Middle East & Africa

Regionally, Latin America is projected to emerge as the most attractive region in the global storage in big data market. However, Western Europe is expected to register high Y-o-Y growth rates throughout the forecast period. North America, with its relatively high market share, is expected to remain dominant in terms of revenue, while Western Europe is anticipated to exhibit the highest CAGR during the forecast period.

Competitive Analysis

Some of the key players driving innovation in the global storage in big data market include Google Inc., Microsoft Corporation, Amazon Web Services Inc., VMware Inc., IBM Corporation, Dell EMC, SAS Institute Inc., Oracle Corporation, SAP SE, Teradata Corporation, Hewlett Packard Enterprise, Hitachi Data Systems Corporation, and MemSQL Inc. These companies are employing various strategies such as increasing global investment in cloud services, providing hybrid storage solutions, and collaborating with technology partners to expand their market presence and enhance customer base globally.

Market Segmentation

By Segment

• Hardware Segment
• DAS – internal (OEM)
• DAS – external (OEM)
• DAS – other (ODM Direct)
• ESCON/FICON
• NAS
• SAN
• Tape Systems and Media
• Software Segment
• Services Segment

By Industry

• BFSI
• IT and Telecommunications
• Transportation, Logistics & Retail
• Healthcare and Medical
• Media and Entertainment
• Others

Region

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific Excluding Japan (APEJ)
• Japan
• Middle East & Africa (MEA)

This product will be delivered within 1-3 business days.