The global data center storage market size is poised to grow by USD 126.3 billion during 2020-2024, progressing at a CAGR of almost 27% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Data Center Storage Market 2020-2024 (Graphic: Business Wire)
Data generation has increased significantly in end-user industries such as telecommunication, manufacturing, and energy over the past few years. This has led to the demand for more technologically advanced edge platforms. To capitalize on this demand, vendors are working on developing new edge computing platforms to help their clients improve data management capabilities at the edge of the network – leading to an increase in the investments in the deployment of edge computing. The increasing deployment of edge computing will increase the need for edge data centers and is expected to drive the global data center storage market growth during the forecast period.
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The major data center storage market growth came from SAN system segment. A SAN system has high-performance capacity, because of which it is highly preferred for high-speed traffic such as high transaction databases and e-commerce websites. SAN is primarily deployed by enterprises such as Facebook and Google that deal with high-volume and resource-intensive data, where the data needs to be processed simultaneously.
North America was the largest data center storage market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing number of data centers and the growing demand for IoT devices will significantly influence data center storage market growth in this region.
The global data center storage market is concentrated. Dell Technologies Inc., Equinix Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., Huawei Investment & Holding Co. Ltd., International Business Machines Corp., Lenovo Group Ltd., NetApp Inc., Oracle Corp., and Pure Storage Inc. are some of the major market participants. To help clients improve their market position, this data center storage market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global data center storage market 2020-2024 is expected to have Positive and Superior. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/data-center-storage-market-size-industry-analysis
Increasing Preference for Hyper-converged Infrastructure in Data Centers will be a Key Market Trend
The increasing preference for hyper-converged infrastructure (HCI) in data centers is one of the primary data center storage market trends. HCI runs 1U or 2U server nodes and helps in the reduction of power and maintenance costs for data center operators. Its converged architecture also helps in reducing the data center footprint and crease more technical and core IT space. This enables the installation of more racks, which subsequently lead to an increase in the demand for data storage solutions. HCI systems are also capable of handling various workloads, including virtual desktop infrastructure (VDI), databases such as Oracle and SQL, and collaboration software such as Microsoft Exchange, Microsoft SharePoint, and other enterprise applications. HCI systems are increasingly adopted among organizations owing to the above-mentioned advantages. This will lead to an increase in the demand for storage solutions.
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Data Center Storage Market 2020-2024: Key Highlights
CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist data center storage market growth during the next five years
Estimation of the data center storage market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the data center storage market
Analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of data center storage market vendors
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Value chain analysis
Market segment analysis
Market size 2019
Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
Five Forces Summary
Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
Market Segmentation by Deployment
Comparison by Deployment placement
SAN system - Market size and forecast 2019-2024
NAS system - Market size and forecast 2019-2024
DAS system - Market size and forecast 2019-2024
Market opportunity by Deployment
North America - Market size and forecast 2019-2024
Europe - Market size and forecast 2019-2024
APAC - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
Key leading countries
Market opportunity by geography
Drivers, Challenges, and Trends
Volume driver - Demand led growth
Volume driver - Supply led growth
Volume driver - External factors
Volume driver - Demand shift in adjacent markets
Price driver - Inflation
Price driver - Shift from lower to higher priced units
Market positioning of vendors
Dell Technologies Inc.
Hewlett Packard Enterprise Co.
Huawei Investment & Holding Co. Ltd.
International Business Machines Corp.
Lenovo Group Ltd.
Pure Storage Inc.
Scope of the report
Currency conversion rates for US$
List of abbreviations
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