Hardware Storage Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2932
Hardware Storage Market size is anticipated to grow substantially in the coming years impelled by increasing volume of digital data across various companies. The digital data has emerged as the most crucial resource for the enterprises in the last 5 years. It is estimated that by 2020 over 1,7 megabytes of data will be generated every second. In addition, the digital data is anticipated to grow at an annual rate of 40% over the next 10 years. This is giving rise to the requirement of data collection devices across the globe.
Another factor affecting the hardware storage market is growing adoption of smartphones and internet services. The smartphones and laptops no longer considered as inferior versions of dominant computing devices. The mobile devices have surpassed PCs as the most commonly used web access devices around the world. Customers are storing rich media content on the mobile devices which has nurtured the demand for small size high performance storage devices.
The key trends shaping the hardware storage market are emergence of big data technologies and IoT devices. These technologies have allowed various new sources to data generation and provided several tools & solutions to collect and evaluate large amount of data. As the enterprises, devices and automobiles are becoming intelligent and interconnected the data will grow. This growth in data has increased the demand for new and innovative analytical solutions to extract meaningful insights from chucks of data collected. Hence, the exponential growth of digital data is expected to drive the growth of the market.
Network Attached Storage (NAS) market holds the major share in the hardware storage market. The NAS-based systems are extensively used in the SMEs due to their cost-effective nature. Direct Attached Storage (DAS) is used for small private cloud installations and large databases. The storage Area Networks (NAS) are mainly used in media sharing devices that allow several server systems to access a shared pool of data.
The North American region leads the hardware storage market due to the presence of large players such as Dell, EMC and IBM. The companies in the region have invested highly in the development of advanced IoT technologies and big data platforms. The data generated IoT devices has increased the demand for high performance storage devices. U.S. have have invested highly in establishing supporting business infrastructure which has accelerated growth of the hardware storage market in the region.
Asia Pacific hardware storage market is expected to grow significantly over the forecast timeline. This growth can be attributed to the increased IT hardware spending in the region. Moreover, the introduction of data localization regulations has fostered the market growth. For instance, in 2018, the Indian government introduced a cloud computing policy that mandated all the tech firms to store the data in the country to be stored within the country.
The key players in the hardware storage market are Dell, HP, IBM, NetApp, EMC, Symantec, Western Digital, Hitachi, Micron Technology, SanDisk, Toshiba, Huawei, Seagate Technologies, Coho, Jeda Networks and Pernix. The technological advancement and growing competition have driven the market players to develop inexpensive solutions. The players are focusing on product innovation to retain their market share. This growing market competition is expected to drive the overall industry growth. The companies operating in the market are conducting strategic acquisitions of other expert companies to increase their market share. For instance, in 2015, Dell acquired EMC, an information management and storage software company to access its technology and develop new product portfolio.
The companies in the hardware storage market are also forming alliances with other companies for developing new products and services. For instance, in 2016, Western Digital and Unispendour Corporation Ltd. formed a joint venture company which is known as Unis-WDC Storage. This joint venture is aimed at marketing and distributing Western Digital’s datacenter storage systems and develop new hardware storage solutions.
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