North America will continue to be the Largest Market Representing Highest Revenue Share of the Overall Market
According to a report published by RRI, the global market for storage in big data is projected to cross 9.599 Million by 2016 end. By 2026, the market is anticipated to reach US$ 61.44 Billion, expanding at a CAGR of 20.4% during the forecast period (2016–2026).
The global market for big data is primarily driven by increasing digitization of information and data records across the globe. Moreover, stringent regulations introduced by governments of various nations are compelling professional organizations to opt for digital maintenance of their records. This is most noticeable in the healthcare sector. Moreover, growing number of connected devices and rising popularity of software-based storage options is expected to influence the overall market growth during the forecast period. Likewise, the ever expanding digital data size is an additional factor, which is resulting in the higher adoption of data different storage technologies available in the market. In contrast, macroeconomic factors such as the hefty overall cost of acquiring flash storage and limited budget allocations for data storage are likely to hinder the growth of the global market for big data. Similarly, discrepancies in date representation is an additional factor that may pose a threat to overall market growth.
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Based on segment, the global market for storage in big data is segmented into hardware segment, services segment and software segment. Hardware is the largest segment of the global market for storage in big data accounting for over 49% value share of the market in 2015. In addition, the segment is anticipated to witness an incremental $ opportunity of US$ 16.38 Billion over the forecast period. The software segment is expected to witness an incremental $ opportunity of over 11 Billion during 2016 to 2026.
On the basis of industry, the global market for storage in big data in segmented into transportation, healthcare and medical, BFSI, IT and telecommunications, logistics & retail, entertainment, media and, others. In 2015, the BFSI segment accounted for US$ 1,694.1 Million in terms of value and is expected to surpass US$ 2,071 Million by 2016 end, registering a Y-o-Y growth rate of over 22%. The Media and Entertainment segment is projected to reflect healthy Y-o-Y growth rates throughout the forecast period.
On the basis of regions, the global market for storage in big data in segmented into North America, Western Europe, Asia Pacific Excluding Japan (APEJ), Latin America, Eastern Europe, Japan, and the Middle East & Africa (MEA). The market in North America will continue to generate highest revenues over the forecast period, expanding at a CAGR of over 21% through 2026. In addition, the market in the region is expected to reach US$ 30.12 Billion by 2026 end. The Western Europe market for storage in big data is expected to grow the fastest, expanding at a CAGR of 21.8% over the forecast period. Latin America is anticipated to exhibit exciting market opportunities for leading players in the global market for storage in big data during 2016 to 2026.
Key players operating in the global market for storage in big data include Amazon Web Services Inc., Google Inc., VMware Inc., Dell EMC, Oracle Corporation, Teradata Corporation, MemSQL, Inc. Microsoft Corporation, IBM Corporation, SAS Institute Inc., SAP SE, Hewlett Packard Enterprise, and Hitachi Data Systems Corporation. Most of these companies are actively focusing on higher investment in cloud services, upgrading flash storage product portfolio, offer hybrid storage services, integrating flash technology and cloud with storage devices, and jointly working with various other tech firms in order to improve their global presence and penetrate narrower distribution channels. In addition, leading companies are integrating storage systems with predictive analytics and also offering storage servers to end users in order to reduce latency time.
Summary: Hardware to be the largest segment of the global market for storage in big data during the forecast period.