In terms of value, the global storage in big data market is expected to expand at a CAGR of 20.4% over the forecast period (2016 – 2026) and is expected to be valued at US$ 61.44 Bn by 2026 end.
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- 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
- MemSQL Inc.
Factors impacting the market
Digitization of records globally is the primary factor driving the global storage in big data market. Due to recent laws enforced by governments of various countries, companies are shifting towards digital maintenance of records, especially in the healthcare sector. Increasing digital data volumes is leading to companies increasingly adopting various data storage options.
Further, increasing adoption of software-based storage options and an increase in the number of connected devices is expected to fuel the growth of the global storage in big data market over the forecast period. One of the major restraints for growth of the global storage in big data market to a certain extent are macroeconomic factors such as reduced budgets for data storage and high total cost of ownership of flash storage. Improper data representation is also posing a threat to the global storage in big data market.
Leading market players are integrating predictive analytics with storage systems and are providing storage servers close to end users to reduce latency time.
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The global storage in big data market is segmented on the basis of Segment into Hardware Segment, Software Segment, and Services Segment; and on the basis of Industry into BFSI, IT and Telecommunications, Transportation, Logistics & Retail, Healthcare and Medical, Media and Entertainment, and Others.
The Hardware segment was valued at US$ 4,064.6 Mn in 2015 and is estimated to increase to US$ 4,710.7 Mn by the end of 2016, reflecting a Y-o-Y growth rate of 15.9%. In terms of revenue, the Hardware segment is projected to be the most attractive segment in the global storage in big data market during the forecast period; however, the Services segment is expected to register high Y-o-Y growth rates throughout the forecast period.
The BFSI industry segment is anticipated to reach a market valuation of US$ 16.59 Bn by the end of 2026, registering a CAGR of 23.1% during the forecast period. In terms of revenue, the IT and Telecommunications segment is projected to be the most attractive segment in the global storage in big data market during the forecast period.
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The global storage in big data market is segmented into the seven key regions of North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan, and Middle East & Africa (MEA). In terms of revenue, Latin America is projected to be the most attractive region in the global storage in big data market during the forecast period; however, the Western Europe storage in big data market is expected to register high Y-o-Y growth rates throughout the forecast period.
The storage in big data market in North America accounted for a relatively high market share and was valued at US$ 3,129.6 Mn in 2015. North America is expected to remain dominant in terms of revenue throughout the forecast period. The Western Europe storage in big data market is anticipated to grow at the highest CAGR during the forecast period.
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Key market players
Some of the key players operating 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.
Some of these companies are adopting strategies such as increasing global investment in cloud services, providing hybrid storage solutions, enhancing flash storage product portfolio, integrating cloud and flash technology with storage products, and collaborating with various technology partners to expand their market presence and enhance customer base globally.