The Global Storage in Big Data Market, by Segment (Hardware (DAS – internal (OEM), DAS – external (OEM), DAS – other (ODM Direct), ESCON/FICON, NAS, SAN, Tape Systems and Media), Software and Services), by Industry (BFSI , IT and Telecommunications , Transportation, Logistics & Retail, Healthcare and Medical, Media and Entertainment and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 73,971.07 Million by 2027, exhibiting a CAGR of 20.4 % during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Big storage data is the computation and storage system that collects and manages vast data sets and facilitates real-time data analytics. Big data storage enables the sorting and storage of big data sophisticatedly so that it can be easily used, accessed, and processed by services and applications on big data. Big data storage mainly supports storage and input/output operations on storage with a very vast number of data files and objects. The storage infrastructure is connected to computing server nodes that allow quick processing and retrieval of big quantities of data. Many end-use industries employ big data storage including BFIS, media and entertainment, IT and telecommunications, healthcare and medical, transportation, logistics, retail, etc.
The global Storage in Big Data Market was accounted for US$ 17,391.4 Mn in terms of value in 2019 and is expected to grow at CAGR of 20.4% for the period 2020-2027.
Increasing number of connected devices is expected to boost the global storage in big data market during the forecast period
Integration of Internet of Things (IoT) and connectivity of everyday devices such as smartphones, medical electronics, and automobiles has allowed these devices to communicate and send & received data. These devices can make faster and better decisions regarding factory failure and security breach and data generated through these devices needs to be stored using one of the many storage options, but the most commonly used option is cloud-based. For instance, Google Inc. operates its own private network with over 70 points of presence across 33 countries, thereby ensuring data gets delivered to and from devices at ultra-low latency. Reliability and security of IoT are enhanced as it does not travel through the public Internet. Hence, these factors are expected to boost the global storage in big data market growth over the forecast period.
Combination of predictive analytics with storage systems can offer lucrative business opportunities
Numerous analytical tools are being used by various industries, in order to gain insights and predict future possibilities and trends that directly impact the performance of the user company. If these analytical tools are used in combination with storage systems, these companies will have to invest in a single software via which its data will be stored in a secure manner, and at the same allowing the user company to derive useful information in real-time.
Inappropriate representation of data is expected to hamper the global storage in big data market growth over the forecast period
Various datasets have certain levels of similarity in structure, type, organization, and accessibility. Proper representation of data allows accurate analysis. However, since the data is collected from different sources, it creates major challenges to the user as to whether or not data is authentic. As a result of this, improper representation of data can take place and lead to impair proper data analysis. Moreover, organizations are unsure about when to remove the data from their storage since they are unaware of the lifecycle of data. Such types of data files are redundant for the organization and the user remains unsure of whether to retain them or eliminate. Thus, these factors are expected to hinder the global storage in big data market growth over the forecast period.
Growing implementation of hybrid and hyper-converged storage options among education institutions across North America
Various education institutions such as colleges and universities across North America are focused on deploying hybrid cloud storage systems, in order to process student registration and keep track of other activities and processes effortlessly. For instance, in October 2016, Santa Fe College (State College in Florida, U.S.) deployed IBM Storwize V7000 with IBM HyperSwap to ensure 24/7 availability of online registration (even during peak hours), which also enabled 50% reduction in storage requirements and reduced operational costs. Moreover, in 2016, Queen’s University (Educational Institute in Canada) implemented VMware Horizon desktop virtualization and VMware Virtual SAN hyper-converged infrastructure solution in order to reduce costs for IT storage and improve desktop management performance.
Increasing demand for storage software solutions among government and defense sector
Storage in big data is gaining significant traction in government and defense sector across various countries in Western Europe such as the Netherlands and the U.K., in order to manage increasing volume of data received from various sources. For instance, in March 2015, CERN (European organization for nuclear research) started using IBM Tivoli Storage Manager Software to reliably collect a gigabyte of data per second, 24-hours a day from its Large Hadron Collider (LHC) (particle accelerator). Moreover, in January 2014, a European Defense Unit implemented IBM i2 software in the Netherlands to help process complex data and facilitate seamless data sharing among all its units and headquarters.
Rising adoption of storage servers among electronics and marketing sector across Japan
The demand for storage servers across Japan among electronics and marketing industries is increasing rapidly. For instance, in November 2015, Canon Marketing Japan Inc., a subsidiary of the Canon Group, deployed IBM FlashSystem -software-defined storage infrastructure to boost employee productivity and performance by cutting down daily wait times across its workforce.
Key players operating in the global storage in big data market are MemSQL Inc., Google Inc., Hitachi Data Systems Corporation, Microsoft Corporation, Hewlett Packard Enterprise, Amazon Web Services, Inc., Teradata Corporation, VMware, Inc., SAP SE, IBM Corporation, Oracle Corporation, Dell EMC, and SAS Institute Inc.