Data Center Storage Solutions Market - Introduction
- Data center storage solutions are used to manage all the resources within a data center. This solution comprises hard disk drives, tape drives, backup management software, and networking technologies. In addition, it includes storage policies and procedures that manage the entire process of data storage and retrieval.
- The rising construction of smart city projects in developing economies provides growth opportunities to data center storage solutions. For instance, in India, the government started the Smart Cities Mission in 2015. This factor increases the implementation of smart devices in smart cities, which consequently increases the amount of data generation. Therefore, the growing amount of data generation will advertently increase the demand for the data center storage solutions during the forecasted period.
Key Drivers of the Data Center Storage Solutions Market
- The growing concern to reduce overall IT budgets is the major factor fueling demand for data storage solutions. Minimizing IT cost allows an organization to increase return on investment (ROI), and remain competitive in the market. The major benefit of storing data in data center storage solutions are it is highly cost-effective, enables extensive availability and accessibility of data, data security, and fault tolerance.
- Growing adoption of Network Attached Storage (NAS) data storage solutions in organizations is a prominent factor likely to fuel the demand for data center storage solutions during the forecast period. For instance, it was reported that more than 80% of organizations worked on the NAS system. The major benefit of NAS data center storage solutions are that they are easy to install and configure with an organization’s business functions. Centralized data storage offers faster data access, and also provides easy data backup. Therefore, implementation of the NAS data storage system allows organizations to respond to customers in a timely manner, which keeps the organization competitive in the market
- However, rising data breaches and high initial cost are the key factors that hamper the growth of the data center storage solutions market. For instance, it was reported that the U.S. saw 1,257 million data breach cases recorded in 2018 and it grew to 1,506 data breach cases in 2019.
Impact of COVID-19 on the Global Data Center Storage Solutions Market
Most businesses have moved to the work from home model due to the increasing COVID-19 cases across the globe. Almost all businesses faced significant decline in production. Companies adopt Data center storage solutions to minimize the impact of Covid-19 in the business and remain competitive in the market.
North America Accounted for Largest Share in the Data Center Storage Solutions Market
- North America holds the largest share in the Data center storage solutions market. The factor responsible for the growth of the market is rising digitalization in various sectors such as healthcare, manufacturing, BFSI, and government that tend to increase the amount of data generation in a company, which consequently increases demand for data center storage solutions. Moreover, the presence of various tech-giants in the U.S. such as IBM, Microsoft, Oracle Corporations, HP Development and many others is another factor that drives demand for data center storage solutions.
- The Asia Pacific data center storage solutions market is expected to expand at the highest CAGR during the forecast period. The rising internet penetration and growing adoption of smart devices in developing economies is likely to increase the amount of data generated in developing economies. For instance, according to Internet World Stats, in 2018, Asia-Pacific had 49% of internet users and it rose to 52% in 2020. This increases the demand for extended storage capabilities, which in turn drives the demand for data center storage solutions.
Key Players Operating in the Global Data Center Storage Solutions Market
Data center storage solutions companies are increasingly spending on research and development activities, which in turn is expected to increase the demand for these solutions in the coming years. The Data center storage solutions market is a diversified one with the presence of numerous manufacturers across the globe. Key players operating in the global Data center storage solutions market include:
- Dell, Inc.
- Hitachi Vantara
- Oracle Corporation
- Net App
Global Data Center Storage Solutions Market: Research Scope
Global Data Center Storage Solutions Market, by Component
- Implementation Services
- Managed Services
- Consulting Services
Global Data Center Storage Solutions Market, by Type
- Direct Attached Storage (DAS)
- Storage Area Network (SAN)
- Network Attached Storage (NAS)
- Block Storage
- Object Storage
Global Data Center Storage Solutions Market, by Location Type
- On-site Location
- Off-site Location
Global Data Center Storage Solutions Market, by Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises
Global Data Center Storage Solutions Market, by Verticals
- Logistics and Transportation
- Media and Entertainment
- IT & Telecom
Global Data Center Storage Solutions Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Planning Software Management
- Software Management
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.