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
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