Storage in Big Data Market Projected to Reach USD 30 Bn by 2022 | Key Players are Microsoft Corporation (U.S.), Amazon Web Services (U.S.), Google Inc. (U.S.)

Market Highlights

As per Market Research Future (MRFR) analysis, the high adoption rate of big data technology can impel the expansion of the global storage in big data market. The deployment of big data and the evolution of servers, ease of connectivity can bolster the growth of the big data technology market. Enterprises exercising Internet of things (IoT) can also result in the storage in big data market surge. Developments in smart data record maintaince system is expected to contribute significantly to the expansion of the global storage of big data market. Benefits of storage in big data, such as improved safety, more efficiency, higher productivity, low installation cost, and easy storage of data can act as the storage in big data market growth boosters. MRFR study states that the global storage in big data market, at 20% CAGR can value at USD 30 Bn by 2022.

Top Boosters and Key Deterrents

The COVID-19 outbreak has brought together researchers, data scientists and medical professionals to deal with the spread of the pandemic worldwide. Respective sectors are making use of advanced technologies like big data analytics, natural language processing and machine learning to track the novel coronavirus and learn more about it. With the increasing storage of patient data, it has become tough to review each record and reach a solution while looking for a COVID-19 breakthrough. In this situation, big data has emerged as a formidable tool that is helping review diverse datasets while helping detect as well as help recover from COVID-19. Despite the lockdown imposed across countries, the cases have mounted exponentially, which has boosted the use of big data tools to store data with regard to the patients and those that are at risk of getting affected in the future.

Following the advent of SARS-CoV-2, big data has gained higher impetus in light of organizations like WHO, Microsoft and CDC increasingly developing dashboards that are based on it. This has been a spectacular prospect for the storage in big data market. Further, the growing deployment of cloud computing, internet of things/IoT and software based storage services and devices has also boosted the expansion of the storage in big data industry.

Multi-cloud storage has emerged as one of the top aspects trending in the storage in big data market data. Some of the renowned public cloud storage vendors such as Microsoft, Google and AWS are striving to boost their offerings with integrated big data capabilities, such as Athena and AWS EMR. Many of the renowned players are also actively launching new solutions and services that have multi-cloud storage abilities in big data.

For instance, in July 2020, Madison Cloud launched its new solution called Private MultiCloud Storage/PMCS. The new PMCS helps deal with any kind of multi-cloud data issues with a secure, reliable and centralized method to handle cloud storage.

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Segmentation:

The market of storage in big data is studied by vertical and component. By component, the storage in big data market segments are software, hardware, and services. The software segment includes platform-as-a-service (PaaS), software-as-a-service (SaaS), and infrastructure-as-a-service (IaaS). The software-as-a-service segment can surge at a decent CAGR in the forecast period. The penetration of cloud solutions and the high demand for smart transport management solutions can prompt software-as-a-service segment growth. The vertical-based segments of the storage in big data market are BFSI, Healthcare, IT & Telecommunication, Transportation, Manufacturing, and media & entertainment. The high rate of adoption of storage in big data across BFSI and healthcare can boost the storage in big data market growth.

Regional Study

The regional analysis of Storage in Big Data Market Share is being studied for region such as Asia Pacific, Americas, Europe and Rest of the World.

High digitization rate across various industries is cited to be one of the top factors that make North America a global leader in the storage in big data market. The mounting focus on big data management, rising consumption of analytics along with continuous technological innovations in connected information systems are other significant growth boosters in the North American market.

Europe is on track to achieve great heights in the following years, as a result of the tremendous digital transformation, high rate of technological developments, and the rising use of smart connected devices. The significant presence of leading firms combined with the commendable research ecology in the region also adds to the business growth.

However, APAC promises loads of attractive opportunities for the leading storage in big data players, thanks to the massive amount of data being generated across organizations and the increasing government spending on the development of digital technologies.

Renowned Industry Contenders

Some of the renowned market contenders outlined in the MRFR report include Oracle Corporation (U.S.), VMware, Inc. (U.S.), Teradata Corporation (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Google Inc. (U.S.), Amazon Web Services (U.S.), Hewlett Packard Enterprise (U.S), Dell EMC (U.S.), Hitachi Data Systems Corporation (U.S.), and more.

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Storage in Big Data Market, By Component (Hardware, Software and Services), By Vertical (BFSI, IT & Telecommunication, Healthcare, Manufacturing, Transportation, Media & Entertainment and Others) - Forecast 2022

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