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Storage in Big Data Market Analysis 2020: By Keyplayers 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,

04-24-2020 09:26 AM CET | IT, New Media & Software

Press release from: Coherent Market Insights

Storage in Big Data

Storage in Big Data

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Market Overview

Big data storage refers to a compute and storage architecture that gathers and operates vast data sets and allows real-time data analytics. Many companies employ big data analytics to collect greater intelligence from metadata. Big data storage allows the storage and sorting of big data in such a way that it can be easily used, accessed, and processed by applications and services working on big data. Moreover, big data can be flexibly scaled as required. 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

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Competitive Section

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.

Market Dynamics- Drivers

1. Increasing adoption of software-based storage options is expected to drive growth of the global storage in big data market during the forecast period

In software-based storage solution, the storage controller software is disassociated from hardware and takes advantage of industry-standard hardware platforms, in order to deliver a complete range of storage services. This allows different solutions for data storage, data access interfaces, services, and can be delivered in various forms including on cloud. According to Intel Corporation's study 2016, enterprises are shifting towards software-based storage as performance, capital expenses and scaling are the top three factors considered by data center managers. However, there are several approaches that can be used while deploying software-based storage such as Do-It-Yourself solutions, turnkey solutions and converged and hyper-converged solutions. Hence, these factors are expected to support growth of the global storage in the big data market in the near future.

2. Rising digitization of records supported by governments is expected to propel the global storage in big data market growth over the forecast period

Presence of stringent laws enforced by governments of various countries has led to a massive shift of many companies towards digital maintenance of records, especially in healthcare industry. Increasing digital data volumes is leading to companies increasingly adopting various data storage options. For instance, laws such as American Recovery and Reinvestment Act and Health Information Technology for Economic and Clinical Health (HITECH) Act has been promoting adoption of digital storage of records by hospitals and clinics in the U.S. Thus, these factors are expected to boost the market growth over the forecast period.

Market Opportunity

1. Providing intelligent and dynamic big data storage platforms can present major business opportunities

Majority of organizations are focused on keeping track of all historical data, deleting duplicate entries, and gathering all data. For this purpose, scalable intelligent storage system is required to store exabytes of data, which will help in detecting duplicate entries, and enable swift retrieval of information. Thus, storage system providers should lay emphasis on improving their product offerings based on changing consumer requirements.

2. Offering storage servers close to end users to reduce latency time can provide significant growth opportunities

Establishing storage servers within proximity of end user location can make it easier to retrieve data thereby reducing latency time. Various industries such as media and communication can gain advantages from this setting by saving content in different geographical locations based on popularity of a certain channel or program.

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Market Trends

1. Availability of storage convergence on hybrid cloud

Hybrid cloud storage is the most realistic option available for data storage, particularly for projects that include a large number of data points. Enterprises collect data from different sources including data that is stored over the public cloud, private cloud and data centers, which is then aggregated and moved from one location to another. For instance, in September 2016, IBM Corporation launched z system storage and software and expanded open software ecosystem to accelerate hybrid cloud integration. Moreover, in August 2016, VMware, Inc. and IBM Corporation extended their partnership to enable easy hybrid cloud adoption. This has enabled over 500 of their clients to extend their existing workloads and apps to the cloud in relatively short periods of time.

2. Growing utilization of erasure coding for big data management

Due to increasing adoption of cloud-based storage and high capacity hard disk drives, exabytes of data need to be examined and stored can be done with the help of erasure code technology. Erasure codes are widely used to protect against catastrophic failures, such as total loss of data. For instance, in February 2016, Microsoft Corporation published a whitepaper highlighting the benefits of using of new set of codes for erasure coding called Local Reconstruction Codes (LRC), which the company is implementing in Windows Azure Storage (WAS).

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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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