Media & Entertainment Storage Market: Global Opportunity Analysis and Industry Forecast, 2020-2027 | Key players - Amazon Web Services, Cisco Systems, Dell EMC, IBM, Microsoft, NetApp, Oracle, Seagate Technology, Toshiba

Rapid shifting from physical to digital platforms coupled with the growing popularity of 4K UHD content are the prime factors that drive the media and entertainment storage market growth during the forecast period. Further, a rise in the number of global and local broadcasters worldwide, growth in the shift from traditional to digital advertising channels, and the rising popularity of high-quality videos due to their clarity are expected to further influence the media and entertainment storage market growth in the coming years.

Asia-Pacific is expected to witness highest growth rate during the forecast period, as proliferation of mobile phones, social media, and gaming apps is the major driving factor for the progressively growing media and entertainment storage market across Asia-Pacific. The popularity of smartphone usage and gaming serves as a promising market for media and entertainment storage market players. For instance, according to the Twitter, in 2019, half of all the internet (47%), social media (52%), and mobile (48%) users worldwide were located in Asia-Pacific, while 60% of millennials (aged 18 to 35 years) worldwide are expected to reside in Asia by 2020. In addition, rise in foreign investments across the media and entertainment sector in countries such as India and China further propels the market growth.

The global media & entertainment storage industry was pegged at $6.63 billion in 2019, and is expected to hit $17.87 billion by 2027, registering a CAGR of 13.7% from 2020 to 2027.

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Growing popularity of 4K UHD content, rise in demand for creation, distribution, and conversion of video content, increasing shift from traditional to digital advertising channels, rapid advances in areas including workflow collaboration, artistic creativity, and new distribution models across the media and entertainment industry, and surge in demand for media and entertainment storage due to the COVID-19 pandemic fuel the growth of the global media and entertainment storage market.

Some of the key internet advertising industry players profiled in the report include Amazon Web Services, Cisco Systems, Dell EMC, IBM, Microsoft, NetApp, Oracle, Seagate Technology, Toshiba, and Western Digital. This study includes market trends, media and entertainment storage market analysis, and future estimations to determine imminent investment pockets.

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Based on region, North America held the major share in 2019, generating around two-fifths of the global media & entertainment storage market, owing to rapid expansion of streaming video on demand (SVOD) in the continent. At the same time, the market across Asia-Pacific would exhibit the fastest CAGR of 18.4% from 2020 to 2027, due to the proliferation of mobile phones, social media, and gaming apps in the region.

Based on component, the solution segment contributed to more than three-fifths of the global media & entertainment storage market share in 2019, and is projected to lead the trail by the end of 2027. Surge in need for media companies to seamlessly create and deliver impactful media content while simplifying IT infrastructure management and maintenance drives the demand for media and entertainment storage solutions. The services segment, on the other hand, would register the fastest CAGR of 15.5% from 2020 to 2027, owing to huge adoption of services among end users, as it ensures effective functioning of media and entertainment storage software and hardware throughout the process.

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Based on storage solution, the direct-attached storage segment accounted for more than two-fifths of the global media & entertainment storage market revenue in 2019, and is anticipated to retain its dominance by 2027. This is attributed to increase in adoption of direct-attached storage (DAS) solutions by individual content producers as well as small & medium sized companies. Simultaneously, the network-attached storage segment would grow at the fastest CAGR of 16.9% throughout the forecast period. Growing demand for creating high-volume digital content, increased demand for 1-bay to 8-bay NAS solutions, and rise in use of smartphones, laptops, and tablets have resulted large volumes of digital media content. This factor propels the growth of the segment.

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