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The Market for Flash-Based Arrays is Anticipated to Expand at a rate of 17.3% by 2024

01-25-2023 03:45 AM CET | IT, New Media & Software

Press release from: Persistence Market Research

Flash-Based Array Market

Flash-Based Array Market

According to Persistence Market Research's (PMR) "Flash-based Array Market: Global Industry Analysis and Forecast" study, the market for flash-based arrays will expand quickly, with a CAGR of 18%, and will reach US$ 62,840.2 Million by the end of 2024.

Key Driver Insights

Shrinking cost and impressive performance capabilities of flash arrays have emerged as the two most favourable growth factors providing an impetus to the global flash-based array market.

Widespread use of flash-based arrays for high-intensity transactional workloads and development of virtual storage infrastructure is likely to drive the sales of flash-based array worldwide.

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Key Trends and Opportunities

Robust adoption of mobile devices, cognitive systems, machine learning, cloud computing, Internet of Things (IoT), and artificial intelligence is necessitating real-time data processing to enable resourceful service delivery along with the flexibility of time. Another significant trend identified was that star-ups hold an important position in the market as these enterprises provide cutting edge storage solutions through flash-based SSD capable of storing data on a solid-state flash memory.

Highlights: Segment Analysis

In terms of volume, the hybrid flash array is expected to remain the largest product type segment throughout the assessment period. Whereas, the all-flash array segment is anticipated to witness a stout CAGR of 27.9% to reach a market valuation of US$ 17,882.4 Million by 2024-end
Based on storage capacity, flash arrays between 100 and 500 TB held nearly 24.2% share of the market in 2015 and is anticipated to register the highest CAGR during the forecast period.

Demand for flash based arrays was notably high from the BFSI sector in 2016 and the sector is expected to maintain similar stance throughout the forecast period. Media and entertainment is one of the other fastest growing end-user segments in flash based array market owing to increasing adoption of flash based arrays in media and entertainment industry spread across North America, Europe and Latin America region.

Based on enterprise type, in 2015, large enterprises segment accounted for over 68% revenue share of the market and is expected to remain at the top spot through 2024. Meanwhile, the SMEs segment is projected to increase at a CAGR of 22.3% over the forecast period.

"Global flash-based array market is expected to witness significant revenue growth during the forecast period. This growth is attributed to increasing demand for cost-effective and high-performance flash array in data centre and enterprises data services" - PMR

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Regional Market Analysis

On the Basis of regions, the market in North America is expected to remain dominant over the forecast period, commanding for a massive revenue share by the end of the forecast period. Similarly, Latin America market is also expected to register a healthy CAGR of 22.8%.

This is primarily attributed to the rapid adoption of flash-based array systems in healthcare BFSI, media entertainment and telecom sector in the region. The Middle East & Africa (MEA) is another region set to witness strong growth of its flash-based array market, expanding at over 22% CAGR during the forecast period.

Competitive Dashboard

The PMR report delivers key insights on the current position and recent undertakings of leading vendors in the global flash-based array market. Some of the prominent players in the market include IBM Corporation, Oracle Corporation, Pure Storage, Inc., Hewlett Packard Enterprise Development LP, NetApp, Inc., Fujitsu Limited, Hitachi Data Systems Corporation, Huawei Technologies Co. Ltd., Dell EMC, Kaminario Inc., Tegile Systems, Inc., and Tintri, Inc.

Market Segmentation

By Product Type
All-flash Array
Hybrid Flash Array

By Enterprise Type
Large Enterprise
SMEs

By Storage Capacity
Less than 100 TB
Between 100 TB to 500 TB
Between 500 TB to 1 PB
More than 1 PB

By End-user Vertical
BFSI
Healthcare
Media and Entertainment
IT & Telecommunication
Retail
Government
Manufacturing
Others

By region
North America
Latin America
Europe
APAC
MEA

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Expert analysis, actionable insights, and strategic recommendations - the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.

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