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Storage And Servers Support Services Market Rising Demand, Evolving Trends, Future Perspectives, Size, Share And Forecast To 2033
Storage And Servers Support Services Market
According to The Business Research Company's, The storage and servers support services market size has grown marginally in recent years. It will grow from $74.68 billion in 2023 to $75.79 billion in 2024 at a compound annual growth rate (CAGR) of 1.5%. The growth in the historic period can be attributed to data explosion and storage needs, business continuity and disaster recovery, regulatory compliance requirements, increasing complexity of it environments, data security and privacy concerns..
The storage and servers support services market size is expected to see steady growth in the next few years. It will grow to $87.21 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to shift to hybrid and multi-cloud environments, focus on scalability and flexibility, ai and analytics integration, remote workforce and accessibility, energy efficiency and sustainability.. Major trends in the forecast period include scalability and flexibility, containerization and microservices, software-defined storage and networking, collaboration and interoperability..
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Market Drivers and Trends:
Increasing data traffic is expected to propel the growth of the storage and server support services market going forward. Organizational data traffic refers to high amounts of bandwidth that are utilized for extremely active and constant network traffic routes. Storage and server support solutions are used in the storage and maintenance of organizational data traffic and applications that act as a warehouse may be in situ or ex-situ to enhance the data operations with less cost. For instance, in November 2021, according to a report by Ericsson, a Sweden-based telecommunications company, mobile network data traffic was increased by 42%, year-on-year, in Q3 2021, accounted for approximately 78 exabytes (EB). Also, total mobile network data traffic is likely to reach 370EB by the end of 2027. Therefore, an increase in data traffic is driving the growth of the storage and server support services market.
Technological advancements are a key trend gaining popularity in the storage and server support services market. Major companies operating in the storage and server support services market are focused on developing technologically advanced storage solutions to strengthen their position in the market. For instance, in August 2023, Transaction Network Services (TNS), a US-based financial services company, launched TNS Cloud, a TNS Cloud platform for server management, delivering full-suite trading infrastructure and support to buy- and sell-side institutions and their vendors. TNS Cloud-Server Management blends the company's dedicated server hosting capabilities with direct server management and is designed for high-performance exchange trading using TNS' bare metal servers and ultra-low latency trade connectivity. By providing an end-to-end solution, clients may significantly lower the complexity and expenses associated with their trading centers, freeing up personnel to concentrate on mission-critical business objectives and go-to-market possibilities.
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Major Key Players of the Market:
The Hewlett Packard Enterprise Company; Dell Inc.; International Business Machines Corporation; Fujitsu Limited; Cisco Systems Inc.; Lenovo Group Limited; Oracle Corporation; Huawei Technologies Co. Ltd.; Shandong Inspur Software Co. Ltd.; Microsoft Corporation; NEC Corporation; Hitachi Systems India Pvt. Ltd.; Super Micro Computer Inc.; AT&T Inc.; Amazon Web Services Inc.; Google LLC; Silicon Graphics International Corp.; Intel Corporation; Zadara Storage Inc.; Quantum Corporation; DigitalOcean Holdings Inc.; Wasabi Technologies Inc.; Salesforce Inc.; Panasonic Corporation; Samsung Electronics Co. Ltd.; LG Corporation; VMware Inc.; Arista Networks Inc.; Check Point Software Technologies Ltd.; Citrix Systems Inc.
Storage And Servers Support Services Market 2024 Key Insights:
• The storage and servers support services market will grow to $87.21 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%.
• Surging Data Traffic Fuels Growth In Storage And Server Support Services Market
• Technological Advancements Drive Innovation In The Storage And Server Support Services Market
• North America was the largest region in the storage and servers support services market in 2023
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