Press release
Storage in Big Data Market Outlook 2024 to 2034: Growth Insights with Google Inc., Microsoft Corporation, Amazon Web Services Inc., VMware Inc., IBM Corporation, Dell EMC, SAS Institute Inc., Oracle Corporation, SAP SE, Teradata Corporation, Hewlett Packa
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Market Valuation and Growth Projections
The storage in big data market is experiencing significant growth, driven by the global shift toward digital record-keeping and the exponential increase in data volumes. From a valuation of US$ 30,150.6 million in 2019, the market is expected to grow from US$ 56,140.3 million in 2024 to US$ 350,251.2 million by 2034. Key drivers include the rise in connected devices, adoption of software-based storage solutions, and increasing demand for scalable, high-performance storage systems across industries.
Key Market Drivers
The digitization of records, particularly in healthcare due to regulatory mandates, is a primary catalyst for market growth. The proliferation of connected devices and the rapid adoption of 5G infrastructure accelerate data generation, necessitating advanced storage solutions. The integration of predictive analytics and proximity-based storage servers to reduce latency further fuels demand. Industries such as IT, telecommunications, and healthcare are investing heavily in secure and scalable storage to manage vast datasets, driving market expansion.
Segmentation Insights: Component and End User
The market is segmented by component (Software, Services) and end user (BFSI, IT and Telecommunication, Transportation, Logistics & Retail, Healthcare & Medical, Media & Entertainment, Others). The services segment dominates with a 56.5% share in 2024, valued at US$ 32,449.1 million, and a 21.5% CAGR, driven by the need for expertise, training, and regular upgrades in big data technologies. The IT and telecommunication segment leads end users with a 21.2% share (US$ 11,901.7 million), propelled by investments in secure, cloud-based storage to handle growing data volumes and ensure compliance.
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Regional Market Dynamics
North America holds a 20.6% market share in 2024, with the U.S. leading at a 20.8% CAGR, reaching US$ 11,146.7 million in 2024, driven by significant investments in data infrastructure and demand for scalable storage solutions. Canada, with a 12.8% share and 20.9% CAGR, emphasizes eco-friendly storage systems. East Asia, with a 20.7% CAGR, is led by China (67.9% regional share, US$ 13,913.5 million in 2024), fueled by its booming eCommerce sector and 5G infrastructure. Japan's market, with a 24.1% share and 21.2% CAGR, grows due to healthcare data demands and Industry 4.0 initiatives.
Competitive Landscape and Key Players
The storage in big data market is highly competitive, with key players including Google Inc., Microsoft Corporation, Amazon Web Services Inc., VMware Inc., IBM Corporation, Dell EMC, SAS Institute Inc., Oracle Corporation, SAP SE, Teradata Corporation, Hewlett Packard Enterprise, and others. These companies focus on high-performance, secure, and scalable storage solutions, leveraging innovation and strategic partnerships. Notable advancements include:
• NetApp (May 2023): Launched a cutting-edge block storage solution with enhanced ransomware protection, addressing IT complexity and sustainability concerns.
• Pure Storage Inc. (April 2023): Introduced a unified block and file storage solution, offering flexibility for diverse data storage needs.
• Scality Inc. (November 2022): Unveiled RING9, enhancing hybrid cloud data storage with AWS S3 and IAM compatibility.
• NetApp and Kyndryl (May 2022): Partnered to deliver storage infrastructure-as-a-service, enabling businesses to extract value from unstructured data.
Industry Trends and Innovations
The market is shaped by trends such as the adoption of software-based and cloud storage solutions, driven by scalability and cost-efficiency. The integration of AI and predictive analytics enhances storage system performance, while proximity-based servers reduce latency. Eco-friendly storage solutions gain traction, particularly in North America, aligning with sustainability goals. The healthcare and IT sectors drive demand for secure, compliant storage, while Industry 4.0 and eCommerce fuel data growth in East Asia.
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Challenges and Future Outlook
Challenges include high costs of flash storage, limited data storage budgets, and issues with improper data representation. Cybersecurity threats and the complexity of managing large datasets also pose barriers. However, the outlook remains positive, driven by ongoing digitization, increasing data volumes, and advancements in storage technologies. The market is poised for sustained growth through 2034, with the services segment and IT/telecommunication sector leading the charge.
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