Flash Storage Market Analysis – Forecasts To 2025
The flash storage market has accounted for a significant growth rate in 2016. It is further anticipated to register a promising CAGR over the forecast period due to increasing popularity of this technology in the enterprise segment.
A flash storage is a solid state storage drive system that has multiple flash memory drives. Increased storage performance along with reliability & scalability offered by flash drives is helping enterprises to improve their storage capacities.
Solid-state drives are highly efficient in terms of speed, as compared to hard drives. Hard drives require a lot of time to completely boot up to the machine they are connected to, whereas flash technology starts functioning within a fraction of seconds.
The market is expected to witness a remarkable growth over the forecast period due to its advanced mechanism, which makes them suitable for handling complex data sets and operations. IT industries require a lot of fast processing applications which has quick access to stored data. Increased demand for such advanced applications particularly in IT and healthcare industries are anticipated to aid the market growth.
The high cost associated with these drive systems is likely to restrain the industry growth. The easy accessibility along with simplified using techniques offered by these systems is projected to drive the market over the forecast period.
Flash Storage Market - Application Insights:
Based on the applications, the industry is divided into consumer and enterprises data storage. Increased use of smartphones equipped with camera and advanced storage capacities is leading to a massive increase in new user-generated content that requires storage. With the introduction of personal cloud, the consumer data storage segment is anticipated to witness a significant growth over the coming years.
Enterprise data storage market is estimated to grow rapidly and record a CAGR of around 15% over the forecast period. The accelerated demand for the cloud-based systems is likely to drive the growth prospects for the overall market.
It is considered to be one of the most efficient solution for enterprises worldwide. The measures of commercial data vary between small, medium and large enterprises; also it requires an efficient platform to store the huge amount of data.
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Flash Storage Market - Industry Insights:
Based on the industry type, the market is segmented into Healthcare, Government, Telecom & IT, Defense, and Aerospace. The healthcare segment is anticipated to witness huge performance benefits of flash in their data-intensive and high-performance systems. In the modern era of digitization, hospitals and other healthcare providers are projected to experience a remarkable increase in the amount of data that they are in charge of processing and maintaining.
Flash Storage Market: End-Use Insights:
Based on end-use, the industry is segmented into small & medium enterprises, and large enterprises among others.
Flash Storage Market - Regional Insights:
North America held a dominant position in this market due to the rapid adoption of advanced technology products, such as drones, smartphones, e-readers, tablets, wearable electronics, and AR-VR products. The healthcare data in North America increased exponentially in 2016. It accounted for more than 15 million and is further anticipated to grow a rate of 35 percent per year. The market in Europe and Asia-Pacific is also projected to experience high growth rate over the coming years due to increased awareness of individuals regarding healthcare.
Flash Storage Market: End-Use Landscape
The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from this market. The major consumers of the product are Massachusetts General Hospital, UCLA Medical Center, and Northwestern Memorial Hospital.
Flash Storage Market - Competitive Landscape:
Key companies operating in the market are Dell EMC, Hewlett Packard Enterprises, Oracle Corporation, IBM Corporation, NetApp (SolidFire), Nimbus Data, Tintri, SanDisk (Western Digital Corporation), and Cisco Systems, Inc.
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