Data Storage Market - Spurred by Increasing Presence of Leading Enterprise Data Storage Providers and Declining ASPs of Consumer Storage Devices
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The Middle East regions are witnessing digital transformation currently. This is primarily attributed to the increasing presence of leading data storage providers, such as IBM Corporation and Microsoft Corporation, in these regions, which offer services such as mobile integration, hybrid cloud storage and data analytics. Emergence of the Internet of Everything (IoE), which in turn is expected to lead to the upsurge in the data produced, is expected to drive demand for enhanced enterprise data storage solutions in the Middle East regions.
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Continuous decline in the prices of consumer storage devices, such HDD (hard disk drive) and (solid-state drive) SSD, is further promoting growth of the data storage market currently. Development of the 3D NAND technology has been a game-changer for the consumer storage industry, resulting in the rise in SSD capacities and decline in prices. Increasing market presence of regional players in majority of the countries is further cementing competition and, in turn, leading to the reduction in the average selling price of consumer storage devices.
Advancements in information and social technology have paved the way for unabated data growth. Business enterprises have moved from duplication and compression techniques to rack servers and data centres in order to manage growth of Big Data. This offers enterprises an improved, scalable and cost effective platform solution. Additionally, surge in demand for smartphones and other IoT devices, along with growth of social media channels, have led to a rise in demand for additional storage, which in turn is further driving growth of the global data storage market currently.
Introduction of high-performance computing solutions with minimum complexities is the key focus area for vendors in the enterprise data storage market. In data-intensive applications, such as simulation and modelling of enterprise process creates huge amounts of complex data. In order to store and process this data, high performance solutions that can manage escalating data capacities are of utmost importance.
The Middle East data storage market was valued at US$ 1,475.9 Mn in 2014 and is expected to expand at a CAGR of 14.4% during the forecast period (2015-2025) to reach US$ 6,537.6 Mn by 2025. The Middle East data storage market is classified on the basis of its end-users. The commercial end-user segment was valued at US$ 1,085.9 Mn in 2014 and is expected to expand at a CAGR of 14.3% during the forecast period. However, as compared to the commercial end user segment, the residential end user segment is expected to expand at a higher CAGR of 14.7% during the forecast period.
The data storage market is segmented based on its usage across various industry verticals. The telecom and IT vertical segment accounted for the largest revenue share of the overall market in 2014, and is projected to expand at a CAGR of 16% during the forecast period 2015-2025. The telecom and IT industry has an immense potential for Big Data, owing to which the data storage vendors are focusing on offering tailored solutions for the telecom and IT industry. The BFSI vertical segment is closely following the telecom and IT vertical segment, and was valued at US$ 217.9 Mn in 2014. Banks and financial institutions are using enterprise data storage devices for risk management and also to adhere to regulatory compliance set by government of respective regions.
Key players in the Middle East data storage market include IBM Corporation, Microsoft Corporation, VMware Corporation, Hewlett-Packard Enterprise Co., NetApp Inc., Open Text Corp., Sandisk Corporation, Hitachi Data Systems Corporation, EMC Corporation, and Nexenta Systems, Inc.
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