Storage in Big Data Market Projected to Cross USD 21.53 Billion at a CAGR of 15.4% by 2030 - Report by Market Research Future (MRFR)

New York, US, July 07, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), "Storage in Big Data Market Analysis by Component (Hardware, Software and Services), By Vertical (BFSI, IT & Telecommunication, Healthcare, Manufacturing, Transportation, Media & Entertainment and Others) - Forecast 2030" valuation is poised to reach USD 21.53 Billion by 2030, registering an 15.4% CAGR throughout the forecast period (2021–2030). 

Storage in Big Data Market Overview

The digitalization of records has generated an enormous need for storage in the big data market. Backups, storage, security, and cost are some of the vital features the storage in the big data industry. It also offers benefits to various businesses, particularly healthcare, for preserving up-to-date data records and effectively managing all the clients' records.

Storage in Big Data Market Report Scope:

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With the higher storage volumes, companies can properly manage and store data. Such offers extend the storage in big data market opportunities for growth as many companies are becoming eager to adopt and implement storage in big data. The developments in big data market trends in storage will propel market growth shortly.

In recent years, the technological advancements and increased adoption of cloud computing have escalated the global storage in the big data market. As per the big data market forecast storage, the rising demand for big data and software-based storage devices has exhilarated the market potential. The Internet of things or IoT is constantly developing, and companies are progressing more towards adopting the Internet of things, which led to the big data market growth storage. The demand for larger storage, improved security, safety, backups, and cost-effectiveness drives global storage in the big data market.

Market USP Covered

Market Drivers

The global market for storage in big data has recorded a massive surge in the growth rate in the last few years. The market's growth is mainly credited to the capability of big data to provide security, large storage, cost efficiency, safety, and backups. With the rapid urbanization and digitization among various sectors worldwide, people are shifting more towards technological advancements and opting out of the digitalization of data records.

Market Restraints

On the other hand, the reduction in the budgets of data storage and the higher overall cost of flash storage ownership are likely to restrict the growth of the storage in the big data market.

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Storage in Big Data Market Segments

Among all the verticals, the I.T. and telecommunication sector is likely to lead the global storage in the big data market over the assessment timeframe. The rapidly growing I.T. sector across the globe is the primary aspect causing an upsurge in the segment's growth. Furthermore, the growing investments in the sector are another crucial parameter supporting the segment's growth.

Among all the components, the hardware component is likely to secure the largest revenue share across the global storage in the big data market over the coming years. The segment is further classified into servers, networks, and storage.

Storage in Big Data Market Regional Analysis 

The global market for storage in big data is analyzed across five major regions such as Europe, Asia-Pacific, Latin America, North America, and the Middle East & Africa.

According to the Market Research Future (MRFR) analysis reports, the North American region is anticipated to account for the highest revenue across the global storage in the big data market over the forecasted era. The major aspect causing an upsurge in the regional market's growth is the rapid digitalization across various industries. The US is the leading growth contributor across the regional market. Furthermore, the presence of major players across the U.S. is another crucial parameter anticipated to boost the regional market's growth over the forecasted timeframe. In addition, the blossoming big data analytics and IoT are anticipated to catalyze the regional market's growth over the coming years.

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The storage in the big data market for the European region is anticipated to grow substantially over the assessment timeframe. The regional market's growth is attributed primarily to the technological advancements across the sector. Furthermore, factors such as rising adoption of smart devices and digital transformation are also likely to positively impact the regional market's growth over the forecasted era.

The Asia-Pacific regional market for storage in big data is likely to grow substantially over the review timeframe. The regional market's growth is mainly credited to improved business performance and customer expectations fulfillment. Furthermore, the growing digitalization across the emerging nations is another crucial parameter likely to boost the regional market's growth over the assessment timeframe. Moreover, the increasing adoption of smartphones, smart devices, and tablets is anticipated to boost the demand for cloud-based storage platforms, likely to catalyze regional storage growth in the big data market over the coming years. Additionally, the increasing implementation of mobile and cloud solutions across developing countries such as India, Malaysia, and Singapore are also projected to boost the demand for the market across the region.

COVID-19 Impact

The global COVID19 outbreak has had a major impact on the global economy and decreased the growth rate to the lowest points. Such a major impact on the global economy will take many years to get back on track and achieve momentum. The imposition of partial or complete lockdowns across several regions worldwide made several market sectors face huge revenue losses. The businesses and working sectors faced severe consequences of the pandemic and tolerated huge financial losses. During the lockdown, manufacturing units and industrial work were halted, causing disruptions in the overall supply chain and broadening the supply to demand gap. On the other hand, the storage in the big data market managed to survive in the tough times and maintained a balanced growth rate.

During the lockdown, people across the globe stayed at home, and businesses have also enabled employees to work from their homes, which boosted the demand for higher data storage. The growth in the requirement for larger storage capacity for data boosted the market's growth in recent times. Several leading players across the market experienced an increase in the demand for better storage capacities in big data and increased storage in big data market size during the pandemic. The growing need for backups, safety, and data security is soaring up the storage in big data market growth over the forecasted years.

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Storage in Big Data Market Competitive Analysis

Dominant Key Players on Storage in Big Data Market Covered are:

•  International Business Machines Corporation (U.S.)
•  Hitachi Data Systems Corporation (U.S.)
•  Google Inc. (U.S.)
•  Microsoft Corporation (U.S.)
•  Oracle Corporation (U.S.)
•  Hewlett Packard Enterprise (U.S)
•  Amazon Web Services (U.S.)
•  Dell EMC (U.S.)
•  Google Inc. (U.S.)
•  Teradata Corporation (U.S.)
•  VMware Inc. (U.S.)

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