[April 14, 2018]

Global Enterprise Data Storage Market - Increased Adoption of Cloud Applications to Boost Growth | Technavio

The global enterprise data storage market is expected to grow at a CAGR of more than 3% during the period 2018-2022, according to a new market research study by Technavio.

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Technavio has published a new market research report on the global enterprise data storage market 2018-2022 under their hardware and semiconductor library. (Graphic: Business Wire)

The report presents a comprehensive research of the global enterprise data storage market by end-user (IT and telecom, banking and financial services, healthcare, and manufacturing) and by type (SAN, NAS, and DAS). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.

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Market driver: increased adoption of cloud applications

Previously, enterprises used to function with on-premises data centers. Although such data centers remain a central part of businesses, cloud data centers are the new norm in the market at present. Traditional data centers are the on-premises hardware, which stores data within an organization in a business, whereas cloud-based data centers refer to the off-premise form of computing data on the Internet. Although cloud-based data centers are prone to security threats, the inherent cost advantage that is associated with them has created a huge market for them among SMEs and large enterprises.

According to a senior analyst at Technavio for semiconductor equipment research, "Telecom is one of the largest spending sectors when it comes to private cloud solutions. This provides great opportunities for vendors to tap the growing cloud market. Also, several SMEs are getting attracted toward cloud services. Cloud systems allow these companies to use software products on a pay-as-per-use basis, thereby reducing their expenditure."

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Market trend: unified storage systems

Earlier, SAN and NAS were considered as two separate storage applications. But, SAN is a block-based storage solution, and NAS is a file-based storage solution. Both the storage systems have their own advantages and disadvantages when it comes to execution. The vendors in the storage market provide hybrid SAN-NAS solutions using which the businesses can merge block and file-based data onto a common array. Therefore, through these initiations, the enterprises do not have to depend on one architecture for their changing requirements.

Market challenge: high operating expenses for vendors

Different specifications of enterprise data storage need to be designed and developed depending on the user requirement. This is an expensive task because it requires a high level of speculation in the R&D processes. Additionally, the cloud service providers experience cyclical demand patterns that create a mismatch between the demand and supply.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20180414005038/en/

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