The global data storage market is anticipated to witness substantial growth in coming years owing to growing need to store consumer related information in organizations for future references. Data storage is the collection of methods and advanced technologies used to store information of an individual or organization. Data stored on these devices can be pictures, videos, and documents in various formats. Such information can be stored easily and accessed by using hardware devices on computers or accessing cloud database through internet.
High investments in information technology infrastructure by enterprises to address growing need for storage space can have a positive impact on market growth in the coming years. In addition, increasing use of smartphones and growth of ecommerce sector in semi-urban and urban areas can impel growth of market in the forthcoming years. Rising adoption of cloud technology among large enterprises attributed to cyber security can further stimulate market growth. Flexibility provided by cloud technology to consumers for accessing stored information anytime and anywhere can augment market expansion in the coming years. Moreover, live streaming of online content and data generation through client interaction are likely to fuel demand for high capacity storage devices.
However, lack of security in network or cloud technology can hamper market growth in the coming years. Hackers and intruders are gaining unauthorized access to highly sensitive information stored in cloud, which can lead to cyber threats and loss of important information related to organization and its clients.
Implementation of cyber security solutions by organizations using cloud space to prevent cyber-attacks can create lucrative opportunities in the market. Companies can detect possible vulnerabilities in their network with the help of cyber security and fix them to prevent intruders from gaining access to sensitive information.
The market can be segregated on the basis of type and application. Based on type, the market can be categorized into primary, secondary, and tertiary. Primary segment includes random access memory (RAM) and read only memory. Secondary segment comprises hard disks and magnetic tapes, whereas tertiary consists of cloud or networked storage. Enterprises, telecommunication, consumer, banking, education, media and entertainment, and government are the leading applications in the market.
Asia Pacific is a prominent region in the market due to rising adoption of cloud technology to ensure information backup and recovery. Growth of e-commerce industry and rapid increase in urban population are likely to fuel demand for high capacity databases in coming years. In addition, growing use of digital devices and services is likely to generate huge amount of essential information. As a result, businesses are compelled to store their information on cloud. Presence of leading companies in the region offering advanced cloud services, such as Amazon, Google, and Microsoft, can also boost growth of market. For instance, Colt Data Centre Services announced its proposal to establish its first center in Mumbai, India. Two of its centers are set up in Japan and the rest in Europe. Mumbai being the financial capital of India represents a large domestic consumer vertical. New centers are likely to increase computing capacity to deliver high bandwidth services and low latency to local businesses and consumers in the region. China being the fastest growing data center market in Asia Pacific is expected to contribute significantly to regional market growth. Moreover, availability of land and power, improvement in network and support infrastructure, and lower operating expenses in two-tier cities of the country can boost market growth in future.
North America is likely to emerge highly lucrative in coming years due to increasing adoption of cloud storage gateways and rising need for big data. The United States is expected to hold a prominent share in the market, followed by Canada, due to rapid advancements in semiconductor technology and declining prices of flash memory. Increasing use of next generation storage solutions by local enterprises can also impel market growth in the coming years. For instance, Amazon Web Services (AWB) announced eight new storage services and capabilities. These new services include Amazon Elastic Block Store, Amazon Elastic File System (EFS), Amazon S3, Amazon Glacier, AWS storage gateway, and Data Transfer Services.
Some of the leading companies operating in the data storage market are SanDisk Corporation, IBM Corporation, Microsoft Corporation, Toshiba Corporation, and Hewlett Packard Development Company.
