Storage In Big Data Market is expected to register a CAGR of 20.4% over the fore

Posted by Pradnya on July 31st, 2019

Persistence Market Research delivers key insights on the global storage in big data market in a new report titled, “Storage in Big Data: Global Industry Analysis and Forecast, 2016–2026”. According to the report, the global storage in big data market is estimated to be valued at US$ 9,599.1 Mn by the end of 2016 and this is anticipated to increase to US$ 61.44 Bn by 2026 end. In terms of value, the global storage in big data market is expected to register a CAGR of 20.4% over the forecast period (2016–2026). This is attributed to various factors, regarding which Persistence Market Research offers vital insights in detail in this study.

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Market dynamics

Digitization of records globally is the primary factor driving the global storage in big data market. Due to recent laws enforced by governments of various countries, companies are shifting towards digital maintenance of records, especially in the healthcare sector. Increasing digital data volumes is leading to companies increasingly adopting various data storage options. Further, increasing adoption of software-based storage options and an increase in the number of connected devices is expected to fuel the growth of the global storage in big data market over the forecast period. One of the major restraints for growth of the global storage in big data market to a certain extent are macroeconomic factors such as reduced budgets for data storage and high total cost of ownership of flash storage. Improper data representation is also posing a threat to the global storage in big data market.

Leading market players are integrating predictive analytics with storage systems and are providing storage servers close to end users to reduce latency time.