Market Overview
Rapid industrialization is resulting in high data production, which needs advanced protection to prevent cyber-attacks and security breaches. The higher demand for storing a large amount of data with protection has led to the growth of Storage in Big Data Market.
Storage in the big data industry includes various advanced facilities such as security, storage, backups, etc. This service is highly beneficial for several business sectors such as healthcare, IT, aviation, public, and government. The healthcare sectors largely utilize the service to maintain up-to-date data records of the patients. It is beneficial for the companies for storage of large volume data. These factors are rising the market with growing opportunities.
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The key drivers of the market are efficiently driving its growth rate. In today’s generation, the world is inclined towards technological advancements such as the digitalization of data records. As the market provides higher data volumes, it is enhancing companies to utilize big data storage for storing sensitive data with high security.
The rise in the adoption of cloud computing of advanced security is accelerating the Storage in Big Data Market. Internet of things is rapidly developing, which is fueling up the market. The increased usage of software-based storage devices is highly driving the market’s growth.
In the pandemic period, the work from home trend has elevated the demand for storing large of data which boosted the demand for Storage in Big Data Market. Many enterprises adopted the service for better storage capacities of huge amounts of data; this factor has propelled the demand for the market during the lockdown period. In the future years, the market will grow rapidly due to the developments of industrial players.
The Storage in Big Data Market is anticipated to reach a value of USD 30 billion by 2022, with a strong CAGR of 20 % during the forecast period.
Market Segmentation
The Storage in Big Data Market is segmented based on components and verticals. The component segment of the market is segregated into software, hardware and services. These segments are further segmented into various types. The hardware component is fragmented into storage, networks, and servers. The software component comprises SaaS or software-as-a-service, PaaS or platform-as-a-service, IaaS or infrastructure-as-a-service. The vertical section includes the IT and telecommunication sector, BFSI, transportation, manufacturing industry, healthcare, media and entertainment, and other sectors.
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Regional Analysis
The geographical data of the Storage in Big Data Market shows its growth in different regions of the world such as America, Asia Pacific, Europe, and the Rest of the world. The North American region is growing faster due to rapid digitalization; it is also the leading region of the market with the highest revenue share. The European region is showing growth due to technological advancement and digital transformation. The Asia Pacific market is noticing huge opportunities to improve business performance.
Industry News
VAST Data, a storage software company, is breaking decades-old trade-offs to broaden its international expansion plans, to continue to disrupt and modernize the legacy storage infrastructure market. It will be positioned to help organizations unlock the value of their data, modernize their data centers, and prepare for AI computing.
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