Storage in Big Data Market to Witness 20.1% CAGR Surge, Aiming for US$ 3,50,251.2 Million by 2034: Fact.MR Study
Shift Toward Cloud-Based Big Data Storage Solutions Continues to Dominate the Market
Rockville, Jan. 12, 2024 (GLOBE NEWSWIRE) — According to a new study by Fact.MR, a market research and competitive intelligence provider, the global Storage in Big Data Market size is projected to reach US$ 56,140.3 million by 2024. The sales of storage in big data are expected to witness a strong CAGR of 20.1% from 2024 to 2034. By 2034, the demand for storage in big data is anticipated to reach a valuation of US$ 3,50,251.2 million.
The storage in big data market is propelled by the exponential expansion of digital information and the growing need for comprehensive data management and analytics. The storage in big data industry is expanding due to growing demand for real-time data processing, greater use of cloud computing, and an increase in Internet of Things (IoT) devices.
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Key Segments of Storage in Big Data Industry Research Report
|By End User
Cutting-edge storage technologies are in high demand as businesses seek scalable, affordable ways to store and handle large amounts of data. Robust storage options are increasingly important in the ever-changing big data environment owing to the development of business intelligence and data-driven decision-making.
Regulatory compliance concerns, high implementation costs, the difficulty of integrating new storage solutions with current systems, and problems with data security and privacy are some of the market constraints in the storage in big data market. Challenges for enterprises seeking to fully utilize big data storage include the quickly changing nature of technology and the shortage of qualified personnel, which restricts the technology’s broad acceptance and best use across various sectors.
Due to cutting-edge technology and rising data volumes, Asia Pacific is witnessing tremendous expansion in the big data storage market. Tight data protection laws in Europe are influencing the storage in big data market and forcing businesses to invest in reliable storage solutions. Due to its developed IT infrastructure, North America experiences a spike in demand for scalable and practical storage solutions as more companies adopt big data for analytics and decision-making.
The storage in big data market landscape is shaped by several factors that vary by location, such as the adoption of new technologies in Asia Pacific, regulatory compliance in Europe, and developed IT ecosystems in North America.
- The IT and telecommunication segment in the end user’s category is set to grab a share of 25.5%.
- In the component category, the services segment is estimated to acquire a market share of 56.5% from 2024 to 2034.
- The services segment in the component category is set to exhibit a CAGR of 21.5% from 2024 to 2034.
- The United States big data storage market is anticipated to surge at a CAGR of 20.8% through 2034.
- Canada’s storage in big data market is set to develop at a CAGR of 20.9% through 2034.
- Mexico’s big data storage market is anticipated to surge at a CAGR of 19.5% over the forecast period.
- China’s storage in big data market is expected to surge at a CAGR of 20.9% until 2034.
- South Korea’s storage in big data industry is anticipated to boost at a CAGR of 16.7% through 2034.
- Japan’s storage in big data market is set to exhibit a CAGR of 21.2% over the forecast period.
“Scalable and economical solutions are needed to handle large datasets in the constantly evolving Big Data storage landscape. Flexibility, smooth integration, and storage infrastructure optimization are set to grow more critical as demand rises to satisfy the changing needs of various big data applications,” says an analyst at Fact.MR.
Dominant Trends in the Big Data Infrastructure Market
In terms of components, the services segment is poised to claim a substantial market share of 56.5% in 2024, while the hardware segment is anticipated to contribute significantly with a 24.3% share, ensuring market stability. Within the end-user category, the IT and telecommunications segment is set to dominate with a robust 25.5% share in 2024.
The services segment emerges as a frontrunner, commanding a significant 56.5% share in the market based on components. Its dominance is fueled by the challenges posed by scalability issues and evolving business requirements. To meet the growing demand for education and training and help businesses maximize their substantial data investments, the services sector is playing a pivotal role.
The IT and telecommunications sectors are actively embracing cloud services, contributing to an increased need for secure and scalable storage solutions. Consequently, the IT and telecommunications segment is anticipated to secure a substantial 21.2% share in the end-user category by the year 2024.
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With a few significant big data storage suppliers, the next-generation storage market is fairly competitive. Few major big data storage providers now control most of the market in terms of market share. However, several big data storage producers are expanding their market presence across unexplored new areas in emerging economies due to advances in memory packing technology.
|Value Projection (2034)
|USD 3,50,251.2 Million
|Growth Rate (2024-2034)
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Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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