Storage in Big Data Market
Storage in Big Data Market By Component (Software and Services), By End User (BFSI, IT and Telecommunication, Transportation, Logistics and Retail, Healthcare and Medical, Media and Entertainment, and Others), By Region - Global Market Report (2024 to 2034)
Analysis of Storage in Big Data Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Storage in Big Data Market Outlook
The global Storage in big data market is expected to be worth US$ 56,140.3 million in 2024. From 2024 to 2034, the market is projected to develop at a CAGR of 20.1%, with a projected valuation of US$ 3,50,251.2 million by the end of 2034.
The digitization of records worldwide is the main element propelling the global big data storage market. Businesses in big data storage are moving toward digital record-keeping, particularly in the healthcare industry, due to new legislation that governments across the globe have implemented. The vendors are embracing a more comprehensive range of data storage solutions due to rising digital data volumes.
The global next-generation data storage market is anticipated to grow as more people choose software-based storage solutions and the number of connected devices rises. Macroeconomic issues, including lower data storage budgets and a higher flash storage total cost of ownership, are some of the main barriers to global big data infrastructure market expansion. The global storage market for big data is under threat from improper data representation.
Prominent big data storage providers use predictive analytics in their storage systems and put storage servers near end users to minimize latency.
|Estimated Market Value (2024E)
|US$ 56,140.3 million
|Forecasted Market Value (2034F)
|US$ 3,50,251.2 million
|Global Market Growth Rate (2024 to 2034)
|Services Segment Growth Rate (2024 to 2034)
|Others End User Segment Growth Rate (2024 to 2034)
|North America Market Share (2024)
|Latin America Market Share (2024)
|Key Companies Profiled
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North America storage in big data market is expected to develop at a CAGR of 20.6% through 2034. The rising product demand in major countries, especially the United States and Canada, is the primary catalyst behind the spike. The United States tops the industry with an estimated share of 73.3%.
The storage in big data market in East Asia is set to advance at a 20.7% CAGR through 2034. China has emerged as the dominant force, with a 69.1% share.
What is Influencing the Sales Outlook of Big Data Storage in North America?
“Eco-Friendly Storage Solutions Gain Traction as Businesses Prioritize Environmental Responsibility.”
Significant investments in data infrastructure and the quick adoption of sophisticated analytics across industries in the United States are leading the North America market. A significant trend in the storage in big data market in the United States is the increased focus on flexible and scalable storage options, which meet the various demands of businesses in a constantly evolving corporate landscape. In 2024, the industry in the United States is projected to possess a 72.2% share.
|United States Market CAGR
|United States Market Size (2024)
|US$ 11,146.7 million
|Canada Market CAGR
|Canada Market Size (2024)
|US$ 1,976.1 million
In Canada, big data storage strategies are shaped by an emphasis on eco-friendly and sustainable practices, with a particular focus on energy-efficient storage systems. The growing understanding of the strategic significance of data analytics and storage optimization across numerous Canadian businesses is contributing to the ongoing growth of Canada big data storage market. In 2024, the Canada big data infrastructure industry is projected to achieve a 12.8% market share.
What is Propelling Growth in the East Asia Big Data Storage Market?
“AI Integration Propels Demand for Scalable Storage Solutions in East Asia”
As businesses look for practical and scalable storage solutions to manage massive amounts of transactional and customer data, China’s storage in big data market is experiencing increased demand due to the country's burgeoning eCommerce sector. The big data ecosystem is experiencing a significant need for scalable and high-performance storage solutions due to the swift implementation of 5G infrastructure in China, speeding up data generation. China's big data infrastructure industry is projected to possess a 67.9% share in 2024.
|China Market CAGR
|China Market Size (2024)
|US$ 13,913.5 million
|Japan Market CAGR
|Japan Market Size (2024)
|US$ 4,938.4 million
The healthcare industry is facing growing volumes of data connected to medical records, influencing Japan's big data storage market. This is creating a need for scalable and practical storage solutions. The demand for advanced storage solutions is driven by Japan's focus on Industry 4.0 projects and smart manufacturing, as businesses need to manage and analyze massive datasets produced by automated and networked industrial processes. Japan's storage in big data market is projected to acquire a 24.1% share in 2024.
Based on the components, the services segment is estimated to hold a 56.5% market share in 2024. Simultaneously, the hardware segment is anticipated to secure a 24.3% share in 2024, contributing significantly to the market stability. Based on end user, the IT and telecommunications segment marks its dominance, with a share of 25.5% in 2024.
Which Component Type is Leading the Big Data Storage Market?
“Increasing Demand for Data Expertise Sustains the Growth of Service Segment”
|Market Size (2024)
|US$ 32,449.1 million
|Market Share (2024)
The services segment is leading the market by component, holding a share of 56.5%. The segment’s growth is driven by scalability problems and changing business requirements. To assist businesses in getting the most out of their significant data investments, the services sector takes advantage of the need for education and training.
Regular upgrades and improvements are necessary due to the ongoing advancements in big data technology, which contribute to the market dominance of services. In the component category, services are expected to account for 56.5% of the big data infrastructure market in 2024.
What Propels IT and Telecommunication Segment to Lead in the Big Data Market?
“IT and Telecommunication Spur Big Data Adoption for Efficient Operations and Connectivity”
|IT and Telecommunication
|Market Size (2024)
|US$ 11,901.7 million
|Market Share (2024)
IT and telecommunications companies make sophisticated storage system investments emphasizing data security and compliance to protect sensitive data efficiently. The IT and telecommunication industries' constant development of networks and communication technologies fuels the demand for storage solutions to handle growing data volumes.
Cloud services are widely used by the IT and telecommunications sectors, which raises the need for safe and scalable storage solutions. In the end-user category, the IT and telecommunications segment is expected to grab a 21.2% share in 2024.
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The fierce competition between significant businesses fighting for market share characterizes the storage sector's competitive landscape in the big data storage market. Leading big data storage providers concentrate on providing high-performance, secure, and scalable storage solutions to satisfy the changing requirements of companies handling large amounts of data. While big data storage startups frequently set themselves apart by creativity and agility, established firms often use their vast infrastructure and technological know-how to maintain dominance.
The industry comprises a variety of cloud service providers, specialized companies, and traditional storage manufacturers that are all vying to meet the growing need for reliable storage options that can handle the challenges posed by big data analytics. In the ever-changing environment, ongoing technological developments and strategic alliances are essential.
- NetApp revealed a brand-new, cutting-edge block storage solution in May 2023 and a promise emphasizing the company's best-in-class capacity to withstand ransomware attacks. The company hopes to address essential customer issues with this launch, such as limited IT expenditures, growing IT complexity, heightened urgency about sustainability, and the ongoing exponential expansion of cyber risks.
- Pure Storage Inc. stated in April 2023 that a next-generation unified block and file storage solution would be available. From a single, worldwide resource pool, this novel storage service offers native block and file services. Block and file storage formats are supported by unified storage architectures, giving businesses various options for storing and accessing data.
- Scality Inc. announced the introduction of RING9 in November 2022. Thanks to this technology, the IT staff can create and manage a cutting-edge hybrid cloud data storage architecture with greater effectiveness and performance. With broad AWS S3 and IAM compatibility, RING9 significantly enhances and streamlines scalable file and object storage for businesses creating private and hybrid cloud storage services.
- NetApp and Kyndryl partnered in May 2022 to expedite customers' digital transition. The two businesses will work together to create cutting-edge storage infrastructure-as-a-service solutions that give users the adaptability, value, and flexibility of utilizing unstructured data while empowering businesses to extract value from their data.
Know thy Competitors
Competitive landscape highlights only certain players
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Segmentation of Storage in Big Data Storage Market Research
By End User:
- IT and Telecommunication
- Transportation, Logistics and Retail
- Healthcare and Medical
- Media and Entertainment
- North America
- Latin America
- East Asia
- South Asia and Pacific
- Western Europe
- Eastern Europe
- Middle East and Africa
- FAQs -
What was the Value of the Storage in Big Data Market in 2019?
The global storage in big data market was worth US$ 30,150.6 million in 2019.
What is the Sales Outlook for Storage in Big Data Market in 2024?
The sales of storage in big data are likely to be valued at US$ 56,140.3 million in 2024.
What is the Demand Forecast for Storage in Big Data Market?
The demand for storage in big data is projected to reach a market value of US$ 3,50,251.2 million by 2034.
What is the Growth Projection for Storage in Big Data Market?
The adoption of next-generation data storage is projected to rise at a CAGR of 20.1% through 2034.
At What CAGR is the Storage in Big Data Market in North America Predicted to Grow?
The next-generation data storage market in North America is expected to evolve at a CAGR of 20.6% through 2034.
At What CAGR Is the Storage in Big Data Market in Latin America Predicted to Grow?
The Latin America big data storage market is forecasted to expand at a CAGR of 20.7% through 2034.