Storage in Big Data Market Research Report- Forecast till 2027
As per Market Research Future (MRFR) analysis, the high adoption rate of big data technology can impel the expansion of the global storage in big data market. The deployment of big data and the evolution of servers, ease of connectivity can bolster the growth of the big data technology market. Enterprises exercising Internet of things (IoT) can also result in the storage in big data market surge. Developments in smart data record maintaince system is expected to contribute significantly to the expansion of the global storage of big data market. Benefits of storage in big data, such as improved safety, more efficiency, higher productivity, low installation cost, and easy storage of data can act as the storage in big data market growth boosters. MRFR study states that the global storage in big data market, at 20% CAGR can value at USD 30 Bn by 2022.
Top Boosters and Key Deterrents
The COVID-19 outbreak has brought together researchers, data scientists and medical professionals to deal with the spread of the pandemic worldwide. Respective sectors are making use of advanced technologies like big data analytics, natural language processing and machine learning to track the novel coronavirus and learn more about it. With the increasing storage of patient data, it has become tough to review each record and reach a solution while looking for a COVID-19 breakthrough. In this situation, big data has emerged as a formidable tool that is helping review diverse datasets while helping detect as well as help recover from COVID-19. Despite the lockdown imposed across countries, the cases have mounted exponentially, which has boosted the use of big data tools to store data with regard to the patients and those that are at risk of getting affected in the future.
Following the advent of SARS-CoV-2, big data has gained higher impetus in light of organizations like WHO, Microsoft and CDC increasingly developing dashboards that are based on it. This has been a spectacular prospect for the storage in big data market. Further, the growing deployment of cloud computing, internet of things/IoT and software based storage services and devices has also boosted the expansion of the storage in big data industry.
Multi-cloud storage has emerged as one of the top aspects trending in the storage in big data market data. Some of the renowned public cloud storage vendors such as Microsoft, Google and AWS are striving to boost their offerings with integrated big data capabilities, such as Athena and AWS EMR. Many of the renowned players are also actively launching new solutions and services that have multi-cloud storage abilities in big data.
For instance, in July 2020, Madison Cloud launched its new solution called Private MultiCloud Storage/PMCS. The new PMCS helps deal with any kind of multi-cloud data issues with a secure, reliable and centralized method to handle cloud storage.
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The market of storage in big data is studied by vertical and component. By component, the storage in big data market segments are software, hardware, and services. The software segment includes platform-as-a-service (PaaS), software-as-a-service (SaaS), and infrastructure-as-a-service (IaaS). The software-as-a-service segment can surge at a decent CAGR in the forecast period. The penetration of cloud solutions and the high demand for smart transport management solutions can prompt software-as-a-service segment growth. The vertical-based segments of the storage in big data market are BFSI, Healthcare, IT & Telecommunication, Transportation, Manufacturing, and media & entertainment. The high rate of adoption of storage in big data across BFSI and healthcare can boost the storage in big data market growth.
The provincial examination of capacity in enormous information market is being read up for area like Asia Pacific, Americas, Europe and Rest of the World.
High digitization rate across different ventures is refered to be one of the top factors that make North America a worldwide forerunner in the capacity in enormous information market. The mounting center around large information the executives, rising utilization of investigation alongside nonstop mechanical developments in associated data frameworks are other huge development promoters in the North American market.
Europe is on target to accomplish extraordinary statures before very long, because of the colossal advanced change, high pace of mechanical turns of events, and the rising utilization of brilliant associated gadgets. The critical presence of driving firms joined with the excellent examination nature in the area additionally adds to the business development.
Notwithstanding, APAC guarantees heaps of appealing open doors for the main stockpiling in large information players, on account of the huge measure of information being produced across associations and the expanding government spending on the improvement of computerized advances.
Renowned Industry Contenders
Some of the renowned market contenders outlined in the MRFR report include Oracle Corporation (U.S.), VMware, Inc. (U.S.), Teradata Corporation (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Google Inc. (U.S.), Amazon Web Services (U.S.), Hewlett Packard Enterprise (U.S), Dell EMC (U.S.), Hitachi Data Systems Corporation (U.S.), and more.
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Storage in Big Data Market, By Component (Hardware, Software and Services), By Vertical (BFSI, IT & Telecommunication, Healthcare, Manufacturing, Transportation, Media & Entertainment and Others) - Forecast 2022
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