Big Data and IoT Seen to Boost Hardware Storage Demand by 2024

Big data and the Internet of Things (IoT) are the technologies instrumental in driving the growth of hardware storage market over the next five years, a new report said.

According to a paper published by India-based research and consulting firm, Global Market Insights, big data, and IoT have allowed the emergence of many new sources of data generation. These technologies also led to the development and existence of several tools and methods for collecting and analyzing a large volume of data.

These technologies also enable devices and automobiles to become intelligent and interconnected by evaluating the data generated by them. Coinciding with the enormous growth in data is the increase in demand for innovative analytical solutions to come up with meaningful insights from the collected chunks of data. The exponential increase in digital data is seen to accelerate the growth of the market.

The growth in smartphones and internet services is also a significant factor in driving the hardware storage industry. Innovations in these devices have made them essential and dominant computing and productivity devices. The rich media content and data generated for and transferred from these gadgets require high-performance storage devices.

Big Data and IoT Seen to Boost Hardware Storage Demand by 2024

As for the types of devices, the report revealed that the Network Attached Storage (NAS) market occupies the majority share in the hardware storage market. SMEs use NAS-based systems extensively because of their cost-efficiency. Other devices with significant market shares are Direct Attached Storage (DAS), used by enterprises for small private cloud installations and large databases and Storage Area Networks (SAN), used for media sharing devices to enable many server systems to find a shared pool of data.

In terms of regions, North America is the largest hardware storage market behind the presence of Dell, EMC, IBM, and other large players. Most companies in the area have invested considerably in developing advanced big data platforms and IoT technologies.

Meanwhile, the Asia Pacific hardware storage market holds the highest growth potential to expand further over the next five years. Global Market Insights attributes the growth of the region’s increased IT hardware spending. The introduction of data localization regulations across the region has also fostered market growth. A notable example of this is the Indian government’s enactment of a cloud computing policy in 2018, requiring all tech firms to store their data within the country.

Tech giants Dell, HP, IBM, NetApp, EMC, and Symantec led the hardware storage market, according to the research firm noting that advancements in technology and growing competition have prompted market players to come up with inexpensive solutions.