April 05, 2018
WELLESLEY, Mass., April 05, 2018– Growing demand for increased storage capacity from new services such as the Internet of Things and Cloud is driving new revenue for suppliers of storage technologies, according to a report by BCC Research.
The global market for this industry was valued at $6.9 billion in 2016, and is forecasted to grow by a compound annual growth rate (CAGR) of 16.7% through 2022, when it will be worth an estimated $27.3 billion, according to the report Cloud and Internet of Things (IoT) Storage Technologies: Global Markets to 2022.
Major players in the market include AT&T, BMC Software, Cisco Systems Inc., Dell, Expedient, Fogo Data Centers, Global Switch, Hewlett-Packard Enterprise Co., IBM Group Ltd., Juniper Networks, Lenovo, NEC, Pure Storage, Oracle Corp., SanDisk, Seagate Technology Co., Toshiba Storage Products, Violin Memory and Western Digital Corp.
“Significantly, the storage increases are occurring regardless of whether or not business revenues or employee headcount remains the same or rises,” said report author Michael Sullivan. “Nearly two-thirds of businesses – 63% – say their most important storage priority over the next three years is ensuring adequate, efficient storage capacity for the business needs.”
Though Rosy, Some Challenges Are Encountered in the Move to Cloud and IoT Storage
While the future of cloud and IoT storage is generally quite positive, the move to this infrastructure is sometimes accompanied by challenges and disadvantages, Sullivan noted. For example, the process of designing and implementing a cloud storage infrastructure that relies on shared storage among clustered servers can be complicated, and early adopters have found it difficult to determine the storage requirements of mission-critical applications after virtualizing their infrastructure. Finally, cloud and IoT storage is not free from unforeseen failures and outages. Many cloud and IoT storage solutions rely on off-the-shelf hardware, which can be more prone to failure.
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Cloud and Internet of Things (IoT) Storage Technologies: Global Market Through 2022( IFT153A )
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