The future of connected is living, which forecasts the top ways emerging technology will transform lives by 2030. This includes 5G, Artificial Intelligence (AI), Extended Reality (XR) and Internet of Things (IoT). Digital transformation has become a key enabler for businesses to thrive in this competitive world. Organisations are exploring ways to adopt newer technologies based on business outcomes rather than CAPEX investments. Another reason for the growth of storage is we are witnessing a shift from Cloud Computing to Edge Computing, it reduces the cost of operational and improved performance, as many players including Microsoft is offering Azure stack edge.
Edge Computing market size is expected to reach USD 29 billion by 2025. Supported with the Increasing internet and smartphone penetration, rapidly growing IoT ecosystem and expanding e-commerce industry to drive India cloud storage market through 2023. Rapidly growing IoT ecosystem coupled with increasing internet and smartphone penetration is generating vast amount of data. For the data storage and management at consumer and enterprise level, cloud storage is gaining traction, thereby fueling India cloud storage market. However, in cloud computing, Edge devices collect data and send it to the cloud for further processing and analysis.
The growing deployment of edge computing is one of the major reasons for the data center, complementing to the demand of storage market growth. Hence, the need for infrastructure modernisation due to the advent of digital technologies pushes majority of the organisations to adopt to new age storage solutions which can offer better performance, agility and scalability.
As per Technavio, the increasing preference for hyper-converged infrastructure (HCI) in data centers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Access speed has increased tremendously in the country, with rising investments being witnessed in fiberization and IP Networks. Growth in bandwidth is boosting the data access and streaming capabilities, and during the forecast period, bandwidth is expected to grow rapidly, thereby aiding growth in the country’s cloud storage market. North India accounts for the largest market share, owing to the huge presence of banking and financial institutions in the region. However, South India is anticipated to emerge as the fastest growing region in the coming years, backed by high and rising concentration of SMEs.
Secondly, the Cloud Storage Market in India is projected to grow at a CAGR of around 42% during 2018 - 2023. The key factors expected to drive the market include increasing investments in 4G and 5G networks, coupled with booming FinTech sector, which is likely to boost the demand for cloud storage on account of increasing level of data usage. Additionally, it is anticipated that the prices of cloud storage would decline, thereby further positively influencing the market during forecast period.as per the report of Techsci Research.
India’s external storage market vendor revenue witnessed a growth of eight per cent year-on-year (YoY) and stood at $91.8 million in the third quarter (Q3) of 2019 ending September, said a new report. Professional services, banking, government, manufacturing and telecommunications industries contributed 83.2 per cent of overall external storage market in this quarter, according to IDC’s latest “Worldwide Quarterly Enterprise Storage Systems Tracker 3Q19” report.
Dell Technologies continued to be the India market leader in Q3 with a 32.0 per cent share by vendor revenue, followed by Hewlett Packard Enterprise with 12.4 per cent market share. NetApp, Hitachi Vantara, IBM and Huawei had witnessed strong YoY growth in Q3 due to key wins from professional services, telecommunication and transportation sectors. Lenovo is yet to gain its market share.
Although many storage vendors have jumped on the hyperconvergence segment, these innovators are known for specializing in the hot storage trend. Hyperconverged storage or hyperconverged infrastructure (HCI) is taking over the enterprise. It combines storage, compute and networking into highly-virtualized systems that offer enterprises immense flexibility in how to run and manage storage workloads.
Based on frictionless consumption, self-service, automation, and programmable APIs, hyper converged infrastructure accelerates new services across your clouds. The vendors including Nutanix, Pivot 3,HPE Simplivity, Acuutech are there apart from DELL, HPE and NetApp. The newer vendors including Storagecraft (USA) and Quanta Storage(Taiwan) has entered India market last year with various value additions.
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