Global IT storage services market estimated to reach over $29 billion by 2019, says Technavio

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The market research report outlines the market forecast and growth projections for the global IT storage services market until 2019. The research report details the market segmentation by storage management, storage deployment and support, storage integration, and storage consulting. It includes the market shares for APAC, Americas, and the EMEA regions are also provided. Leading vendors analyzed in this report include EMC, Hitachi Data Systems, HP, and IBM. 

Technavio has released updated information on the storage services market, with the publication of its new market research report, global IT storage services market. The global IT storage services market is expected to grow at a CAGR of around 8% between 2015 and 2019. Increased adoption of third platforms like social media, mobility, analytics, cloud, and the IoT have accelerated the growth of structured and unstructured data in the enterprises. Several organizations prefer storage services to ensure ongoing business endurance, reduce operational costs, and attain better consumption rates. The Americas dominate the global market for cloud storage services, occupying around 50% of the overall market revenue.  The region is home to many large organizations and hence witnesses various storage product innovations.

“Several enterprises are seeking integrated storage and analytics solution providers to help them to gain business insights, find operational roadblocks, streamline supply chains, improve customer engagement, and develop better products and services. These requirements have prompted huge demand for big data and analytics among organization. Also, the vendors are aiming to offer storage systems that are suitable for analytical purposes,” says Navin Rajendra, Lead Analyst, ICT, Technavio Research.

Storage management is the largest service segment in the storage services market, accounting around 40% of the overall market share. Storage management services improves the efficiency and speed of electronic data storage by monitoring the performance of a storage area. Enterprises prefer these services owing to their potential to streamline future storage requirements. The segmented is expected to post a m,arket growth rate of more than 9% during the forecast period.

The leading vendors in the global IT storage services market include Accenture, EMC, Hitachi Data Systems, HP, and IBM. The competition in the market is intense, with firms using automation to gain a competitive edge and focusing on their core competencies. The probability of new players entering the market is low because of the strong positions of the leading players with commendable market shares.

A more detailed analysis is available in the Technavio report, Global IT Storage Services Market 2015-2019.

We can customize this reports by other regions and specific segments upon request.

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