- The key vendors in the IT storage services market in APAC 2015-2019 are Accenture plc, Emc² Corp. MA, HCL Ltd., HP Co., IBM Corp., and TCS Ltd.
London, 8 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the IT storage services market 2015-2019. Increasing instances of outsourcing storage services is a key trend observed in this market. In order to focus on its core functions, many companies outsource their storage services to third parties. This helps in increasing operational efficiency and also aids in improving the quality of services offered. Reliable storage services reduce IT costs so that the companies can invest in other aspects of their business to increase profit margins. This market is expected to grow at a CAGR of 8.02% during the period of 2014-2019.
The increasing generation of enterprise data is a major factor that drives growth in this market. The widespread use of smartphones and tablets by employees leads to the generation of unstructured data, which is stored for long periods of time by companies in the financial and healthcare industries. As a result, many companies seek storage service players to organize and store this data. This growing demand augments the prospects of growth in this market.
“Companies are deriving value from the analytics of existing data and are collecting additional data to expand their business insights and gain a competitive edge. The advances in technology have led to the development of devices that will help in gathering information about consumer behavior and industrial processes,” says Faisal Ghaus, Vice President of Technavio Research.
“The growing data sources are giving rise to newer analytics applications. Traditional storage systems are not feasible to analyze the massive amounts of data generated. Therefore, storage service providers are offering bundled storage and newer analytics services.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
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