202015 Sep
Enterprise storage market in APAC to reach US$55.6bn in 2024, says GlobalData
General News

The overall APAC storage market revenue is now expected to grow at a compound annual growth rate (CAGR) of 5.5% during 2019-2024, compared to the previous forecast of 14.6% before the COVID-19 outbreak, to reach US$55.6bn in 2024, says GlobalData, a leading data and analytics company. Despite the estimated decline in storage revenue as compared to initial estimates, data volume continues to grow owing to factors such as IoT/connected devices ecosystem adoption, smart city initiatives by governments and increased proliferation of mobile devices. Shamim Khan, Senior Technology Analyst at GlobalData, comments: “The requirement of the enterprises to store structured as well as unstructured data to derive insights for enhancing consumer offerings, enhance business capabilities and replicate the data stored on multiple platforms will result in the growth of enterprise storage revenue.” All-flash and hybrid arrays will witness the highest growth (CAGR) of 10.7% during the forecast period and is estimated to have a significant portion (approximately 43%) of the overall storage revenue by 2024. Low maintenance requirement, cost-effectiveness and reliability are some of the key features that will result in the sustained demand for all-flash and hybrid arrays in the APAC region. Ms Khan concludes: “APAC will lead the enterprise storage market revenue growth by 2024, followed by North America and Europe.

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