According to a report by Future Market Insights, the MEA data storage market is estimated to be valued at $2,790 Million in 2016 and estimated to reach $8,431.3 Million by the end of 2025. The market is expected to register a CAGR of 13.6% during the forecast period 2017 – 2027. Such tremendous growth is attributed by the increasing IT architecture coupled with the rapid shift from server centric to data storage centric across MEA region.
Dynamic factors proliferating the MEA data storage market:
- Growing investment spending from financial institutions and telecom operator
- Increasing adhesion towards collaborating infrastructures solution to meet a custom-made requirement of an enterprise
- Technological advancement in social and information technology
- Gradual integration of cloud technologies together with growing adaptation of artificial intelligence
- Increasing demand for secured data storage solutions in the field of aerospace, BFSI (Banking financial services and insurance) and defense
- Rising adoption of hybrid cloud storage systems and solutions by medium as well as small enterprises in commercial sector
In addition to this, introduction of cloud computing has become popular in data storage services and solutions for its cost effective and hustle free data storage facility. Being a significant component to most of the enterprise, data storage through cloud computing is expected to witness robust growth during the forecast period.
Future of data storage market in MEA
Data storage market in MEA encompasses enterprise data storage solutions and consumer data storage devices. With the rising adoption of data storage in small and medium enterprises, the demand for enterprise data storage solutions is expected to increase at a rapid pace. Moreover, growing commercial sector with the rising investment in hospitality management is expected to foresee an impetus growth during the forecast period. Moreover, continuous decline in the price structure of consumer storage devices like SSD (Solid state drive) and HDD (Hard disk drive) is expected to drive demand for data storage management in commercial sectors. Whereas, adoption of data storage on residential level is likely to increase at a large scale.
Where can market players foresee high level of profitability margin across MEA?
Emerging countries of Africa such as South Africa, Egypt, Nigeria and Kenya are expected to represent potential opportunities for data storage market. With the increasing developments in IT sector and technological advancements in IT infrastructure, the long-term demand for data storage is expected to witness potential growth during the forecast period. Moreover, growing inclination towards designing/ customization of innovative storage infrastructure based on the size of enterprise is expected to surge demand for customized data storage solutions soon.
GCC (Gulf Corporation Council) is well known for its global emergence of high capacity networks, storage devices, low-cost computers, service-centric architecture, autonomous utility computing and hardware virtualization. The GCC is identified as a place for emerging IT hub with the increasing social, economic and security possibilities and challenges. As GCC prefers strong territorial control of their own ICT infrastructure and information space, GCC countries are making effort to redraft regulations regarding cyber security. Thus, strong inclination towards high investment in ICT sector and solid economic balance is expected to boost demand for data storage market in MEA during the forecast period.
Several companies such as IBM Corporation, Hewlett Packard Enterprise Co., Open Text Corp., VMware, Inc., Microsoft Corporation, Nexenta Systems, Hitachi Data Systems, SanDisk Corporation and EMC Corporation (Dell Inc.) are some of the key stake holders in MEA data storage market.
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