A recent market study by Technavio indicates the Enterprise Data Storage Market is expected to increase by $1.14 billion (USD) from 2020 to 2025, at an accelerated CAGR of 4.67%.
Specifically, APAC will register the highest growth rate of 34% among the other regions. Driving this trend are China and Japan, as the two countries are the key markets for the enterprise data storage market in this region.
Market growth in APAC will be much faster than the growth of the market in other regions.
What’s driving this? From the report: The increased adoption of cloud applications is notably driving the enterprise data storage market growth, although factors such as high operating expenses for vendors may impede market growth.
Responding to an increasingly fragmented market
The Enterprise Data Storage market has become increasingly fragmented. To address this matter, vendors are deploying growth strategies focused more so on product delivery through multiple distribution channels as a means for staying competitive in the global enterprise cloud services market.
For example, Dell Technologies provides branded hardware (such as desktops, workstations, and notebooks) and branded peripherals (such as displays and projectors), as well as third-party software and peripherals.
All eyes on APAC
During the projection period, Technavio reports that APAC will account for 34% of the market's growth. While China and Japan are the most important markets for enterprise data storage, the market in this region will increase at a quicker rate than the market in other regions. Specifically, over the projection period, the enterprise data storage market in APAC will benefit from considerable expenditures in smart home and smart city projects by major countries such as China, Japan, and South Korea.
Some of the key trends and challenges ahead
Technavio’s report also looks at the impact of various trends, drivers, and challenges for global enterprise cloud services market growth during the forecast period. These insights will enable solution providers to design a growth strategy for their business and area of operations:
· Increased adoption of cloud applications will be a significant factor in driving the growth of the Enterprise Data Storage Market.
· Growing demand for IoT and Big Data operations is another factor that will be instrumental in driving market growth.
One of the key challenges that solutions providers need to contend with in order to achieve further success is the high operating expenses for their customers. While workplace productivity is a key driver when it comes to implementing these solutions, cost efficiency is also of paramount importance to the customer.