The huge amount of raw data that is being generated daily is creating a data storage crisis for companies. Overall input/output operations per second (IOPS) is growing exponentially, causing companies to face increasing delays with data storage and retrieval. There are endless concerns in the market over the availability and security of data stored in offshore data centers around the world, further compounded due to recent data center outages. It is essential for storage systems to be largely available and offer comprehensive backup in case of an emergency.
Flash storage providers are aiming to provide an overall cost-effective experience to customers through advanced compression techniques. The current global market for enterprise flash storage is at USD 500 million and is expected to reach USD 1.6 billion by the end of 2016, at an astounding CAGR of close to 60%. This rapid growth is being driven by cost-reducing technological innovation. Over the past four years, the cost of flash memory per gigabyte has dropped by 30%, resulting in more companies opting for flash memory for their high-performance storage needs.
Although organizations continuously seek high-performance tools to increase their overall efficiency, cost is the single major issue that IT departments face when it comes to overhauling their infrastructure.
The report provides a deep insight into the strategies of the key market players and gives a broad overview of the flash market, including market share and applications across various industry segments. Key players in the industry such as EMC, NetApp, Oracle and Pure Storage, currently hold over 90% of the present flash storage market. At present, North America is the dominant market for flash storage with most of the technology companies headquartered in this region. However, APAC is growing twice as fast as North America with its huge trove of cheap skilled workforce.
The factors driving this market are:
The factors restraining this market are:
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