Upsurge in demand for storage requirements is expected to create multiple opportunities in the near future. Increase in popularity of 4K UHD content, rise in demand for creation, distribution, and conversion of video content, increasing shift from traditional to digital advertising channels, rapid advances in areas including workflow collaboration, artistic creativity, and new distribution models across the media and entertainment industry, and surge in demand for media and entertainment storage due to the COVID-19 pandemic drive the growth of the global media and entertainment storage market.
Key market players such as – Cisco Systems, Western Digital, Dell EMC, IBM, Microsoft, NetApp, Oracle, Seagate Technology, Toshiba, and Amazon Web Services.
The global media & entertainment storage market was pegged at $6.63 billion in 2019 and is estimated to hit $17.87 billion by 2027, registering a CAGR of 13.7% from 2020 to 2027.
The global media & entertainment storage market is analyzed across component, storage solution, deployment type, storage medium, end user, and region. By component, the solution segment contributed to more than three-fifths of the global media & entertainment storage market share in 2019, and is projected to lead the trail by 2027. The services segment, on the other hand, would register the fastest CAGR of 15.5% during the forecast period.
Based on region, North America held the highest share in 2019, generating around two-fifths of the global media & entertainment storage market. Simultaneously, the market across Asia-Pacific would cite the fastest CAGR of 18.4% from 2020 to 2027. The other provinces discussed in the report include Europe and LAMEA.
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On the basis of storage solution, the direct-attached storage segment garnered more than two-fifths of the global media & entertainment storage market revenue in 2019, and is anticipated to retain its dominance by the end of 2027. At the same time, the network-attached storage segment would register the fastest CAGR of 16.9% throughout the forecast period.
Covid-19 scenario-
- The worldwide broadcast is adjusting to put up with the disruptions across the content supply chain.
- However, on the other hand, majority of the population across the world is seized in their homes in order to adhere to the quarantine mandates. This, in turn, has led to a steep increase in demand for streaming services and DVR recordings, thereby impacting the global media & entertainment storage market positively. This drift is likely to persist post pandemic as well.
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