According to the report published by Allied Market Research, the global media and 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 report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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.
On the other hand, high cost of media and entertainment storage solutions impedes the growth to some extent. However, upsurge in demand for storage requirements is expected to create multiple opportunities in the near future.
The global media and 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.
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Asia-Pacific is expected to witness highest growth rate during the forecast period, as proliferation of mobile phones, social media, and gaming apps is the major driving factor for the progressively growing media and entertainment storage market across Asia-Pacific. The popularity of smartphone usage and gaming serves as a promising market for media and entertainment storage market players.
For instance, according to the Twitter, in 2019, half of all the internet (47%), social media (52%), and mobile (48%) users worldwide were located in Asia-Pacific, while 60% of millennials (aged 18 to 35 years) worldwide are expected to reside in Asia by 2020. In addition, rise in foreign investments across the media and entertainment sector in countries such as India and China further propels the market growth.
Media and Entertainment Storage Market Segmentation Review:
On the basis of storage solution, the direct-attached storage segment garnered more than two-fifths of the global media and 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.
In 2019, the global media and entertainment storage market share was dominated by the solution segment, and is expected to maintain its dominance in the upcoming years as rise in need for media companies to seamlessly create and deliver impactful media content while simplifying IT infrastructure management and maintenance fuels demand for media and entertainment storage solutions.
In addition, growth in demand for high-resolution asset creation and accelerated rendering to deliver more complex scenes and accelerate content to viewers drive the market. However, the services segment is expected to witness highest growth, owing to extensive adoption of services among end users as it ensures effective functioning of media and entertainment storage software and hardware throughout the process. Moreover, growth in demand for cloud-based media and entertainment storage services is expected to provide lucrative opportunities for the market growth during the forecast period.
By storage solution, the direct-attached storage segment dominated the market in 2019, and is expected to maintain its dominance in the upcoming years, owing to increase in adoption of direct-attached storage (DAS) solutions by individual content producers as well as small & medium sized companies. DAS is well suited for small-to-medium sized companies in the media & entertainment industry where sufficient amount of storage can be configured at a low startup cost.
However, the network-attached storage segment is expected to witness highest growth, owing to factors such as rise in demand for creating high-volume digital content, increase in demand for 1-bay to 8-bay NAS solutions, and surge in use of smartphones, laptops, and tablets resulting in generation of large volumes of digital media content.
Based on region, North America held the highest share in 2019, generating around two-fifths of the global media and 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.
Media and Entertainment Storage Market Players:
The leading market players analyzed in the global media and entertainment storage market report include Cisco Systems, Western Digital, Dell EMC, IBM, Microsoft, NetApp, Oracle, Seagate Technology, Toshiba, and Amazon Web Services. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
COVID-19 Scenario-
- The worldwide broadcast is adjusting to put up with the disruptions across the content supply chain.
- However, on the other hand, the majority of the population across the world is confined to their homes 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. This drift is likely to persist post-pandemic as well.
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Key Benefits For Stakeholders
- This study includes the media & entertainment storage market analysis, trends, and future estimations to determine imminent investment pockets.
- The report presents information related to key drivers, restraints, and media & entertainment storage market opportunity.
- The media & entertainment storage market size is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in media & entertainment storage industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm the utmost data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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