5G Data Storage Market - Forecast (2024 - 2030)
5G Data Storage Market Overview
The 5G Data Storage Market size is estimated to reach US$7.2 billion by 2027, growing at a CAGR of 9.2% from 2022 to 2027. The increasing use of connected devices across various industry verticals and rising demand for 5G services have boosted the 5G Data Storage Industry. Additionally, the rise of advanced technologies such as artificial intelligence and machine learning?has produced memory storage that can hold a high volume of digital data such as five-dimensional optical storage, flash memory storage and solid state drives (SSDs). This?contributes to the growth of the 5G Data Storage Market. Rising investments in high-resolution gaming devices, as well as an increase in consumer electronic devices with 5G connectivity such as smartphones, laptops and PCs, would eventually drive demand for the?5G Data Storage Market. The digitalization process across all industries has created a large volume of digital data which paved the way for the adoption of 5G Data Storage. These factors would positively influence the 5G Data Storage Industry Outlook over the forecast period.
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Report Coverage
The report: “5G Data Storage Industry Outlook – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the 5G Data Storage industry.
By Product Type: Flash Memory Storage, Solid State Drives (SATA, PCIe, M.2 NVMe, U.2, mSATA) and Others.
By Deployment Type: Cloud, On-Premises and Hybrid.
By Storage Type: Cloud Storage, Network Storage, Unified Data Storage, Direct Attached Storage, Storage Area Network, Software-defined Storage and Others.
By Applications: Industrial IoT, Robotics, Connected Vehicles/Autonomous Cars, Networking & Communication and Others.
By End-use Industry: Automotive, Healthcare, IT & Telecommunication, Consumer Electronics, BFSI, Transportation & Logistics and Others.
By Geography: North America (the US, Canada and Mexico), South America (Brazil, Argentina and Others), Europe (the UK, Germany, France, Italy, Spain and Others), APAC (China, Japan, South Korea, India, Australia and Others) and RoW (the Middle East and Africa)
Key Takeaways
5G Data Storage Market Value Share, by Region, 2022 (%)
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5G Data Storage Market Segment Analysis -nbsp;by Product Type
By Product Type, the Flash Memory storage segment in the 5G Data Storage Market report is analyzed to grow at the highest CAGR of 10.1% during the forecast period 2022-2027. To cater to user requirements like improved performance, supporting multiple applications at a time, faster read or write speeds and uploading or downloading, the demand for 5G compatible flash memory storage has increased, boosting the 5G Data Storage Market?size. New technological advancements such as five-dimensional optical data storage also boost the 5G Data Storage Market?forward. In June 2021, Western Digital announced the release of iNAND EU521 embedded flash memory storage which would enable smartphone and tablet users to have 5G connectivity. These factors would boost the flash memory segment in the 5G Data Storage Market.
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5G Data Storage Market Segment Analysis -nbsp;by End-use Industry
Based on End-use Industry, the IT & Telecommunications segment in the 5G Data Storage Market report is analyzed to grow at the highest CAGR of 10.8% during the forecast period 2022-2027. The growth would be driven by factors such as growing cloud service adoption, new technological availability such as five-dimensional optical data storage due to IoT and artificial intelligence and the need for telecom operators to improve network communications. They have all contributed to the growth of the 5G Data Storage Market in the IT & Telecommunications industry. In February 2020, Huawei announced the launch of OceanStor 5G-Era storage solutions designed to assist carriers and enterprises in dealing with the explosive growth of digital data. The IT & Telecommunications industry would grow due to such advancements which would in turn boost the 5G Data Storage Market?size.
5G Data Storage Market Segment Analysis - by Geography
APAC dominated the global market for 5G Data Storage with a market share of 38.76% in 2021. It is also analyzed to have a significant growth over the forecasting period. Growing adoption of high-resolution content, a shift toward industrial IoT, digitalization and government initiatives to support 5G infrastructure have all contributed to the growth of the?5G Data Storage Market?in the?region. According to an Ericsson Mobility report of June 2022, approximately 39% of the mobile subscribers would use 5G data storage by the end of 2027, which is estimated at 500 million subscribers. These factors would bolster the presence of the APAC region in the 5G Data Storage Industry.
5G Data Storage Marketnbsp;Drivers
The increasing adoption of connected devices and integration of artificial intelligence and IoT:
The increasing adoption of connected devices is a major factor driving the growth of the?5G Data Storage Market. With the increased demand for connected devices and IoT applications, high connectivity, low latency and reliable communication networks such as 5G has become critical. Since IoT devices generate massive amounts of digital data, the demand for 5G Data storage solutions is constantly increasing. In October 2021, Dell announced new additions to its Dell EMC PowerScale portfolio which is a 5G network-attached data storage solution for AI-based projects. These new developments would positively influence the 5G Data Storage Industry Outlook over the forecast period.
Increasing investment in cloud business infrastructure:
Growing investment in cloud business infrastructure can also be viewed as a major factor driving?5G Data Storage Market?growth. The proliferation of hyper scale data centers, the shift to cloud computing?and the growing adoption of cloud-based application models have all emerged as critical factors in boosting the demand for 5G-based data storage solutions. Integrating 5G with cloud-based data storage allows for increased storage capacity, flexibility?and faster data management, among other benefits. In May 2019, NetApp announced the release of ONTAP 9.6, a mid-range end-to-end NVMe AFF A320 storage system. This cloud-based flash solution was created to provide a high-quality storage solution for businesses working with artificial intelligence or 5G networks, as well as analytics for engaging users. These factors would change the 5G Data Storage Industry Outlook over the forecast period.
5G Data Storage Market Challenges
Data breaches, security and privacy concerns:
One of the major challenges impeding market growth is the set of security and privacy concerns related to 5G Data Storage. With the rise of cybercrime and advancements in security breach threats, 5G-enabled connections are vulnerable to data hacking, data exploitation and other cyber-attacks. Since 5G networks have limited physical boundaries and usage of cloud-based data storage models, their integration across various critical IT applications may cause data security and privacy concerns in the long run and hamper the market growth.
5G Data Storage Industry Outlook
Product launches, collaborations and R&D activities are key strategies adopted by players in the 5G Data Storage Market. The top 10 companies in the?5G Data Storage Market?are:
Recent Developments