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Enterprise Data Storage Market size is set to grow by USD 11.6 billion from 2024-2028, Increased adoption of cloud applications boost the market, Technavio

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NEW YORK, Aug. 12, 2024 /PRNewswire/ — The global enterprise data storage market size is estimated to grow by USD 11.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.39%  during the forecast period. Increased adoption of cloud applications is driving market growth, with a trend towards software-defined storage. However, high operating expenses for vendors  poses a challenge. Key market players include Broadcom Inc., Commvault Systems Inc., DataDirect Networks Inc., Dell Technologies Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., Hitachi Ltd., Huawei Technologies Co. Ltd., Infinidat Ltd., Inspur Group, International Business Machines Corp., Lenovo Group Ltd., NetApp Inc., Nutanix Inc., Oracle Corp., Pure Storage Inc., Seagate Technology Holdings Plc, Veritas Technologies LLC, Western Digital Corp., and Zadara Inc..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Enterprise Data Storage Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 4.39%

Market growth 2024-2028

USD 11.6 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.13

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 35%

Key countries

US, Germany, China, UK, and Japan

Key companies profiled

Broadcom Inc., Commvault Systems Inc., DataDirect Networks Inc., Dell Technologies Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., Hitachi Ltd., Huawei Technologies Co. Ltd., Infinidat Ltd., Inspur Group, International Business Machines Corp., Lenovo Group Ltd., NetApp Inc., Nutanix Inc., Oracle Corp., Pure Storage Inc., Seagate Technology Holdings Plc, Veritas Technologies LLC, Western Digital Corp., and Zadara Inc.

Market Driver

The global enterprise data storage market is experiencing significant growth, driven by the increasing need for flexible, scalable, and cost-effective storage solutions. Software-defined storage (SDS) is an emerging trend in this market, offering organizations a more efficient way to manage and store data. SDS separates the control plane from the data plane, enabling the use of software to manage storage resources across various hardware platforms. This architecture provides greater flexibility and cost savings, making it an attractive option for businesses dealing with the exponential growth of data.

The Enterprise Data Storage Market is thriving with big businesses prioritizing digital data management for their corporate operations. The market offers a range of products and services, including hardware and software solutions. Hardware includes traditional Hard Disk Drives, Solid State Drives (SSDs), and emerging technologies like Software-Defined Storage (SDS) and Hyper-Converged Infrastructures (HCI). Software solutions include data accessibility tools, security systems, and data analytics platforms.

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Market Challenges

The global enterprise data storage market faces substantial operating expenses for vendors due to various reasons. Significant research and development (R&D) costs are incurred to create innovative storage solutions, requiring investments in new technologies and infrastructure. Vendors must also maintain a large and intricate infrastructure, including data centers, servers, networking equipment, and hardware and software systems, which can be costly. Marketing and sales efforts are essential to reach potential clients, adding to expenses through advertising, conference attendance, and hiring sales teams. Competition in the market drives up operating expenses as vendors strive to differentiate their offerings and remain competitive. Consequently, designing and developing enterprise data storage solutions tailored to end-users’ requirements, which necessitates substantial R&D and product development investments, can hinder the growth of the global enterprise data storage market.Big enterprises face numerous challenges in managing their business-related information with the increasing volume of data from various workloads. Traditional storage systems like Storage Area Networks (SAN), Network Attached Storage (NAS), Direct Attached Storage (DAS), and digital storage have their unique advantages, but choosing the right one can be complex. Redundant, logical storage containers are crucial for data protection during disasters, ensuring business continuity. Centralized remote support, administration, and scalability are essential for managing large volumes of data. Durable and scalable storage mechanisms like networked appliances, storage drives, and redundant arrays of independent disks (RAID) are popular choices. Big data analytics and management of unstructured data require agile and distributed storage subsystems. Data security is paramount, and software manufacturers offer various solutions for backup, restoration functions, and disaster recovery. Cabling, connectivity, and operating platforms are essential considerations for storage systems. Hyper-converged storage, cloud storage, and distributed storage are emerging trends in the enterprise data storage market. AI and ML are transforming IT systems in healthcare, manufacturing, and IT and telecommunication industries, requiring high-speed 5G communication infrastructure to support their workloads. The enterprise data storage market is evolving rapidly, and businesses must stay informed to make informed decisions.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This enterprise data storage market report extensively covers market segmentation by  

Solution 1.1 SAN1.2 NAS1.3 DASType 2.1 Storage2.2 Backup2.3 OthersGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 SAN-  A Storage Area Network (SAN) is a dedicated high-speed network that interconnects enterprise storage devices to multiple servers. It moves data from the common user network and organizes it into an independent high-speed network, enabling each server to access storage devices and control the storage volume. SAN is a type of Local Area Network (LAN) designed for handling large data volumes. SAN storage devices support data storage, retrieval, and replication using high-end servers and multiple disk arrays. Vendors like Dell Technologies Inc., Hewlett Packard Enterprise, and IBM offer SAN solutions, including FC and iSCSI. FC is suitable for mission-critical applications, while iSCSI offers flexibility through an IP network. SANs come in three types: Virtual SAN, Unified SAN, and Converged SAN. SAN advantages include storage virtualization, high-speed disk technologies, and centralized backup. SAN devices enhance storage management and fault tolerance, fueling AI and real-time analytics adoption, driving IT optimization, and growing the global enterprise storage market.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The Global Enterprise External OEM Storage Systems Market is witnessing significant growth, driven by the rising demand for data storage solutions across various industries. Simultaneously, the Global Cloud Storage Services Market is expanding rapidly, fueled by the increasing adoption of cloud computing and digital transformation initiatives. Additionally, the Global Software-Defined Storage (SDS) Market is gaining traction, offering scalable and flexible storage solutions to meet the growing data needs. These markets are critical in supporting enterprise digital infrastructure and are expected to continue their upward trajectory.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

SolutionSANNASDASTypeStorageBackupOthersGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Cat® Simulators New Hydraulic Mining Shovel System Builds Operator Skills for Mine Sites

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Simformotion™ LLC, a leader in heavy equipment simulator training solutions, announces the release of the new Cat® Simulators Hydraulic Mining Shovel System.

PEORIA, Ill., Sept. 23, 2024 /PRNewswire-PRWeb/ — Simformotion™ LLC – a leader in heavy equipment simulator training solutions – announces the release of the new Cat® Simulators Hydraulic Mining Shovel System. Operator trainees can utilize the system inside a classroom or at satellite mine locations.

“The new Hydraulic Mining Shovel simulator system is the cornerstone of our Cat Simulators mining models. The system trains students and operators using authentic Cat controls and teaches applications found on real-world job sites,” says CEO Lara Aaron.

The hands-on training system is set in a mining environment and teaches learners how to operate the Hydraulic Mining Shovel, including inspecting the machine, spotting and properly loading trucks, and more. Correct, efficient operation increases safety, production and cost savings. Simulation is a safe alternative to using actual machines for heavy equipment operator training. Students and operators can train anytime and anywhere using simulators — no need to take a costly machine out of production, worry about the weather or, most importantly, worry about the operator’s safety.

“The new Hydraulic Mining Shovel simulator system is the cornerstone of our Cat Simulators mining models. The system trains students and operators using authentic Cat controls and teaches applications found on real-world job sites. We often hear of the struggles to find skilled operators. Cat Simulators systems help companies build their own workforce,” says CEO Lara Aaron.

The Cat Simulators Hydraulic Mining Shovel system is available in multiple languages and includes SimU Campus™, a built-in reporting software that records and generates reports of learners’ simulation sessions and compares their performance to Caterpillar benchmarks. The system features authentic Cat controls, a motion system, exclusive walkaround machine inspection training, and a companion SimScholars™ curriculum, making the training package a unique offering.

The companion SimScholars online curriculum is a one-to-one match with the simulator model and can be used in the classroom or for remote learning. It is an interactive, turn-key solution complete with instructor guides, videos, quizzes and more. Integrate the Cat Simulators Hydraulic Mining Shovel system and its curriculum together for a unique, blended learning experience.

For even more training value and for a more immersive experience, add VR Edition. With the VR headset and patented VR Now technology, users experience a larger view of the virtual environment with greater depth perception. The simulator is portable and easy to move from a training room to a trailer to satellite locations.

About Simformotion™ LLC

©Copyright 2024 Simformotion™ LLC is a leader in heavy equipment simulator training solutions. Simulation can help address initiatives such as safety and production; while ensuring training can be delivered anytime day or night, regardless of weather conditions. Cat Simulators are chosen as training solutions in such markets as mining, construction, forestry, government, and trade and vocational schools. Simformotion™ LLC is a licensee of Caterpillar Inc. As used herein, “Simformotion” means Simformotion™ LLC, a Delaware limited liability company.

About Caterpillar Inc.

About Caterpillar Inc. With 2023 sales and revenues of $67.1 billion, Caterpillar Inc. is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, we’ve been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/en/news/social-media.html.

CAT, CATERPILLAR, LET’S DO THE WORK, their respective logos, “Caterpillar Corporate Yellow,” and the “Power Edge” and “Modern Hex” trade dress, as well as corporate and product identity used herein, are trademarks of Caterpillar and may not be used without permission. www.cat.com / www.caterpillar.com Third party trademarks are the property of their respective owners.

Media Contact
Kim Roberts, Simformotion, 1 3096703200, kroberts@simformotion.com, https://simformotion.com/

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GR0 CEO Kevin Miller Snags C-Suite Insiders CEO of the Year Award for Brand Optimization

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GR0 Co-Founder and CEO Kevin Miller Honored for Excellence in Leadership, Innovation, and Industry Impact

LOS ANGELES, Sept. 23, 2024 /PRNewswire-PRWeb/ — Kevin Miller, Co-Founder and CEO of GR0, was awarded CEO of the Year for brand optimization from the prestigious C-Suite Leadership Awards Program. This recognition underscores Miller’s outstanding leadership, innovation, and transformative impact in the digital marketing industry.

Recognized for celebrating excellence in senior executives, the C-Suite Leadership Awards Program highlights remarkable achievements in business. Emphasizing the importance of exceptional leadership, innovation, and industry impact, the program honors high-performing executives who inspire success while shaping the future of their companies.

As Co-Founder and CEO of GR0, Kevin Miller has propelled his company to the forefront of the digital marketing industry. Leveraging extensive expertise from roles at Google and Open Listings, Miller has spearheaded notable successes for GR0, including accolades such as a Platinum dotCOMM award in 2024 and a Best SEO Company award from Clutch in 2021.

Assisting both D2C and B2B clients, GR0 is known for delivering measurable growth and impactful results as a trusted agency for businesses seeking transformative omnichannel digital marketing solutions.

Miller’s dedication to his team and commitment to fostering an exemplary working environment have not gone unnoticed. He was recognized with a Best CEO Award from Glassdoor and was instrumental in GR0 being named a Best Company for Women by Great Place to Work in 2024. These achievements underscore Miller’s holistic approach to leadership, focusing on business success and employee well-being.

For further details on Miller’s remarkable achievements and to explore GR0’s transformative digital marketing strategies, visit GR0’s website.

About GR0: A leading omnichannel digital marketing agency based in Los Angeles, GR0 delivers exceptional growth and impactful results for a diverse clientele. With a record of innovation and recognition in digital marketing, GR0 sets benchmarks and drives success stories for businesses worldwide.

Media Contact

GR0 Agency, GR0, +1 (310) 439-1887, performancepr@gr0.com, gr0.com 

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First Pacific Bank expands its instant payments offerings with Finastra, driving growth

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With Finastra Payments To Go, the bank enhances its payments infrastructure and unlocks new opportunities 

LAKE MARY, Fla., Sept. 23, 2024 /PRNewswire/ — Finastra today announced that First Pacific Bank, a Southern California-based community bank that offers custom financial solutions for individuals and businesses, has selected Finastra Payments To Go to modernize its payments infrastructure. The cloud-based, SaaS payments hub solution will help the bank to deliver FedNow send and receive services 24/7, support ISO 20022 compliance, and enable its projected growth. 

As part of Finastra’s commitment to Open Finance, Payments To Go offers seamless connectivity to other software providers, fintechs, and financial institutions, giving banks the flexibility needed to deploy modern and agile payment solutions quickly and efficiently.

“Our selection of Payments To Go was driven by the need for a robust instant payments platform that supports our growth and innovation plans, particularly as we expand our commercial business,” said Sharokin Badal, SVP, Director of Deposit and Treasury Services at First Pacific Bank. “With Finastra, our customers will benefit from additional payment offerings, enabling better cash flow and financial management. The modernity and scalability of Payments To Go, along with its seamless integration with our existing vendors, make it the ideal solution.”

Deployed on Microsoft Azure cloud, Payments To Go provides the bank with the agility needed to offer new and innovative payments rails, including FedNow Service. As one of the first software providers in the industry to complete certification for the FedNow Service and ISO 20022 compliance, Finastra is well-positioned to provide financial institutions with the ability to deliver instant payment services around the clock, with more than 200 customers across the US able to launch FedNow Service through its solutions.

“Our payments as a service solution provides First Pacific Bank with a modern infrastructure that enables scalability and an enhanced customer experience,” said Radha Suvarna, Chief Product Officer, Payments at Finastra. “We’re pleased that the bank selected us to not just prepare them for regulatory and compliance requirements, but to support the team as they meet the moment to unlock new opportunities in payments innovation.”

“Readiness for both ISO 20022 messaging standards for Fedwire and the FedNow Service are critically important for community-based financial institutions to stay competitive and compliant as the instant payments space continues to evolve,” said Erika Baumann, Director Commercial Banking and Payments at Datos Insights. “By aligning with global standards and embracing new payment rails, community banks are well positioned to improve their offerings.”

To learn more about Payments To Go, visit Finastra at Sibos 2024 on stand G30.

About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of Open Finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com.

About First Pacific Bank
First Pacific Bank is a wholly owned subsidiary of First Pacific Bancorp (OTC Pink: FPBC) and is a growing community bank catering to individuals, professionals, and small-to-medium sized businesses throughout Southern California. With a history that spans 17 years, the Bank offers a personalized approach, access to decision makers, a broad range of solutions, and a commitment to delivering an exceptional customer experience. First Pacific Bank operates locations in Los Angeles County, Orange County, San Diego County, and the Inland Empire. For more information, visit firstpacbank.com or call 888.BNK.AT.FPB.

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