Increasing popularity of 4K UHD content, increasing demand for creating, distributing and converting video content, increasing shift from traditional advertising channels to digital advertising channels, rapid advancements in areas such as streaming collaboration work, artistic creativity and new distribution models across the media and entertainment industry and the surge in demand for multimedia and entertainment storage due to the COVID-19 pandemic are driving the growth of the global market for multimedia and entertainment storage.
Portland, OR, June 23, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the multimedia and entertainment storage market was pegged at $ 6.63 billion in 2019 and is expected to reach $ 17.87 billion by 2027, registering a CAGR of 13.7% from 2020 to 2027. The report provides in-depth analysis of the best pockets of investment , top winning strategies, drivers and opportunities, market size and estimates, competitive landscape and changing market trends.
Increasing popularity of 4K UHD content, increasing demand for creating, distributing and converting video content, increasing shift from traditional advertising channels to digital advertising channels, rapid advancements in areas such as streaming collaboration work, artistic creativity and new distribution models across the media and entertainment industry and the surge in demand for multimedia and entertainment storage due to the COVID-19 pandemic are driving the growth of the global market for multimedia and entertainment storage. On the other hand, the high cost of multimedia storage and entertainment solutions hinders growth to some extent. However, the increased demand for storage needs is expected to create multiple opportunities in the near future.
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Global delivery adapts to disruptions in the content supply chain.
However, on the other hand, the majority of the population across the world are being seized from their homes in order to meet quarantine warrants. This, in turn, has led to a sharp increase in the demand for streaming services and DVR recordings, thereby positively impacting the global media storage and entertainment market. This drift should also persist after the pandemic.
Get a detailed analysis of the impact of COVID-19 on the multimedia and entertainment storage market:
The global multimedia and entertainment storage market is analyzed by component, storage solution, type of deployment, storage medium, end user, and region. By component, the solutions segment contributed more than three-fifths of the global media and entertainment storage market share in 2019 and is expected to lead the way by 2027. The services segment, on the other hand, would register the CAGR fastest 15.5% during the forecast period.
Based on the storage solution, the direct-attached storage segment generated more than two-fifths of the global media and entertainment storage market revenue in 2019 and is expected to maintain its dominance by the end of 2027. In At the same time, the grid-connected storage segment would register the fastest CAGR of 16.9% throughout the forecast period.
Based on region, North America held the highest share in 2019, generating about two-fifths of the global multimedia and entertainment storage market. Simultaneously, Asia-Pacific market reportedly cites fastest CAGR of 18.4% from 2020 to 2027. Other provinces discussed in the report include Europe and LAMEA.
The major market players analyzed in the Global Multimedia 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 strengthen their status in the industry.
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