Media & Entertainment Storage Market Size, Growth, Strategic Insights and a 13.7% CAGR

The global media & entertainment storage market size was valued at $6,635.7 million in 2019, and is projected to reach $17,879.5 million by 2027, registering a CAGR of 13.7% from 2020 to 2027.

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.

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Growth of the global media and entertainment storage market is driven by factors such as growth in popularity of 4K UHD content; rise in shift from traditional to digital advertising channels; and growth in demand for creation and distribution & conversion of video content. In addition, rapid advances in areas including workflow collaboration, artistic creativity, and new distribution models across the media and entertainment industry fuels the market growth.

Moreover, rise in demand for media and entertainment storage due to the COVID-19 pandemic fuels the market growth. However, high cost of media and entertainment storage solutions hinder the market growth to some extent. On the contrary, surge in demand for storage requirements as image resolution increases and stereoscopic VR video becomes popular is anticipated to provide lucrative opportunities for the market growth. In addition, emergence of advanced media and entertainment storage solutions to maintain data integrity and security is expected to be opportunistic for growth of the media and entertainment storage market during the forecast period.

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The current estimation of 2027 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has low impact on growth of the Market. Social distancing and quarantine mandates have led most productions to a halt; hence, broadcast networks around the globe are rapidly adjusting to accommodate disruptions across the content supply chain. However, majority of population across the globe is seized in their homes; hence, there is surge in demand for digital-video-recorder (DVR) recordings, streaming services, and video-on-demand, which fuels the market growth. Media and entertainment companies are experiencing an emerging need to seamlessly move, manage, and distribute content as well as access and search for particular data assets. In addition, the pandemic has presented growing demand for scale, collaboration, and diverse workflows enabling companies to adopt a new model for content storage. Therefore, demand for modernizing organizational workflows in the media and entertainment industry fuels the market, owing to the COVID-19 pandemic.

Some of the key internet advertising industry players profiled in the report include Amazon Web Services, Cisco Systems, Dell EMC, IBM, Microsoft, NetApp, Oracle, Seagate Technology, Toshiba, and Western Digital. This study includes market trends, media and entertainment storage market analysis, and future estimations to determine imminent investment pockets.

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