PORTLAND, Ore., Jan. 20, 2021 /PRNewswire/ -- Growing 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 fuel the growth of the global media and entertainment storage market.
Allied Market Research published a report, titled, "Media and Entertainment Storage Market Size, Share and COVID-19 Impact Analysis By Component (Solution and Services), Storage Solution (Direct-Attached Storage, Network-Attached Storage, and Storage Area Network), Deployment Type (Local (On-Premise), Remote (Cloud), and Hybrid)), Storage Medium (HDD, SSD, Digital Tape, and Others), and End User (Broadcast, Production and Post-Production, Media Agencies, Advertising, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027."According to the report, the global media & entertainment storage industry was pegged at $6.63 billion in 2019, and is expected to hit $17.87 billion by 2027, registering a CAGR of 13.7% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Growing 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 fuel 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.
Impact of COVID-19 Pandemic on Media and Entertainment Storage Market:
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The solution segment to retain its dominance by 2027-
Based on component, the solution segment contribute to more than three-fifths of the global media & entertainment storage market share in 2019, and is projected to lead the trail by the end of 2027. Surge in need for media companies to seamlessly create and deliver impactful media content while simplifying IT infrastructure management and maintenance drives the demand for media and entertainment storage solutions. The services segment, on the other hand, would register the fastest CAGR of 15.5% from 2020 to 2027, owing to huge adoption of services among end users, as it ensures effective functioning of media and entertainment storage software and hardware throughout the process.
The direct-Attached Storage segment to rule the roost-
Based on storage solution, the direct-attached storage segment accounted for more than two-fifths of the global media & entertainment storage market revenue in 2019, and is anticipated to retain its dominance by 2027. This is attributed to increase in adoption of direct-attached storage (DAS) solutions by individual content producers as well as small & medium sized companies. Simultaneously, the network-attached storage segment would grow at the fastest CAGR of 16.9% throughout the forecast period. Growing demand for creating high-volume digital content, increased demand for 1-bay to 8-bay NAS solutions, and rise in use of smartphones, laptops, and tablets have resulted large volumes of digital media content. This factor propels the growth of the segment.
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North America to dominate in terms of revenue:
Based on region, North America held the major share in 2019, generating around two-fifths of the global media & entertainment storage market, owing to rapid expansion of streaming video on demand (SVOD) in the continent. At the same time, the market across Asia-Pacific would exhibit the fastest CAGR of 18.4% from 2020 to 2027, due to the proliferation of mobile phones, social media, and gaming apps in the region.
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Frontrunners in the industry:
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