LONDON--(BUSINESS WIRE)--The raid controller card market is expected to grow by USD 439.92 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
The global data center storage market has grown significantly over the last few years. The market was valued at USD 54.92 billion in 2019 and is expected to reach USD 181.22 billion by 2024, growing at a CAGR of 26.97%. The market is witnessing an increased adoption of cloud-based storage services due to low initial investment and high security. Data centers require servers and storage devices that are integrated with RAID controllers. Therefore, the increasing adoption of cloud-based storage services will drive the global RAID controller card market growth during the forecast period.
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As per Technavio, the rising adoption of SSDs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
RAID Controller Card Market: Rising Adoption Of SSDs
The adoption of SSDs is high among enterprises as these flash-based storage devices require minimal power. Many enterprises have also adopted SSDs due to the declining cost of flash-based storage devices. In addition, the vendors are increasingly focusing on incorporating technological advances in their products. For instance, Huawei Technologies announced the development of NVMe over IP SSD that will have an on-drive object storage scheme. Hence, the rising adoption of SSDs is expected to be one of the major trends in the global RAID controller card market.
“Factors such as the rising investments to construct colocation data centers, and the advent of containerized data centers will have a significant impact on the growth of the RAID controller card market value during the forecast period,” says a senior analyst at Technavio.
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RAID Controller Card Market: Segmentation Analysis
This market research report segments the raid controller card market by product (hardware RAID and software RAID) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the raid controller card market in 2019, followed by Europe, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increasing number of colocation data centers, and the increased demand for data centers from banking and finance players, hyperscalers, and technology firms.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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