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The 5G Data Storage Market size is
estimated to reach US$7.2 billion by 2027, growing at a significant CAGR from 2022 to
2027. The growing demand for smartphones, laptops, PCs and online storage
software in small and large businesses is driving the 5G Data Storage market.
In June 2021, Western Digital announced the release of iNAND EU521 embedded
flash memory storage, allowing smartphone and tablet users to have 5G
connectivity. However, data breaches, privacy and security concerns are
hindering the growth of the 5G Data Storage market over the forecast period.
Moreover,
growing demand for high-resolution or high-definition images or videos, a shift
toward IoT devices and an increase in AR/VR gaming devices can all boost demand
for 5G data storage, which is capable of optimizing storage and management
capabilities. In April 2021, IBM launched IBM Spectrum Fusion, a software-defined
storage (SDS) solution which is enabled with a 5G network. Additionally, for data
security, new technologies such as five-dimensional optical data storage have
also been introduced which would further increase the 5G Data Storage Market size.
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North
America generated approximately 27.63% of the global revenues in the 5G Data
Storage industry in 2021. Increased demand for technologically advanced devices
and a higher rate of adoption of innovative technologies have all influenced
the region and aided the growth of the North American 5G Data Storage market
size. According to Global System for Mobile Communications Association, by the
end of 2020, 327 million people in North America subscribed to mobile services,
representing 83% of the region’s population. The availability of 5G networks
would further influence the 5G Data Storage industry outlook in the North
American region.
5G Data Storage Market Growth Driver:
Growing demand for 5G services across all industries:
The 5G technology's faster data speeds and extremely low latency would
improve the user experience when using 5G services for a variety of use cases,
including Virtual Reality (VR) and Augmented Reality (AR) gaming, seamless video
calling and Ultra-High Definition (UHD) videos. In March 2020, Huawei
Technologies Co., Ltd. announced an investment of around US$ 350 million.
This strategic investment is expected to be focused on developing system
integration services solutions related to 5G system integration across numerous
verticals. These factors would positively influence the 5G Data Storage Industry
Outlook over the forecast period.
Major Players in this Market
The Major
players in the 5G Data Storage Market include Huawei Technologies Co. Ltd., Ericsson,
Samsung Electronics Co. Ltd., ZTE Corporation, NetApp Inc, Micron Technology
Inc., Dell Technologies and Western Digital. In May 2022, NetApp and
Kyndryl formed a partnership to accelerate digital transformation for customers
using 5G Data Storage solutions. The collaboration is aimed at providing customers
with greater flexibility, versatility and value from the use of unstructured
data and assisting businesses in deriving business value from their data.