The global hyper converged infrastructure (HCI) market is expected to grow by USD 32.45 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Hyper Converged Infrastructure Market 2020-2024 (Graphic: Business Wire)
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Companies storing data on the cloud face multiple regulatory and compliance hurdles. In addition, economies such as Turkey have regulations that require data to be stored locally, in turn, boosting the demand for HCI systems across the globe. Hyper converged infrastructure systems allow organizations to keep data safe in their on-premise data centers, and provide multiple data protection features such as snapshots, replication, and encryption. These systems also include features such as redundant array of independent disks (RAID) and erasure coding, which helps to keep multiple copies of data in different systems. Some systems also come with built-in disaster recovery features, which aid in preventing business downtime. Such enhanced data protection offered by HCI systems will boost their adoption during the forecast period.
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The global outbreak of coronavirus is expected to have a mixed impact on the growth of the information technology sector. As the business impact of COVID-19 spreads, the global hyper converged infrastructure market is expected to witness positive growth. This is mainly attributed to the growing emphasis on remote working by several IT companies across the world.
As per Technavio, the emergence of HCI as an alternative to public cloud 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.
Hyper Converged Infrastructure Market: Emergence of HCI as an Alternative to Public Cloud
Several businesses across the world are migrating their entire IT infrastructure to the cloud as it offers a high level of flexibility. However, there are risks associated with storing an organization’s data on the public cloud. Some financial institutions have faced regulatory hurdles or compliance issues with respect to storing their data on the cloud. This has encouraged enterprises to look at the hybrid cloud model, while some are finding a suitable on-premises alternative. HCI solutions are increasingly emerging as the ideal alternative to public cloud platforms such as Azure or AWS as these systems are simple to manage and help reduce the costs associated with traditional data center systems. HCI brings cloud-like flexibility to on-premises data centers, which is prompting many cloud service providers to implement HCI systems in their cloud.
“Factors such as the simplicity in management, and the reduction in TCO will have a significant impact on the growth of the hyper converged infrastructure market value during the forecast period,” says a senior analyst at Technavio.
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Hyper Converged Infrastructure Market: Segmentation Analysis
This market research report segments the hyper converged infrastructure market by end-user (financial services, healthcare, education, government, and others) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the hyper-converged infrastructure market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the favorable climate for data center innovations, availability of infrastructure, regulatory policies for data security, and the presence of established vendors in the advanced economies of the region.
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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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