8K Storage and Management Solutions Market Size Forecast to Reach $17.6 Billion by 2026

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8K Storage and Management Solutions Market Size Forecast to Reach $17.6 Billion by 2026

October 29
21:19 2021
8K Storage and Management Solutions Market Size Forecast to Reach $17.6 Billion by 2026
8K Storage and Management Solutions Market
Increasing Demand for High-Resolution TV or Screen Displays Along With Growing Requirements for Data Bandwidth Due to Increase in High Quality Content Is Analyzed To Significantly Drive the 8K Storage and Management Solutions Market

The Global 8K Storage and Management Solutions market size is forecast to reach $17.6 billion by 2026, growing at a CAGR of 18.1% from 2021 to 2026. Due to rapid shift towards high quality content, content providers are upgrading the media resolution capabilities from 4K to 8K, impacting the need for 8K storage or management solutions. This growing shift towards 8K picture quality, is significantly creating the need for file sharing, storing and management solutions capable of handling large file sizes. As a part of grabbing higher customer attention through opting for rich media content delivery majorly across the media & entertainment sector can be considered to drive the growth towards 8K storage and management solutions. Factors including increasing demand for high-resolution TV or screen displays, growing requirements for larger data bandwidth due to increase in high quality content and so on have been attributing towards significant market growth of 8K storage and management solutions overtime. In addition, high investments from OTT platforms like Netflix, Amazon Prime and many others towards upgrading their streaming services to deliver high quality media content is further set to drive the market forward during the forecast period 2021-2026.

8K Storage and Management Solutions Market Segment Analysis- By Enterprise Size

Based on enterprise size, the 8K Storage and Management Solutions Market have been segmented under small & medium sized enterprises (SMEs) and large enterprises. Small & Medium Sized Enterprises segment is analyzed to grow with the highest CAGR of 6.7% in the global 8K Storage and Management Solutions market during the forecast period 2021-2026. Small and midsized industries have been contributing towards escalating storage needs due to changing business environments as well as deployment of cloud services. With easy to manage data file management needs, data archiving, data transfer, backup and recovery with many others have been also rising significantly demanding for a storage and management solution with unlimited or comparatively higher bandwidths than 4K formats. Deployment of 8K storage and management solutions can prove beneficial for both small scale and medium sized enterprises in need of low latency, high bandwidth workstation connectivity, data acceleration and so on, ensuring faster data transfer alongside enabling delivery of multiple concurrent video streams. As these enterprises are more focused on gaining customer attention at low costs, leveraging 8K storage and management tools can help them in optimizing benefits such as shared storage, high quality multimedia streaming, high quality advertisement, uninterrupted transfer of large size files and so on more efficiently. In July 2020, Hulu announced about the launch of a creative partner program as a part of its mission to promote advertising of small businesses within its streaming platform. With this deployment, the streaming platform had made it easier for the small businesses to reach target audiences within a limited advertising cost budget. Such factors are further set to boost the demand towards 8K storage and management solutions in the long run.

8K Storage and Management Solutions Market Segment Analysis- By End Users

Media & Entertainment sector is analyzed to account for the highest CAGR of around 7.5% in the global 8K Storage and Management Solutions market during the forecast period 2021-2026. Media & Entertainment industry provides a broad range of services including content creation, modeling, editing and so on. Services like content acquisition from multiple live cameras for TV news stations require the media companies to ingest the live content into storage and then broadcast it, with enhancing its video resolution quality. In addition, media editing studios or companies require storage and management solutions for performing activities like 3D modeling, movie editing or rendering, colour grading, as well as archiving content or different project, news as well as advertisement shows. With rapid evolution and rise of digital content across the industry, varied kinds of content accessing/archiving behaviours have been eventually creating high performance requirement related to 8K high-resolution content acquisition, editing as well as broadcasting, thus positively impacting the growth of 8K storage and management solutions. Rising trends such as shift towards 8K video formats in production are getting highly adopted by film/television industries along with proliferation of CGI and special effects. This shift is further set to drive the need for an infrastructure or storage solution capable of supporting both high definition and ultra-high definition video streaming, contributing towards the adoption of 8K storage and management solutions. According to Sony Pictures Films press release 2020, 3D films/movies can be considered as one of the major contributors towards the growth of Hollywood within the Indian entertainment industry, indicating its growing dominance. Such factors is further set to drive the need for high definition storage solutions with 8K resolution support in the coming years.

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8K Storage and Management Solutions Market Segment Analysis- Geography

APAC region is anticipated to be the fastest growing region with the highest CAGR of around 6.7% in the global 8K Storage and Management Solutions market during 2021-2026. Factors such as growing penetration towards high quality media content, rapid pace of digitalization and so on are some of the major drivers for the market growth of 8K Storage and Management solutions within the region. High investments towards developing products like television, displays, GPUs and many others with 8K support, technological advances across various end use sectors as well as increasing expenditures on media and advertising revenue across several Asian countries is set to propel the demand for 8K Storage and Management solutions. In Oct 2020, one of the leading Electronics brand, Sony announced about the launch of Z8H 8K LED television, as a part of expanding its product portfolio within India. In comparison to 4K, these models are capable of offering four time more pixels alongside scaling up 2K or 4K images to 8K resolution, supporting more realistic contrast. Moreover, growing preferences of audience for 3D movies within China, India and many others along with surge of high definition multimedia content owing to use of various social media platforms is further analyzed to drive the market forward in the coming years.

8K Storage and Management Solutions Market Drivers

Growing requirements for data bandwidth due to increase in high quality content:

Growing requirements for data bandwidth due to increase in high-quality content can be considered as one of the major factors driving the market growth of 8K storage and management solutions. Deployment of storage and management solutions supporting 8K resolution is facing growth at a rapid pace, as majority of the end-use industries including IT organizations, media & entertainment, broadcasting or advertising companies with many others for optimizing their business productivity standards. With increasing shift from 4K to 8K across various enterprises, the need for data bandwidth storage is also growing significantly. Additionally, those companies associated with the business of producing or distributing media content opt for increased file size sharing, which can eventually cater to operational work delays at times. This drives the need for storage and management solutions capable of moving or capturing high-definition files hassle-free as well as easing down the process of file transfer more efficiently compared to FTP, thus aiding the market growth towards 8K solutions. Moreover, growing use of cloud services have been also increasing across several industries driving the need for storing, managing as well as replacing 4K workflows. In May 2021, Google announced its partnership with varied news publishers including The Hindu Group, India TV, The Telegraph India, NDTV, Zee News and many more under the News Showcase program in India. This partnership will be helping the news publishers or organizations towards curating high quality content on Google News and Discover platforms, connecting readers. Since uploading of high-quality media news content will create the need for file sharing with larger data bandwidth or size at faster speeds, which can further impact the adoption of 8K storage and management solutions in the long run.

Increasing demand for high-resolution TV or screen displays drives the market forward:

Increasing demand for high-resolution television or screen displays can be considered one of the major factors impacting the growth of 8K Storage and Management Solutions. Due to surge in demands for high definition video quality content, various leading electronic companies such as Samsung, Sony Corporation, LG Electronics and so on have been highly focusing on developing televisions with 8K display support. In a move towards gaining higher customer attention, manufacturers have been designing large screen displays capable of enlarging the picture quality and visibility, thus providing an immersive viewing experience. In January 2021, Samsung announced about the launch of 2021 Neo QLED 8K TV models, namely QN800A and QN900A. These models are capable of leveraging upto 16 different neural network models for enhancing picture quality upto 8K, regardless of input quality and had been designed to allow gaming through an ultra-wide user experience. Such developments from some of the major companies dealing with electronics business, is further set to drive the demand for 8K storage and management solutions be it adapters, interface cards, memory chips and so on in the long run.

8K Storage and Management Solutions Market Challenges

High Costs

High costs associated with large bandwidth act as one of the major factors impeding the growth of 8K Storage & Management Solutions. Network providers tend to charge at higher rates due to requirement of additional connectivity and larger file size. The real costs associated with high resolution media sharing and storage contributes towards lesser adoption of 8K storage and management solutions. Furthermore, the costs of such solutions are incremental in nature according to the range of services required by the organizations. Majority of the software vendors nowadays have employed a bandwidth based pricing model, enabling full utilization of additional bandwidth on premium charges. Additionally, the requirements of bandwidth upgrades from time to time, adds up to the overall operational costs for an organization, impeding the shift towards adopting 8K media content. Owing to high expenses, the growth of 8K storage and management solutions is getting adversely affected within end use industries focusing on limiting business costs.

8K Storage and Management Solutions Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the 8K Storage and Management Solutions market. The key players in the 8K Storage and Management Solutions market include Signiant Inc., Western Digital Corporation, ATTO Technology Inc., Quantum Corporation, Infortrend Technology, Dell Technologies, Seagate Technology Holdings plc, GB Labs Ltd., SecureKloud Technologies, Promise Technology and among others. 

Acquisitions/Technology Launches/Partnerships

In June 2021, Western Digital announced about the launch of a second generation UFS 3.1 storage product meant for 5G smartphones. Development of these flash memory chips was done to deliver performance as well as capacity required to support data rich multimedia applications be it gaming, 8K video resolution and many more.

In June 2021, Infortrend Technology Inc. had revealed about the introducing a U.2 SSD solution for enterprise unified storage, EonStor GS family. This development was aimed at providing complete data protection, including RAID for disk protection, snapshots, and remote replication along with public cloud integration related to data backup. 

Key Takeaways

Increasing demand for high-resolution TV or screen displays along with growing requirements for data bandwidth due to increase in high quality content is analyzed to significantly drive the 8K Storage and Management Solutions market during the forecast period 2021-2026.

Media & Entertainment industry is anticipated to grow with the highest CAGR during the forecast period 2021-2026, attributing to increasing shift to 8K formats for media production, conducting operations be it 3D modeling, movie editing or raising its resolution quality with many others.

APAC is analyzed to account for the fastest growing region during the forecast period, due to growing digitalization, technological advances, increasing audience preferences towards 3D movies, and so on.

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