According to a new market research report published by Credence Research “Converged Infrastructure Market (By Component – Server, Storage, Network, Services and Software), (By Architecture Type- Pre-configured and Customized), (By End-use- BFSI, Telecommunication & IT, Manufacturing and Healthcare) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall converged infrastructure market worldwide was valued at US$ 16.5 Bn in 2018 and is set to grow with a CAGR of 18.6% during the forecast period.
Growing IT industry and business acceleration across cloud services are main growth drivers for the converging technology sector. The IT industry was reported to be around US$ 4.90 Tn in 2018. Corporates are expanding their IT infrastructure by shifting the entire IT infrastructure to the cloud, which contributes to market growth. Market demand is on the rise due to the presence of all components such as software, services, networking and others. The ability to change software with the aid of storage-class memory and non-volatile memory express are some of the key factors driving market growth. It is therefore predicted that the converging infrastructure market will show huge growth during the forecast period.
Based on end-use, the market is segmented into BFSI, IT & telecommunications, manufacturing and healthcare. The IT and telecommunications sector led the market in 2018, helped by the manufacturing industry, with a market share of more than 32 per cent of sales in the same year. The IT & telecommunications industry is growing at a significant growth rate of almost 5.5 per cent in the years to come. Due to the growing demand for big data and the demand for high volume storage space, the segment is being boosted. The growing need for personalized and sophisticated storage facilities is another factor in the growth of the segment. As a result, we assume that the segment will show significant growth throughout the forecast period.
Based on geography, North America was the largest contributor to value in 2018. North America contributed approximately 35% of its revenue share in the same year. The developed IT & telecommunications industry and early technological adoption are the main reasons for North America’s dominance. On the other hand, Asia Pacific is the fastest-growing region in the Converged Infrastructure Market during the forecast period. Asia Pacific will show the fastest growth due to the growing IT & telecommunications industry and the growing manufacturing & healthcare sector in the region. Growing government spending in the IT sector in the area is one of the key factors driving Asia Pacific’s growth. China and India will be the main contributors to Asia-Pacific market growth.
Some of the major companies profiled in the report include Nutanix, Inc., Hitachi Data Systems, Oracle Corporation, IBM Corporation, Hewlett-Packard Enterprise, Cisco System, Inc., VMware Inc., Dell EMC., Scale Computing, and NetApp, Inc. among others.