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Epidemics

Media and Entertainment Storage Market to Grow by USD 5.85 Billion during 2020-2024

Strategic Insights

— 2 min read

As the COVID-19 pandemic continues to spread, organizations in the media and entertainment industry are adapting to new circumstances by leveraging technology to build business resilience and enable agility. According to market research by Technavio, the media and entertainment storage market is expected to grow by USD 5.85 billion during 2020-2024, driven by the rising use of digital advertising channels and the increasing popularity of 4K UHD content. The market will witness a CAGR of over 8% during the forecast period.

Key Takeaways:

  • The media and entertainment storage market will witness a negative and inferior impact during the forecast period due to the widespread growth of the COVID-19 pandemic.
  • Enterprises will go through respond, recover, and renew phases as they adapt to the pandemic, with a focus on building business resilience and enabling agility.
  • Technavio's report provides a detailed analysis of the impact of the COVID-19 pandemic on the media and entertainment storage market in optimistic, probable, and pessimistic forecast scenarios.
  • The report highlights the importance of strategic planning in moving ahead once business stability kicks in, building resilience through effective resource and investment choices, and conceptualizing scenario-based planning to mitigate future crisis situations.
  • Key considerations for market forecast include the impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior.
  • International Business Machines Corp., Lenovo Group Ltd., Microsoft Corp., and Toshiba Corp. are expected to emerge as major media and entertainment storage market participants during 2020-2024.
  • The media and entertainment storage market is segmented into end-user, broadcast, production and post-production, media agencies, advertising, and others, as well as storage solution, network-attached storage, storage area network, direct-attached storage, and geography.

Statistics:

  • The market is expected to grow by USD 5.85 billion during 2020-2024.
  • The market will witness a CAGR of over 8% during the forecast period.
  • The media and entertainment storage market is driven by the rising use of digital advertising channels.
  • The increasing popularity of 4K UHD content is expected to trigger media and entertainment storage market toward witnessing a CAGR of over 8% during the forecast period.
  • The market will witness a negative and inferior impact during the forecast period due to the widespread growth of the COVID-19 pandemic.

Sources:

  • Technavio. (2020). Global Media and Entertainment Storage Market 2020-2024. Retrieved from
  • Business Wire. (2020). Technavio Announces Its Latest Market Research Report on Global Media and Entertainment Storage Market 2020-2024. Retrieved from
  • Technavio. (n.d.). Media and Entertainment Storage Market - Industry Analysis. Retrieved from

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