Indian Industry Witnessed Rise in Demand of Storage Devices Post Note Ban

As per Seagate demand for storage devices shot up in India, post demonetisation

India: Seagate, an American data Storage company, which has a strong foothold in Indian market recently corroborated that the demand for data storage devices is growing manifold across the country. The surge in demand can be accumulated from the data generated through companies, surveillance, etc.

Post demonetisation, various data storage company saw a huge demand for storage drives, arising from major banks in addition to the surveillance installation in office premises. Banks in the country also saved data on external storage devices for better safekeeping and security of records.

Government, system integrators, original equipment manufacturers (OEM) in India are also looking for high capacity storage devices for saving data generated through surveillance as well as industry data consumption.

The government initiative to make smart cities across country as well as sale of smartphones would require a huge data storage requirement which in turn would further infuse the demand for data storage devices in the country’s market.

According to Seagate’s senior Vice-President for global sales and marketing, Teh Ban Seng(BS), “Bollywood also hold untapped potential for data storage providers’ as huge volumes of video content and editing is required in the industry”.      

TechSci Research depicts that the high usage of internet over smartphones and other devices is creating large volumes of data downloading which requires huge storage capacity. Also, with the change in Indian legislation to store data at local centre and big data analytics, the demand for storage devices is expected to fuel in future.    

According to a recently published report by TechSci Research,  “India Data Storage Market By Type, By Application, By End Use, Competition Forecast and Opportunities, 2011 - 2021”, data storage market in the country is projected to grow at a CAGR of over 7% during 2016-2021. South India dominated India data storage market in 2015, and is anticipated to continue its dominance during the forecast period, owing to rising number of IT companies in various cities in the region. Furthermore, BFSI sector was the highest demand generator for data storage in India in 2015, owing to large volumes of data being generated, coupled with growing security concerns in banks and other financial institutions.