External Storage Market in India Up 13% Y/Y

India's external storage market witnessed a growth of 12.7% Y/Y (by vendor revenue) and stood at $84.1 million in 1Q18.

External storage market growth in 1Q18 was majorly driven by increased spending from banking organizations. Major Industry verticals such as banking, professional services, manufacturing, telecommunications and government together contributed to more than 80% of overall external storage market in 1Q18.

Organizations are witnessing significant data growth and there are challenges for getting IT budgets for traditional hardware. Organizations are considering technologies to help data optimization and consolidation as ways to overcome this difficulty.

Mid-range storage segment witnessed a significant growth Y/Y due to large banking and professional services deployments while entry-level storage segment saw a decline in 1Q18. Midrange external storage segment continued to lead the market with more than 58% market share in 1Q18.