With limitless possibilities thrown open by the Digital Five Forces—Big Data and analytics, mobility and pervasive computing, social media, cloud computing, and artificial intelligence (AI) and robotics—customer requirements have increased manifold for the storage industry. Depending on their requirements, customers now have the option to do business with comprehensive portfolio storage companies, cloud storage companies, or niche product startups.
To meet competitive pressures and drive customer loyalty, leading storage companies are mulling over how to increase sales, ensure delivery of quality products, and continue to innovate, while optimizing the costs involved. The increasing competition from cloud storage companies, hyper-converged infrastructure firms, and other niche players has further augmented the complexity of the overall scenario. Incumbent storage industry players are contemplating whether to invest in developing in-house capabilities to create new product lines and capture new markets, or acquire niche companies to enhance their product and service portfolios.
In this paper, we explain that storage companies need to shift their focus to digital transformation if they are to effectively address emerging industry trends. We believe that reorienting business and operating models, and exploring new markets and product lines are some aspects that storage companies must focus on for a well-rounded growth strategy in the times to come.