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Pure Storage Could Benefit from Growth in Enterprise Storage

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Jul. 9 2018, Updated 5:15 p.m. ET

Enterprise storage revenue rose 34% YoY in Q1 2018

Market research firm International Data Corporation (or IDC) has estimated that worldwide enterprise storage system revenues will grow at 34.4% YoY (year-over-year) to $13 billion. The external enterprise storage systems revenue rose 19% YoY to $6.26 billion in the first quarter of 2018.

Total storage capacity shipped rose to 98.8 exabytes in Q1 2018, an increase of 79% YoY. According to IDC, top storage vendors managed to grow revenue in Q1 2018. Dell (DVMT) continued to lead the Enterprise Storage Systems market with a share of 21.6% and revenue growth of 43% YoY in Q1 2018.

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Hewlett Packard Enterprise (HPE) was the second-largest player with a share of 17.7% and revenue growth of 18.3%, while NetApp (NTAP) occupied the third position with a share of 6.8% and revenue growth of 21.7% in Q1 2018. IBM (IBM) was the only major player to see its revenue and market share fall significantly.

Pure Storage and ODMs

Pure Storage (PSTG) is the sixth-largest player in the enterprise storage space, and the firm experienced revenue growth of 45% YoY to $236.4 million in Q1 2018, which indicates a 1.8% share of the total enterprise storage systems market and a 3.8% share in external enterprise storage.

Analysts expect Pure Storage to displace IBM and Hitachi and be among the top five storage companies in the world over the next few quarters. Original design manufacturers (or ODM’s) have seen significant revenue growth of 80.4% and account for 23% of the total enterprise storage market.

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