China's Huawei estimates that its revenue from data storage will reach at least $2 billion by 2018 as it aims to become a global leader in the technology, Reuters reports.
Huawei's storage product line president Fan Ruiqi told the publication that it is no longer satisfied being the leading data storage provider in its home country, it wants to take global market share from frontrunners EMC Corp and International Business Machines Corp.
With the global market for data storage boasting a value of $5.3 billion in the second quarter, Fan said it will go about increasing its share by targeting financial institutions, governments and telecom carriers.
Although he wouldn't be drawn on specific revenue figures, Fan revealed that its data-storage arm is expected to yield at least 60% year-on-year growth this year, from 55.6% growth in 2014. Growth in Western Europe from countries such as Italy and Spain has been the driver in 2015, he said.
Meanwhile, at home, Huawei continues to provide enterprise data-storage solutions to entities in both public and private sectors including the People's Bank of China and e-commerce titan Alibaba Group Holding.
While Huawei leads EMC and IBM in China on data storage, its global market share is only 3.3%, compared to EMC's 32% and IBM's 11.7%. Currently occupying third spot – the position that it wants to be come 2018 – is NetApp Inc with 10.6%, according to market research firm Gartner.
However, analysts suggests that Huawei may have to reconsider its objectives, with Dell Inc's $67-billion plan to acquire data storage company EMC expected to shake-up China's fast-growing storage market.