Data Storage Market Growth Outlook Through 2024-2033

Overview and Scope

Data storage refers to the use of technology created especially for data retention to preserve information and make it as accessible as needed. It involves organizing and managing data in a structured manner to ensure efficient storage, retrieval, and protection against loss or corruption. Data storage is essential for businesses, organizations, and individuals to store, manage, and utilize vast amounts of information effectively.

Sizing and Forecast

The data storage market size has grown rapidly in recent years. It will grow from $155.67 billion in 2023 to $176.20 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to the adoption of virtualization technologies, implementation of data deduplication and compression techniques, the introduction of solid-state drives (SSD), and the development of high-capacity hard disk drives.

The data storage market size is expected to see rapid growth in the next few years. It will grow to $293.91 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to environmental concerns, industry-specific factors, economic conditions, regulatory environment, and data growth rate. Major trends in the forecast period include quantum storage solutions, containerized storage, convergence of storage and compute, object storage growth, software-defined storage, artificial intelligence-driven storage management, focus on data security, and hybrid cloud solutions.

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Segmentation & Regional Insights

The data storage market covered in this report is segmented –

1) By Type: Primary Storage, Secondary Storage
2) By Storage Architecture: File, Object-based Storage, Block Storage, Other Storage Architectures
3) By Product: Cloud Storage, Network Storage, Unified Storage, Direct Attached Storage, Storage Area Network, Software-Defined Storage
4) By Industry: Banking, Financial Services, And Insurance, Information Technology And Telecommunications, Healthcare, Retail, Media And Entertainment, Education, Other Industries

North America was the largest region in the data storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The penetration of cloud-based services is expected to propel the growth of the data storage market going forward. Cloud-based services refer to software programs that are hosted on the vendor’s server and made available remotely for the benefit of the client. The increasing adoption of cloud-based services is driven by their scalability and flexibility in meeting diverse business needs. Data storage is a foundational component of cloud computing, enabling organizations to harness the cost efficiency, accessibility, security, and analytics capabilities offered by cloud services. Cloud storage also serves as the foundation for advanced data analytics and insights, enabling organizations to derive actionable intelligence from their data. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, 45.2% of EU enterprises purchased cloud computing services, mostly to host their email systems, store electronic files, and accomplish other tasks. Purchases of cloud computing services by EU enterprises increased by 4.2 percentage points in 2023 compared to 2021. Therefore, the penetration of cloud-based services is driving the growth of the data storage market.

Key Industry Players

Major companies operating in the data storage market are Samsung Electronics Co Ltd, Dell Technologies Inc., Huawei Technologies Co Ltd, Lenovo Group Limited, International Business Machines Corporation, Cisco Systems Inc, Oracle Systems Corporation, Fuji Electric Co Ltd, Micron Technology Inc, Hewlett Packard Enterprise Company, Tokyo Shibaura Electric Co Ltd, Nippon Electric Company Ltd, Western Digital Corporation, Kingston Technology Company Inc, Seagate Technology Holdings plc, NetApp Inc, Supermicro Computer Inc , Marvell Technology Group Ltd, Hitachi Ltd., Pure Storage Inc, Nutanix Inc, GlassBridge Enterprises Inc, Quantum Corporation Ltd, Inspur software Co Ltd , Synology Inc

The data storage market report table of contents includes:

1. Executive Summary

2. Data Storage Market Characteristics

3. Data Storage Market Trends And Strategies

4. Data Storage Market – Macro Economic Scenario

5. Global Data Storage Market Size and Growth
…

32. Global Data Storage Market Competitive Benchmarking

33. Global Data Storage Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Data Storage Market

35. Data Storage Market Future Outlook and Potential Analysis

36. Appendix

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