Data Storage Market Expansion 2024-2033: Growth Drivers and Dynamics

Data Storage Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –

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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Scope Of Data Storage Market

The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Data Storage Market Overview 

Market Drivers –

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.

Market Trends –

Major companies operating in the data storage market are focusing on developing advanced solutions, such as artificial intelligence (AI)-based storage solutions, to gain a competitive edge in the market. This artificial intelligence (AI)-based storage solution technology utilizes advanced algorithms to optimize data management, retrieval, and storage efficiency within the data storage market. For instance, in February 2024, Huawei Technologies Co. Ltd., a China-based technological company, launched three innovative data storage solutions to help carriers worldwide build leading data infrastructure in the AI era. These solutions include the AI data lake, which is designed to aggregate independent and scattered data sources in AI data factories to mine value from the data; the all-scenario data protection solution, which is designed to boost the resilience of data assets through production-backup collaboration and backup-archive collaboration and the DCS (Datacenter Virtualization Solution) full-stack data center solution, which is designed to help carriers achieve higher IT service efficiency and agility by covering data collection, storage, computing, management, and usage, delivering comprehensive infrastructure as a service (IaaS) and platform as a service (PaaS).

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

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Regional Insights –

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.

Key Companies –

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

Table of Contents

1. Executive Summary
2. Data Storage Market Report Structure
3. Data Storage Market Trends And Strategies
4. Data Storage Market – Macro Economic Scenario
5. Data Storage Market Size And Growth

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27. Data Storage Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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