Enterprise Storage Market Growth Outlook Through 2024-2033

Overview and Scope
Enterprise storage refers to the infrastructure and technology used by businesses to store and manage large amounts of data in a centralized and efficient manner. The primary purpose of enterprise storage is to provide centralized, scalable, and reliable storage solutions for the vast amounts of data generated and used by organizations. It allows businesses to efficiently store, manage, and access data across their entire infrastructure.

Sizing and Forecast
The enterprise storage market size has grown strongly in recent years. It will grow from $135.10 billion in 2023 to $146.36 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to increased focus on hybrid clouds, the need to manage and store large volumes of data, the rapid growth of the internet of things (IoT), the rise of big data analytics, and the need for data protection.

The enterprise storage market size is expected to see strong growth in the next few years. It will grow to $202.59 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to increasing demand for storage solutions in enterprises, growing adoption of cloud-based storage solutions, adoption of cloud computing, increasing demand for data storage, and rising demand for enterprises. Major trends in the forecast period include technological advancements, the emergence of artificial intelligence and machine learning, flash storage expansion, the adoption of software-defined storage, and hybrid cloud storage adoption.

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Segmentation & Regional Insights
The enterprise storage market covered in this report is segmented –

1) By Type: Storage Area Networks Systems (SANs), Network-Attached Storage Systems, Direct-Attached Storage (DAS) Systems, Object Storage Systems, Tape Storage Systems
2) By Deployment: On-Premise, Hybrid, Cloud-Based
3) By Application: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By End-User Industry: Information Technology (IT) And Telecommunications (Telecom), Banking, Financial Services, And Insurance (BFSI), Healthcare, Manufacturing, Government, Other End-User Industries

North America was the largest region in the enterprise storage market in 2023. The regions covered in the enterprise 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 rising adoption of cloud computing is expected to propel the growth of the enterprise storage market going forward. Cloud computing is the on-demand delivery of computing services via the internet, which includes servers, storage, databases, networking, software, and analytics. Demand for cloud computing is rising as it offers a robust infrastructure with built-in redundancy and failover mechanisms to ensure high availability and reliability. Cloud computing provides flexible storage that can be adjusted to company requirements, removing the need for significant hardware investments. It also ensures data availability and integrity, where enterprises can replicate data across multiple geographic locations and leverage built-in disaster recovery solutions to minimize the risk of data loss and downtime. For instance, in December 2023, according to the Statistical Office of the European Union, a Europe-based government organization, 45.2% of EU enterprises purchased cloud computing services. This marks a 4.2 percentage point (pp) increase compared with 2021. Therefore, the rising adoption of cloud computing is driving the growth of the enterprise storage market.

Key Industry Players
Major companies operating in the enterprise storage market are Samsung Electronics Co. Ltd., Dell Inc., Huawei Technologies Co. Ltd., Lenovo Group Ltd., Intel Corporation, HP Inc., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Broadcom Inc., Fujitsu Limited, Micron Technology Inc., Toshiba Corporation, NEC Corporation, NetApp Inc., Hitachi Vantara LLC, Pure Storage Inc., Nutanix Inc., Imation Corporation, DataDirect Networks, Tintri Inc., Overland Tandberg, Nimbus Data, Nfina Technologies Inc. , DATROX Computer Technologies Inc.

The enterprise storage market report table of contents includes:

1. Executive Summary
2. Enterprise Storage Market Characteristics
3. Enterprise Storage Market Trends And Strategies
4. Enterprise Storage Market – Macro Economic Scenario
5. Global Enterprise Storage Market Size and Growth
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32. Global Enterprise Storage Market Competitive Benchmarking
33. Global Enterprise Storage Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Enterprise Storage Market
35. Enterprise Storage Market Future Outlook and Potential Analysis
36. Appendix

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