Categories: IT & Communication Technology

Storage Server Market Expected to hit $667.42 Billion at a CAGR of 20.8% By 2028, Top Factors Leading The Industry Worldwide

A storage server is a type of server specifically designed to store, manage, and provide access to large amounts of data. These servers are optimized for storing and retrieving data rather than performing computations or running applications. They are integral components of networked storage systems, supporting various data storage technologies and architectures,

Sizing and Forecast
The storage server market size has grown exponentially in recent years. It will grow from $260.27 billion in 2023 to $313.9 billion in 2024 at a compound annual growth rate (CAGR) of 20.6%. The growth in the historic period can be attributed to increasing demand for data storage, increasing use of flash storage, the rising proliferation of digital transformation, growth of cloud computing, the growing need for high-performance storage systems, and increasing demand for servers.

The storage server market size is expected to see exponential growth in the next few years. It will grow to $667.42 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%. The growth in the forecast period can be attributed to increasing usage of e-commerce websites, increasing concerns for data security and privacy, rising demand for personal cloud and home storage solutions, increasing need for storage solutions, increased demand for storage solutions, and increased utilization of hybrid and multi-cloud environments. Major trends in the forecast period include advancements in storage technologies, innovations in new storage media, artificial intelligence and machine learning, decentralized data storage, digital transformation, data analytics and real-time processing, quantum computing preparations, adoption of hyper-converged infrastructure (HCI).

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Segmentation & Regional Insights
The storage server market covered in this report is segmented –
1) By Type: Hyperscale Server Storage Area Network (SAN), Enterprise Server Storage Area Network (SAN)
2) By Application: Small And Medium Business, Large Business
3) By End-User: Banking Financial Services And Insurance (BFSI), Energy, Government And Defense, Healthcare, Information Technology (IT) And Telecommunications, Other End-Users

North America was the largest region in the storage server market in 2023. The regions covered in the storage server market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
The growing adoption of cloud services is expected to propel the growth of the storage server market going forward. Cloud services refer to a wide range of services delivered over the internet that enable users to access computing resources and software on demand without owning or managing physical servers or infrastructure. Cloud services are growing significantly due to several factors, including disaster recovery and business continuity, scalability and flexibility, security and compliance, hybrid and multi-cloud strategies, digital transformation and remote work, and security and compliance. Cloud storage servers offer a cost-effective, scalable, and reliable solution for businesses to securely store, manage, and access their data in the cloud. For instance, in December 2023, according to the European Union, a Netherlands-based international organization, the percentage of EU businesses that bought cloud computing services increased by 4.2 percentage points in 2023 compared to 2021. Therefore, the growing adoption of cloud services drives the storage server market.

Key Industry Players
Major companies operating in the storage server market are Alphabet Inc., Microsoft Corporation, Dell Technologies Inc., Huawei Technologies Co. Ltd., Hitachi Ltd., Amazon Web Services, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Wistron Corporation, Fujitsu Limited, NVIDIA Corporation, Hewlett Packard Enterprise Development LP, Toshiba Corporation, NEC Corporation, HCL Technologies Limited, Wiwynn Corporation, Super Micro Computer Inc, NetApp Inc., GIGA-BYTE Technology Co. Ltd., Citrix Systems Inc., Pure Storage Inc., Trend Micro Inc., Nutanix Inc.

The storage server market report table of contents includes:
1. Executive Summary
2. Storage Server Market Report Structure
3. Storage Server Market Trends And Strategies
4. Storage Server Market – Macro Economic Scenario
5. Storage Server Market Size And Growth
…..
27. Storage Server Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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