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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Data Storage Market Outlook
The global data storage market witnessed a healthy growth in the historical period of 2018-2023, aided by the rapid digitisation. The market is expected to grow at a CAGR of 26% during the forecast period of 2024-2032.
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The Asia Pacific Expected to Hold a Major Share in the Global Market for Data Storage
With the growing digitisation and an increase in the number of active mobile users, the demand for data storage is expected to grow in the coming years, especially in the Asia Pacific region. Also, the sale of external hard drives and other storage devices in countries like China and India is driving the market forward. Data storage is an essential requirement for huge corporations and industries, right from banks to huge multinationals. Additionally, technological advancements are expected to drive the data storage industry forward. Early adoption of technology and rapid advancements in the field have provided impetus to the market growth in the region. Moreover, the rising penetration of the internet and increasing volumes of media data transfer are expected to drive the industry forward.
Data Storage: Market Segmentation
Data storage refers to the recording or storing of information and data in an electromagnetic, optical, or silicon-based storage medium. Data is often stored in a digital, machine-readable medium, and is called digital data. The prevalent forms of data storage are file storage, object storage, and block storage.
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On the basis of storage architecture, the market can be bifurcated into:
- File and Object Based Storage
- Block Storage
Based on storage type, the industry is being segmented into:
- Enterprise Storage
- Flash Storage
- Cloud Based Storage
- Hard Disk Drive (HDD)
- Software Defined Storage
- Hyper-Converged Infrastructure
- Others
- Consumer Storage
- Optical Disk
- Memory Card
- USB Flash Drives
- Solid State Devices
- Hard Disk Drive (HDD)
- Others
By storage system, the market is divided into:
- Direct-Attached Storage
- Network-Attached Storage
- Storage Area Network
Based on end use, the market is divided into:
- Media and Entertainment
- Education
- IT and Telecommunications
- Defence and Aerospace
- Banking, Financial Services and Insurance (BFSI)
- Cloud Service Providers
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rapid Digitisation in Huge Corporate Giants is Driving the Market Growth of Data Storage
The rapidly growing digital infrastructure and penetration of cloud-based services in organisations are driving the global data storage industry forward. As new industries are joining the market, there have been a rise in new technologies and improvements in the existing structures of data storages, taking the market forward. Increased production of information from input-output electronic devices across various applications is acting as a catalyst for the market growth. The adoption of data storage structures in banks as a move to reduce paperwork and increase digitisation is providing an impetus to the market growth. Moreover, the adoption of technologies like the internet of things (IoT) in various end-use industries is expected to drive the market forward.
Key Industry Players in the Global Data Storage Market
The report gives a detailed analysis of the following key players in the global data storage market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- IBM Corporation
- NetApp, Inc.
- Microsoft Corporation
- Pure Storage, Inc.
- Dell Inc.
- Samsung Electronics
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Storage Architecture |
|
| Breakup by Storage Type |
|
| Breakup by Storage System |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Data Storage Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is projected to grow at a CAGR of 26% between 2024 and 2032.
The major drivers of the market include the growing digitalisation, subsequent applications in various end use industries and improvements in technologies.
The key trends of the market include the increasing research and development activities for the development of smart technologies and increasing volume of media data transfer.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The leading storage architectures in the market are file and object based storage and block storage.
The significant storage types in the market are enterprise storage and consumer storage. Enterprise storage can be further segmented into flash storage, cloud based storage, hard disk drive (HDD), software defined storage, and hyper-converged infrastructure, among others. Consumer storage type includes optical disks, memory cards, USB flash drives, solid state devices, and hard disk drives (HDD), among others.
The various storage systems in the market include direct-attached storage, network-attached storage, and storage area network.
The major end uses in the market are media and entertainment, education, IT and telecommunications, defence and aerospace, banking, financial services and insurance (BFSI), and cloud service providers, among others.
The key players in the global data storage market are IBM Corporation, NetApp, Inc., Microsoft Corporation, Pure Storage, Inc., Dell Inc., and Samsung Electronics, among others.
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