Global Hardware Storage Market Report and Forecast 2024-2032

Global Hardware Storage Market Outlook

The global hardware storage market is expected to grow at a CAGR of nearly 13% in the forecast period of 2024-2032.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

North America to Account for a Significant Share in the Global Hardware Storage Industry

North America is one of the leading regions in the global hardware storage industry. Within the region, the United States serves as a major contributor to the market growth. The popular digital platforms of the United States like Google, Facebook, and Amazon, among others hold a very strong market position overall. Google, for instance, has achieved a hold of 90% of the market for internet searches; Facebook accounts two-third of the global social media market and is the top social media platform in 90% of the world’s economies; Amazon has 40% share of world’s e-commerce activity. These platforms are heavily dependent on digital data for providing personalised services to their users. Storing such machine-readable data (digital data) is consequently a basic requirement for them and they collectively put a major demand for storage, both hardware and software based. Meanwhile, China is also dominated by similar but its own country-originated companies like Alibaba, WeChat (owned by Tencent), and others, which too function based on data, therefore, further boosting the demand for storage devices and facilities.

Hardware Storage: Market Segmentation

Hardware storage refers to a device that is primarily used for saving, transferring, and extracting data whenever needed. It can help register and maintain data for a short-term or long-term. In our daily life, we may find it commonly in laptops, tablets, smartphones, and others. In addition, standalone external storage devices are also available in the market that can be used for additional storage. It comes in distinguished shapes and sizes based on the need and function.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Based on storage architecture, the market is bifurcated into:

• File and Object-based Storage (FOBS)
• Block Storage

On the basis of storage system, the market is divided into:

• Network Attached Storage (NAS)
• Direct Attached Storage (DAS)
• Storage Area Network (SAN)

The market is divided into the following based on storage medium:

• Solid-state Drive (SSD)
• Hard Disk Drive (HDD)
• Tape
• Others

The end users involve:

• Enterprise
• Government
• Cloud Service Providers
• Telecom
• Others

The regional markets for the product are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Increasing Need to Store large Volumes of Digital Data to Bolster the Growth of the Hardware Storage Industry

In recent times, companies are heavily dependent on algorithms. Google informing its users about the latest happenings around the world based on their previous searches, YouTube recommending its users the related videos depending on the types of content they have seen earlier, and e-commerce websites popping up ads with the list of products that users had checked out earlier are some of the examples of the ways in which companies use algorithms to provide goods and services to the target customers. These algorithms are based on abundant data. Thus, the increasing need to store data for various uses like data analytics, AI, blockchain, IoT, cloud computing, and all Internet-based services is a major driver for the industry growth, globally. With expanding digital economy, the demand is expected to go higher. Additionally, with the growing penetration of smartphones and the culture of clicking pictures to capture moments, people look for devices that can efficiently store their data. Along the same line, there is a huge desirability for external storage in addition to the internal storage of their smartphones, laptops, or other such gadgets. These traits of consumers are also set to boost the demand for global hardware storage in the forecast period.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Key Industry Players in the Global Hardware Storage Market

The report presents a detailed analysis of the following key players in the global hardware storage market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Hewlett Packard Enterprise
• Dell, Inc.
• NetApp, Inc.
• Hitachi, Ltd.
• Nutanix, Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report