How Is The Global Data Storage Market Defined?
Data storage refers to the use of technology created especially for data retention to preserve information and make it as accessible as needed. It involves organizing and managing data in a structured manner to ensure efficient storage, retrieval, and protection against loss or corruption. Data storage is essential for businesses, organizations, and individuals to store, manage, and utilize vast amounts of information effectively.
Data Storage Global Market Report 2024 provides data on the global data storage market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The data storage market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Data Storage Market Size Expected To Change, And What Are The Growth Rate Projections?
The data storage market has grown rapidly, increasing from $155.67 billion in 2023 to $176.20 billion in 2024 at a CAGR of 13.2%. Historical growth has been influenced by virtualization technology adoption, data compression techniques, and advancements in storage hardware. Future projections estimate the market will reach $293.91 billion by 2028 at a CAGR of 13.6%. Drivers include environmental concerns, industry-specific factors, and growing data generation. Emerging trends include quantum storage solutions, containerized storage, object storage growth, AI-driven management, and hybrid cloud strategies.
Which Drivers Are Accelerating Growth In The Data Storage Market?
The rise of cloud-based services is expected to drive the growth of the data storage market. Cloud services, which provide remote access to software hosted on external servers, are growing in popularity due to their scalability and flexibility. Cloud storage plays a vital role in enabling organizations to securely store large volumes of data while benefiting from cost efficiency, accessibility, and advanced data analytics. According to Eurostat, 45.2% of EU enterprises purchased cloud services in 2023, marking an increase from previous years. The increasing penetration of cloud-based services is, therefore, fueling the growth of the data storage market.
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What Are The Core Segments Of The Global Data Storage Market?
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
Which Emerging Trends Are Reshaping The Data Storage Market?
In the data storage market, companies are focusing on developing AI-based storage solutions to optimize data management and retrieval. For example, in February 2024, Huawei Technologies Co. Ltd., a China-based technology company, launched three innovative AI-based storage solutions. These include the AI data lake, designed to aggregate and mine data from independent sources in AI factories, and the all-scenario data protection solution, which enhances data resilience through production-backup and backup-archive collaboration. Additionally, the DCS (Datacenter Virtualization Solution) full-stack data center solution aims to improve IT service efficiency and agility, covering data collection, storage, computing, management, and usage.
What Is The Largest Region In The Data Storage Market?
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.
