What Is The Current and Historic Market Size Analysis Of The Data Storage Market?
The data storage market has seen considerable growth due to a variety of factors.
• The market size for data storage has expanded at a swift pace in the past few years. A surge from $176.2 billion in 2024 to $200.49 billion in 2025 is projected with a compound annual growth rate (CAGR) of 13.8%.
The growth witnessed in the historical phase can be linked to adoption of virtualization technologies, enactment of data deduplication, and compression techniques, as well as the introduction of solid-state drives (SSD) and the creation of high-capacity hard disk drives.
What are the Market Size and Expected Growth Rates for the Data Storage Market?
The data storage market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the data storage market is projected to experience a significant expansion. It is anticipated to rise to $332.53 billion by 2029, boasting a compound annual growth rate (CAGR) of 13.5%.
The surge during the prediction period can be credited to parameters like environmental considerations, factors specific to industries, economic circumstances, the complex network of laws regulating this field, and the rate at which data is growing. Noteworthy trends for this forecast period encompass quantum storage options, containerized storage, the integration of storage and computation, the expansion of object storage, software-controlled storage, the implementation of artificial intelligence in storage management, emphasising data security and the adoption of hybrid cloud solutions.
Which Key Drivers Are Propelling The Data Storage Market's Growth?
The data storage market is anticipated to grow due to the increased adoption of cloud-based services. These services are software programs hosted on a vendor's server and provided remotely for the client's advantage. Their scalability and adaptability have increased their adoption to meet a range of business requirements. Data storage, an essential element of cloud computing, allows companies to utilize the cost-effectiveness, security, and analytic capabilities provided by the cloud. Furthermore, cloud storage provides a basis for sophisticated data analytics and insights, leading to organizations generating useful intelligence from their data. Eurostat, the intergovernmental organization based in Luxembourg, reported in December 2023 that 45.2% of EU enterprises bought cloud computing services primarily for hosting email systems, storing electronic files, and other functions. The purchase of cloud computing services by EU enterprises saw a jump of 4.2 percentage points in 2023 compared to 2021. Consequently, the increased uptake of cloud-based services has propelled the growth of the data storage market.
What Are The Key Segments Within 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
Subsegments:
1) By Primary Storage: Solid State Drives (SSD), Hard Disk Drives (HDD), Network Attached Storage (NAS), Direct Attached Storage (DAS), Storage Area Network (SAN), Flash Storage
2) By Secondary Storage: Magnetic Tape Storage, Optical Storage, Cloud Storage, Hybrid Storage, Data Archiving Solutions
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Which Emerging Market Trends Are Altering The Data Storage Industry?
In the data storage market, prominent companies are concentrating on the creation of advanced solutions, particularly storage solutions powered by artificial intelligence (AI). This innovative AI-based storage technology employs sophisticated algorithms to enhance data management, retrieval, and storage productivity within the data storage sector. To illustrate, Huawei Technologies Co. Ltd, a technology firm based in China, introduced three groundbreaking data storage solutions in February 2024. These solutions are tailored to assist worldwide carriers to construct superior data infrastructure in the era of AI. The solutions encompass the AI data lake, crafted to amalgamate independent and dispersed data sources in AI data factories for valuable data extraction. Other solutions include the all-scenario data protection solution engineered to enhance data asset resilience via production-backup collaboration and backup-archive collaboration, and the DCS (Datacenter Virtualization Solution) all-inclusive data center solution. This is aimed at aiding carriers to achieve improved IT service efficiency and flexibility, encapsulating data collection, storage, computation, management, and usage, thereby providing comprehensive infrastructure as a service (IaaS) and platform as a service (PaaS).
Who Are the Key Players In The Data Storage Market?
Major companies operating in the data storage market are:
• Samsung Electronics Co Ltd.
• Dell Technologies Inc.
• Huawei Technologies Co Ltd.
• Lenovo Group Limited
• International Business Machines Corporation
• Cisco Systems Inc.
• Oracle Systems Corporation
• Fuji Electric Co Ltd.
• Micron Technology Inc.
• Hewlett Packard Enterprise Company
• Tokyo Shibaura Electric Co Ltd.
• Nippon Electric Company Ltd.
• Western Digital Corporation
• Kingston Technology Company Inc.
• Seagate Technology Holdings plc
• NetApp Inc.
• Supermicro Computer Inc.
• Marvell Technology Group Ltd.
• Hitachi Ltd.
• Pure Storage Inc.
• Nutanix Inc.
• GlassBridge Enterprises Inc.
• Quantum Corporation Ltd.
• Inspur software Co Ltd.
• Synology Inc
What Are The Regional Insights Into The Data Storage Market?
North America was the largest region in the data storage market in 2024. 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.
