What Is The Scope Of The Global Hardware Storage Market?
Hardware storage refers to physical devices or components used to store digital data, files, and information in a tangible form. These storage solutions provide a dependable and accessible means of storing and retrieving data for various computing and information technology applications, ranging from personal computers to enterprise-level servers and data centers.
Hardware Storage Global Market Report 2024 provides data on the global hardware storage market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The hardware storage market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Hardware Storage Market?
The hardware storage market has seen substantial growth, increasing from $81.92 billion in 2023 to $91.86 billion in 2024, at a CAGR of 12.1%. This growth has been driven by mobility and remote work trends, data security concerns, regulatory compliance, big data and analytics, cost reduction strategies, and rising data generation. The market is forecast to grow to $146.33 billion in 2028, with a CAGR of 12.3%. Key drivers for this growth include hybrid and multi-cloud strategies, digital transformation, IoT expansion, cloud adoption, and the explosion of data. Prominent trends include the emergence of storage-class memory, increased adoption of software-defined storage, a focus on data security and privacy, expansion of cloud-integrated storage solutions, growth in non-volatile memory express storage, and rising use of solid-state drives.
What Are The Core Factors Supporting Growth In The Hardware Storage Market?
The increasing need for large amounts of digital data is expected to spur the growth of the hardware storage market. Digital data, which is stored and processed by computers, is rapidly expanding due to the growing need for innovation, insights, and decision-making in various industries. Hardware storage solutions offer scalability to meet these increasing data needs, providing high-capacity options for storing large volumes of data. For example, a report by the Linux Foundation in December 2022 showed that organizations with storage capacities up to 20 petabytes experienced annual data growth of 566 TB in 2021 and 1,746 TB in 2022. Therefore, the rising demand for large-scale digital data is propelling the hardware storage market.
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What Are The Major Segments Within The Global Hardware Storage Market?
The hardware storage market covered in this report is segmented –
1) By Storage Architecture: File, Object-based Storage, Block Storage
2) By Storage System: Network Attached Storage (NAS), Direct Attached Storage (DAS), Storage Area Network (SAN)
3) By Storage Medium: Solid-state Drive (SSD), Hard Disk Drive (HDD), Tape, Other Storage Mediums
4) By End Users: Enterprise, Government, Cloud Service Providers, Telecommunication, Other End Users
Which Trends Are Expected To Transform The Hardware Storage Market?
In the hardware storage market, companies are focusing on industrial-grade solid-state drives (SSDs) to address the needs of demanding industrial applications. These SSDs are designed to provide high reliability, durability, and performance in harsh environments. In September 2023, Solid State Storage Technology launched the CL6 series of industrial-grade SSDs, featuring advanced host memory buffer technology and achieving read speeds up to 6,000 MB/s and write speeds of up to 5,300 MB/s. The CL6 series, available in multiple formats, is aimed at industries that require dependable and high-performance storage solutions.
What Is The Fastest Growing Region In The Hardware Storage Market?
North America was the largest region in the hardware storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hardware storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
