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The digitalization of the world led industries to generate a tremendous amount of data. As the paper-based work is replaced by computerized data, the demand for storage devices has been increased exponentially. Although, rapidly increasing adoption of smartphones, laptops, and tablets are boosting the demand for enhanced data storage capacity which is supplementing the market growth. Technological developments have been evolved the offerings of storage devices from a physical storage medium such as hard disk to virtual data storage platforms like a cloud. Even though the trend of major companies to develop own storage platform such as Microsoft Azure, IBM Cloud, AWS, etc. are showcasing that, the data storage market is expected to foresee significant growth. Additionally, growing demand for Artificial Intelligence (AI) in High Performance Computing (HPC) data centers have created a demand for high capacity cloud storage infrastructure. increasing adoption of cloud-based services also anticipated to propel the data storage market growth. The cloud storage is one of the most trending and highly adopted data storage platform, which is flourishing the data storage market growth. The platform along with high storage capacity offers multiple cloud model options as per customer requirements. Moreover, a cost-optimized, flexible, and reliable cloud-based storage solution is expected to drive the data storage market growth in a very well manner. Growing demand for cloud-based services such as infrastructure as a service (IaaS), business as a service, and software as a service (SaaS) is increasing the demand for data storage. Furthermore, emerging technologies such as big data analytics, Internet of Things (IoT) and AI showcasing their dependency on cloud infrastructure, thereby accelerating growth of the data storage market in the future.
Key Market Driver -
• Growing popularity of cloud drives the data storage market growth
Key Market Restraint -
• Lack of data security in server-based and cloud-based storage
To stay ahead of the curve, key players in the data storage market are enhancing their product portfolio by leveraging innovative technologies, to stay ahead in the market competition. Although, many of the market players are expanding their business of data storage by offering cloud solutions. Partnerships and collaborations are carried out to expand the product portfolio by leveraging advanced technologies. Moreover, key players are also focused on the enhancement of their product portfolio to expand businesses.
Some of the key competitors in the data storage market include Dell, Inc., IBM Corporation, Microsoft Corporation, Amazon.com, Inc., Nutanix, Inc., HP Enterprise, Toshiba Corporation, Samsung Group, Netapp, Inc., Quantum Corporation, etc.
Cloud computing services such as hybrid & multi-cloud, data management, and AI & Machine learning offer opportunities for the data storage market to grow in the future. Besides, as the virtual storage popularity is increasing, security concerns are becoming a major challenge for the data storage market to grow which is hampering the growth of the market.
Geographically, the data storage market can be segmented into five regions, North America, Europe, Asia Pacific, Middle East, and Africa and Latin America. Among them, Asia Pacific will be expected to showcase the highest growth rate as most developing countries in the region are directing to digitalization. The rising adoption of smartphones, tablets, and smart devices in the region are demanding the cloud-based storage platforms. Further, the growing acceptance of cloud and mobile solutions in developing countries like Singapore, Malaysia, and India are expected to increase the demand for the cloud-based infrastructure of the data store.
The presence of a large number of technologically developed enterprises within the regions is representing major adoption of data storage products in North America and Europe. Further, technologically developed countries are showcasing larger adoption of highly capacitive storage infrastructure with growing IoT and big data analytics. The presence of a large number of start-up firms in the Middle East and Africa is expected to represent the moderate growth rate in the upcoming years as the region is slower in the adoption of advanced technologies.
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