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The global data storage market size was valued at USD 217.02 billion in 2022 and is projected to grow from USD 247.32 billion in 2023 to USD 777.98 billion by 2030, exhibiting a CAGR of 17.8% during the forecast period.
Data storage solutions allow users and businesses to transmit, retrieve, and manipulate a firm's operational data flexibly and effectively. The increasing focus of companies on data security, speed, reliability, portability, and better programmability is enhancing the market. Thus, with the growing adoption of technologies, several key players are advancing their storage systems with new advancements and collaborations. For instance,
The global data storage market growth can be attributed to various factors, such as the increasing adoption of AI/ML, cloud-based services, and analytics across enterprises. In addition, the surge in demand for flexible infrastructure and elastic services creates opportunities for market expansion.
Rising Amount of Unstructured Data from Several Industries to Aid Market Growth
The widespread COVID-19 has affected the software industry all over the world. With the sudden surge in remote working, IT departments scrambled to develop and implement new strategies to access and manage data remotely.
The storage industry has been comparatively slow to embrace virtualization compared to networking and security. Several storage solutions, such as Network-attached Storage (NAS), Software-defined Storage (SAS), cloud storage, and others, have the strength to optimize, manage, and simplify all types of storage with reliable services across different kinds of storage, thus making remote working flexible for enterprises worldwide. Hence, such storage solutions have proven to be an efficient tool in IT departments to achieve cost savings and maximum over the present investments.
Therefore, there is an increasing need to implement data storage solutions for solving business challenges as well as helping enterprises to work flexibly and efficiently. For instance,
Thus, such prominent efforts by key players will likely drive market growth in the future.
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Integration of Container-based and Software-Defined Storage to Propel Market Augmentation
Container-based storage supports the distributed databases and applications. It consists of elements that a storage environment requires inside a container. Software-defined storage improves container processing time environment with consistent storage and required necessities. Software-defined storage can be integrated with container orchestration platforms, such as Kubernetes, making workload management more flexible. Thus, enterprises can offer flexibility to users in adding and managing data storage as per the requirements. For instance,
Hence, several container-forward firms are integrating storage directly managed by containers. In most cases, Kubernetes are used and offered by specialized vendors and prominent cloud providers. Subsequently, helping organizations develop, debug, update, modify and improve container-based solutions.
Thus, with technological advancement, the demand for a container-based software-defined storage system is increasing market proliferation.
Increasing Amount of Big Data Boosts the Demand for Data Storage Solutions
Rising digitization and the Internet of Things (IoT) have resulted in the generation of large amounts of data. The exponential rise in data generated through large-scale industries, such as medical records, banking, financial services, e-commerce, videos, images, and others, required businesses to cope with their storage abilities to maintain memory storage. Thus, this is increasing the need for investment in storing and handling such data. For instance,
Several storage systems and services are available to store and manage data that includes network-attached storage, direct attached storage, software-defined storage, cloud storage, and server area network. Thus, the rising amount of Big Data is aiding market expansion.
Lack of Data Security and Data Corruption Hinder Market Proliferation
The increasing demand for data storage increases the risk of data corruption and cyber-attack. Every form of data can get corrupted while editing, transferring the file to another drive, and in many other ways. Stray components can hamper most forms of data storage, and everything reliant on electric storage or magnetic strips can get corrupted by electromagnetic intrusion.
Moreover, such interruptions are also created intentionally to create a virus that damages the sensitive data in the file. Ransomware is one of malwares that denies a user or firm from accessing their data files, further encrypting such files and demanding a ransom payment for the decryption. Recent ransomware attacks have affected hospitals' capability to deliver essential services, damaged public services in metropolises, and caused significant destruction to numerous organizations. For instance,
Hence, developers need to improve software and hardware storage solutions proficiency in minimizing data loss threats that arise during data transfer and should improve the user's experience. Thus, the inability to cope with incomplete data services and data loss hinders market growth.
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Increasing Demand for Software-Defined Storage to Lead to its High CAGR During the Forecast Period
By storage medium, the market is split into direct attached storage, storage area network, cloud storage, network attached storage, and software defined storage.
In 2022, the direct attached storage segment accounted for the largest market share as direct attached storage remains the primary choice of consumers with central data storage features and better data protection. Software-defined storage is projected to grow with a high CAGR during the forecast period. The software-defined storage segment growth is attributed to a surge in unstructured data during the COVID-19 pandemic.
During the pandemic, the shift to remote work generated more data that needed to be stored. Software-defined Storage (SDS) systems use innovative technology to store data where it's most constructive such as cold storage for occasionally accessed data and hot storage for mission-critical workloads.
Increasing Investment in Commercial Sector to Fuel Market Escalation
As per end-user, the market is split into individual, commercial, industrial, and government.
In 2022, the commercial segment held the largest market share and is projected to grow with a high CAGR. The rising amount of data increased the need to manage and secure data, enabling enterprises to spend more on advanced storage solutions.
Several public and private industry sectors are going through digital transformation, thus maximizing the need for innovative storage solutions. Network Attached Storage (NAS) systems are becoming prominent among these enterprises with their capability to address all the requirements. Even many small and medium-sized enterprises are shifting to cloud-based storage solutions to manage and monitor their storage requirements. Thus, this is improving their ability to share, access, and secure firm data with limited technological resources.
Hence, enterprises are leveraging the ability to fulfill such demands and investing in storage solutions, thereby driving the market growth.
Growing Focus on Efficient Data Management to Surge the Growth of the Healthcare Sector
As per industry, the market is split into IT & telecom, BFSI, healthcare, retail, media and entertainment, education, and others (logistics).
With the rising adoption of electronic medical and health records, the healthcare sector has gained the maximum data storage market share and will have the highest CAGR during the forecast period.
Thus, it will be gaining maximum growth during the forecast period. For instance,
North America Data Storage Market Size, 2022 (USD Billion)
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The market is geographically studied across North America, South/Latin America, Europe, the Middle East & Africa, and Asia Pacific.
According to our analysis, North America generates maximum revenue share during the forecast period. The presence of key players such as IBM Corporation, Microsoft, Dell Technologies, and others across various industries is fueling the growth of advanced storage solutions in this region. Also, major players in the market are expanding their investments in several countries, such as Canada and Mexico, for better revenue growth. For instance,
According to Mexico – Country Commercial Guide 2022, several international firms announced the development of advanced storage solutions in Mexico in 2022. For instance,
The report indicates that Asia Pacific will witness maximum CAGR during the forecast period. The pandemic brought a shift for data centers as developed solutions backed by the implementation of Big Data, IoT, 5G, and cloud computing. The increase in affluence and the rising tech-savvy young generation are contributing to smartphone usage in Asian countries, thus providing opportunities for data centers and cloud storage solutions. All such requirements resulted in increased processing and data storage due to the augmented levels of remote working during the pandemic. For instance,
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Rising Prominence on Global Expansion to Strengthen the Market Positions
The key players are keen on developing storage solutions based on emerging high tech such as AI, cloud, and others to resolve the challenges faced by enterprises. Innovation of products and upgrading existing products to expand the business is one of the key business strategies of enterprises. Likewise, market players strategically collaborate and acquire businesses worldwide for global development.
An Infographic Representation of Data Storage Market
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The study on the market includes prominent areas globally to gain enhanced knowledge of the industry. Moreover, the research offers insights into the most recent endeavor and industry developments as well as an analysis of high-tech solutions that are being adopted rapidly worldwide. It also highlights some of the growth-stimulating limitations and elements, allowing the reader to obtain a comprehensive understanding of the data storage market trends.
CAGR of 17.8% from 2023 to 2030
Value (USD billion)
By Storage Medium, End-user, Industry, and Region
By Storage Medium
The market is projected to reach USD 777.98 billion by 2030.
In 2022, the market stood at USD 217.02 billion.
The market is projected to grow at a CAGR of 17.8% in the forecast period (2023-2030).
By storage medium, the direct attached storage segment is likely to lead the market.
Container-based storage solutions to boost sales in the market.
IBM, Microsoft Azure, Dell Technologies, Equinix, NetApp, and Hitachi Vantara are the top players in the market.
North America is expected to hold the highest market share.
By industry, healthcare is expected to grow with the highest CAGR.
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