The Data Storage Market size was valued at USD 212.01 billion in 2022 and is expected to grow to USD 791.52 billion by 2030 and grow at a CAGR of 17.9 % over the forecast period of 2023-2030.
Users and organizations may communicate, retrieve, and alter a company's operational data effectively and flexibly thanks to data storage systems. The market is being improved by companies putting more emphasis on data security, speed, dependability, portability, and enhanced programmability. As a result, a number of important businesses are improving their storage systems through new developments and partnerships in response to the expanding adoption of technologies.
Numerous reasons, such as the growing usage of AI/ML, cloud-based services, and analytics across companies, can be linked to the expansion of the worldwide data storage market. Additionally, there are prospects for market expansion due to the spike in demand for elastic services and flexible infrastructure.
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Drivers
Big Data Production Grows, Increasing Demand for Data Storage Solutions
It is projected that companies' increasing emphasis on releasing cutting-edge platforms will foster the market's expansion.
A significant amount of data has been produced as a result of increasing digitalization and the Internet of Things (IoT). Businesses had to adjust their storage capacities to preserve memory storage due to the exponential expansion in data produced by large-scale industries including medical records, banking, financial services, e-commerce, videos, and other media. As a result, there is a greater requirement for investment in the storage and administration of such data.
Network-attached storage, directly attached storage, software-defined storage, cloud storage, and server area networks are just a few of the storage systems and services that can be used to store and manage data. As a result, the growth of Big Data is promoting market expansion.
Restrains
Data corruption and a lack of data security limit market expansion
The risk of data corruption and cyberattack rises in response to the rising demand for data storage. Every type of data is susceptible to corruption during editing when moving a file to another disc, and in a variety of other situations. Most types of data storage can be hampered by stray components, and electromagnetic interference can contaminate anything that uses electric storage or magnetic strips.
Furthermore, these disruptions are purposefully made in order to introduce a virus that corrupts the file's sensitive contents. One type of virus called ransomware prevents a user or company from accessing their data files, further encrypts those files, and then demands a ransom payment to unlock them.
Therefore, software and hardware storage solutions need to be more adept at reducing the risks of data loss during data transfer, and developers need to enhance user experience. As a result, market expansion is hampered by the inability to manage incomplete data services and data loss.
Opportunities
Data storage structures are being used by banks in an effort to cut down on paper and boost digitization, which is boosting market expansion.
The market is anticipated to grow as more end-use industries adopt technologies like the Internet of Things (IoT).
Challenges
The delicate problem of data privacy and security, which most organizations are experiencing, is the main barrier to data storage.
An Increase in Unstructured Data from a Variety of Industries Will Promote Market Growth
All throughout the world, the software industry has been impacted by the ubiquitous COVID-19. IT departments raced to create and put into practice new remote data management and access policies as a result of the significant increase in remote working.
Compared to networking and security, the storage sector has adopted virtualization more slowly. Numerous storage options, including Network-attached Storage (NAS), Software-defined Storage (SAS), cloud storage, and others, have the capability to manage, optimize, and simplify all types of storage with trustworthy services across various types of storage, enabling flexible remote working for businesses all over the world.
As a result, these storage options have demonstrated their effectiveness as a tool in IT departments to maximize current investments and generate cost savings.
As a result, there is a growing demand to develop data storage solutions to address business difficulties and support flexible and effective corporate operations.
The war has also affected the demand for data storage solutions. Many businesses in Ukraine have been forced to relocate or shut down due to the conflict, leading to a decrease in demand for data storage solutions in the region. On the other hand, businesses in Russia have been investing heavily in data storage solutions to protect their data from potential cyber-attacks and other security threats. Overall, the impact of the Russia-Ukraine war on the data storage market has been significant and far-reaching.
Impact of recession
The recession has had a significant impact on the data storage market, affecting both the demand and supply sides of the industry.
On the demand side, the recession has led to a decrease in the demand for data storage products and services. Many businesses have been forced to cut back on their IT budgets, resulting in a reduction in the amount of data storage they require. This has led to a decrease in sales for data storage vendors, who have had to adjust their pricing strategies to remain competitive. On the supply side, the recession has led to a decrease in the availability of capital for data storage vendors. Many vendors have had to cut back on their research and development budgets, resulting in a slowdown in innovation and the introduction of new products. This has led to a decrease in the competitiveness of the data storage market, as vendors struggle to differentiate themselves from their competitors. Despite these challenges, the data storage market has shown resilience in the face of the recession.
The Data Storage Market is segmented into three types on the basis of by storage medium, by End-user, by industry.
By Storage Medium:
Direct Attached Storage
Storage Area Network
Network Attached Storage
Cloud Storage
Software Defined Storage
By End-user:
Individual
Commercial
Industrial
Government
By Industry:
BFSI
IT & Telecom
Healthcare
Retail
Media & Entertainment
Education
Others
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North America dominated the market for data storage, accounting for high global revenue. This can be due to the significant amount of unstructured data present in various industry sectors and the demand for cost-effective and secure data storage solutions. Over the forecast period, the easy accessibility of technologically advanced items like 3D printing and molecular storage is likely to further drive growth prospects of the North American market.
Over the course of the forecast, the market for data storage is expected to develop at the quickest rate in the Asia Pacific. The main elements anticipated to contribute to an increase in demand for dependable, secure, and affordable storage infrastructure in the area are a quick rise in the number of laptop and smartphone users, an increase in disposable income, and growing consumer awareness. The regional market is probably going to benefit from the increasing number of small and medium-sized firms across a variety of industries in the area.
In the regional analysis study of the regions of North America, Europe, Asia Pacific middle east, and Africa.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
South Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Major key players are IBM Corporation, Microsoft Azure, Hewlett Packard Enterprise, Equinix, Dell Technologies, Amazon Web Services, Hitachi Vantara, NetApp, Huawei, Veritas, Infinidat, And others in the final report.
The Lyve cloud analytics system, a comprehensive cloud-based solution that combines storage, analytics, and computing, was introduced by Seagate in October 2022. In order to advance innovation and implementation, Seagate enables organizations to start using their stored data in an open data architecture for analytics at the petabyte scale.
Dell Technologies combined its on-premise storage system with Snowflake’s cloud technology solutions through the announcement of a new product integration and go-to-market agreement in May 2022. Users were given flexible operations in multi-cloud infrastructure and data sovereignty requirements thanks to the partnership.
| Report Attributes | Details |
| Market Size in 2022 | US$ 212.01 Bn |
| Market Size by 2030 | US$ 791.52 Bn |
| CAGR | CAGR of 17.9 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Storage Medium (Direct Attached Storage, Storage Area Network, Network Attached Storage, Cloud Storage, Software Defined Storage) • By End-user (Individual, Commercial, Industrial, Government) • By Industry (BFSI, IT & Telecom, Healthcare, Retail, Media & Entertainment, Education, & Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | IBM Corporation, Microsoft Azure, Hewlett Packard Enterprise, Equinix, Dell Technologies, Amazon Web Services, Hitachi Vantara, NetApp, Huawei, Veritas, Infinidat, And others |
| Key Drivers | • Big Data Production Grows, Increasing Demand for Data Storage Solutions • It is projected that companies' increasing emphasis on releasing cutting-edge platforms will foster the market's expansion. |
| Market Opportunities | • Data storage structures are being used by banks in an effort to cut down on paper and boost digitization, which is boosting market expansion. • The market is anticipated to grow as more end-use industries adopt technologies like the Internet of Things (IoT). |
The CAGR of the Data storage market for the forecast period 2022-2030 is 17.9 %.
The market is expected to grow to USD 791.52 billion by the forecast period of 2030.
The major worldwide key players in the Data storage market are IBM Corporation, Microsoft Azure, Hewlett Packard Enterprise, Equinix, Dell Technologies, Amazon Web Services, Hitachi Vantara, NetApp, Huawei, Veritas, Infinidat, And others in the final report.
USD 212.01 billion in 2022 is the market share of the Data storage market.
Big Data Production Grows, Increasing Demand for Data Storage Solutions It is projected that companies' increasing emphasis on releasing cutting-edge platforms will foster the market's expansion.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Data storage market Segmentation, by Storage Medium
8.1 Direct Attached Storage
8.2 Storage Area Network
8.3 Network Attached Storage
8.4 Cloud Storage
8.5 Software-Defined Storage
9. Data storage market Segmentation, by End-user
9.1 Individual
9.2 Commercial
9.3 Industrial
9.4 Government
10. Data storage market Segmentation, by Industry
10.1 BFSI
10.2 IT & Telecom
10.3 Healthcare
10.4 Retail
10.5 Media & Entertainment
10.6 Education
10.7 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Data storage market by Country
11.2.2North America Data storage market by Storage Medium
11.2.3 North America Data storage market by End-user
11.2.4 North America Data storage market by Industry
11.2.5 USA
11.2.5.1 USA Data storage market by Storage Medium
11.2.5.2 USA Data storage market by End-user
11.2.5.3 USA Data storage market by Industry
11.2. Canada
11.2.6.1 Canada Data storage market by Storage Medium
11.2.6.2 Canada Data storage market by End-user
11.2.6.3 Canada Data storage market by Industry
11.2.7 Mexico
11.2.7.1 Mexico Data storage market by Storage Medium
11.2.7.2 Mexico Data storage market by End-user
11.2.7.3 Mexico Data storage market by Industry
11.3 Europe
11.3.1 Europe Data storage market by Country
11.3.2 Europe Data storage market by Storage Medium
11.3.3 Europe Data storage market by End-user
11.3.4 Europe Data storage market by Industry
11.3.5 Germany
11.3.5.1 Germany Data storage market by Storage Medium
11.3.5.2 Germany Data storage market by End-user
11.3.5.3 Germany Data storage market by Industry
11.3.6 UK
11.3.6.1 UK Data storage market by Storage Medium
11.3.6.2 UK Data storage market by End-user
11.3.6.3 UK Data storage market by Industry
11.3.7 France
11.3.7.1 France Data storage market by Storage Medium
11.3.7.2 France Data storage market by End-user
11.3.7.3 France Data storage market by Industry
11.3.8 Italy
11.3.8.1 Italy Data storage market by Storage Medium
11.3.8.2 Italy Data storage market by End-user
11.3.8.3 Italy Data storage market by Industry
11.3.9 Spain
11.3.9.1 Spain Data storage market by Storage Medium
11.3.9.2 Spain Data storage market by End-user
11.3.9.3 Spain Data storage market by Industry
11.3.10 The Netherlands
11.3.10.1 Netherlands Data storage market by Storage Medium
11.3.10.2 Netherlands Data storage market by End-user
11.3.10.3 Netherlands Data storage market by Industry
11.3.11 Rest of Europe
11.3.11.1 Rest of Europe Data storage market by Storage Medium
11.3.11.2 Rest of Europe Data storage market by End-user
11.3.11.3 Rest of Europe Data storage market by Industry
11.4 Asia-Pacific
11.4.1 Asia Pacific Data storage market by Country
11.4.2 Asia Pacific Data storage market by Storage Medium
11.4.3 Asia Pacific Data storage market by End-user
11.4.4 Asia Pacific Data storage market by Industry
11.4.5 japan
11.4.5.1 Japan Data storage market by Storage Medium
11.4.5.2 Japan Data storage market by End-user
11.4.5.3 Japan Data storage market by Industry
11.4.6 South Korea
11.4.6.1 South Korea Data storage market by Storage Medium
11.4.6.2 South Korea Data storage market by End-user
11.4.6.3 South Korea Data storage market by Industry
11.4.7 China
11.4.7.1 China Data storage market by Storage Medium
11.4.7.2 China Data storage market by End-user
11.4.7.3 China Data storage market by Industry
11.4.8 India
11.4.8.1 India Data storage market by Storage Medium
11.4.8.2 India Data storage market by End-user
11.4.8.3 India Data storage market by Industry
11.4.9 Australia
11.4.9.1 Australia Data storage market by Storage Medium
11.4.9.2 Australia Data storage market by End-user
11.4.9.3 Australia Data storage market by Industry
11.4.10 Rest of Asia-Pacific
11.4.10.1 APAC Data storage market by Storage Medium
11.4.10.2 APAC Data storage market by End-user
11.4.10.3 APAC Data storage market by Industry
11.5 The Middle East & Africa
11.5.1 The Middle East & Africa Data storage market by Country
11.5.2 The Middle East & Africa Data storage market by Storage Medium
11.5.3 The Middle East & Africa Data storage market by End-user
11.5.4The Middle East & Africa Data storage market by Industry
11.5.6 Israel
11.5.6.1 Israel Data storage market by Storage Medium
11.5.6.2 Israel Data storage market by End-user
11.5.6.3 Israel Data storage market by Industry
11.5.7 UAE
11.5.7.1 UAE Data storage market by Storage Medium
11.5.7.2 UAE Data storage market by End-user
11.5.7.3 UAE Data storage market by Industry
11.5.8 South Africa
11.5.8.1 South Africa Data storage market by Storage Medium
11.5.8.2 South Africa Data storage market by End-user
11.5.8.3 South Africa Data storage market by Industry
11.5.9 Rest of Middle East & Africa
11.5.9.1 Rest of Middle East & Asia Data storage market by Storage Medium
11.5.9.2 Rest of Middle East & Asia Data storage market by End-user
11.5.9.3 Rest of Middle East & Asia Data storage market by Industry
11.6 Latin America
11.6.1 Latin America Data storage market by Country
11.6.2 Latin America Data storage market by Storage Medium
11.6.3 Latin America Data storage market by End-user
11.6.4 Latin America Data storage market by Industry
11.6.5 brazil
11.6.5.1 Brazil Data storage market by Storage Medium
11.6.5.2 Brazil Africa Data storage market by End-user
11.6.5.3 Brazil Data storage market by Industry
11.6.6 Argentina
11.6.6.1 Argentina Data storage market by Storage Medium
11.6.6.2 Argentina Data storage market by End-user
11.6.6.3 Argentina Data storage market by Industry
11.6.7 Rest of Latin America
11.6.7.1 Rest of Latin America Data storage market by Storage Medium
11.6.7.2 Rest of Latin America Data storage market by End-user
11.6.7.3 Rest of Latin America Data storage market by Industry
12. Company Profile
12.1 Microsoft Azure.
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Hewlett Packard Enterprise.
12.2.1 Market Overview
12.2.2 Financials
12.2.3 Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 IBM Corporation
12.3.1 Market Overview
12.3.2 Financials
12.3.3 Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Equinix.
12.4.1 Market Overview
12.4.2 Financials
12.4.3 Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Dell Technologies
12.5.1 Market Overview
12.5.2 Financials
12.5.3 Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Amazon Web Services
12.6.1 Market Overview
12.6.2 Financials
12.6.3 Product/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Hitachi Vantara
12.7.1 Market Overview
12.7.2 Financials
12.7.3 Product/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 NetApp
12.8.1 Market Overview
12.8.2 Financials
12.8.3 Product/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Huawei.
12.9.1 Market Overview
12.9.2 Financials
12.9.3 Product/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Veritas.
12.10.1 Market Overview
12.10.2 Financials
12.10.3 Product/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. USE Cases and Best Practices
15. Conclusion
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