Pune, India, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The global data storage market size was assessed 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 2023-2030 period. The increasing focus of companies on data security, reliability, speed, portability, and enhanced programmability is contributing to market growth in the coming years. The rising adoption of AI/ML, analytics, and cloud-based services across enterprises is also driving market proliferation. Fortune Business Insights, provide this information in its report titled, “Data Storage Market Forecast, 2023-2030.” Moreover, the surging demand for elastic services and flexible infrastructure creates opportunities for market expansion.
Key Industry Development:
February 2022: Hitachi Vantara launched new hybrid cloud offerings that are specifically developed to help data-driven organizations in automating and simplifying their infrastructure and operations to achieve maximum value of the cloud operating model. The advanced software-defined data platform offered a single operating solution for cloud and on-premise applications.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 17.8% |
| 2030 Value Projection | USD 777.98 Billion |
| Base Year | 2021 |
| Data Storage Market Size in 2022 | USD 217.02 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 130 |
| Segments covered | Storage, End-user, Industry and Geography |
| Data Storage Market Growth Drivers | Integration of Container-based and Software-Defined Storage to Drive Market Growth |
Key Takeaways
- Data storage solutions allow users and businesses to transmit, retrieve, and manipulate a firm's operational data flexibly and effectively.
- Software-defined storage improves container processing time environment with consistent storage and required necessities.
- Industry Analysis: Growing Focus on Efficient Data Management to Surge the Growth of the Healthcare Sector
- Rising digitization and the Internet of Things (IoT) have resulted in the generation of large amounts of data.
- Data storage Market Size in North America was USD 105.24 Billion in 2022
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Drivers and Restraints:
- Integration of Container-based and Software-Defined Storage to Drive Market Growth
- Container-based storage supports the distributed databases and applications. It contains elements that a storage environment requires inside a container.
- Software-defined storage enhances the container processing time environment with consistent storage and required necessities.
- Software-defined storage can be integrated with container orchestration platforms, such as Kubernetes, thus making workload management more flexible.
- As a result, enterprises can offer flexibility to users in adding and managing data storage as per their requirements.
- Rising technological advancements have been increasing the demand for a container-based software defined storage system, thus facilitating market proliferation.
- On the other hand, the growing risk of data corruption, cyber-attacks, and malwares will hinder market expansion.
- The inability to cope with incomplete data services and data loss will hamper the data storage market growth over the forecast timeframe.
Segments:
Direct Attached Storage Segment to Capture Largest Share
As per storage medium, the market is split into direct attached storage, storage area network, network attached storage, cloud storage, and software defined storage. Among these, the direct attached storage segment captured a significant market share in 2022, as direct attached storage remains the primary choice of consumers with centrally stored data and better data protection.
Commercial Segment to Lead Backed by Rising Amount of Data
According to end user, the market is segregated into individual, industrial, commercial, and government. Among these, the commercial segment is slated to held the largest share in 2022 and is projected to register highest growth rate among all segments. Rising amount of data has generated the need for advanced storage solutions to secure and manage this data, thus boosting the expenditure of enterprises for the same. The shift of SMEs toward cloud-based storage solutions is also contributing to expansion of this segment.
Healthcare Segment to Hold Major Share Stoked by Growing Digitization of Medical Records
Based on industry, the market is fragmented into IT & telecom, BFSI, healthcare, retail, media and entertainment, education, and others. Among these, the healthcare segment is projected to dominate owing to the growing digitization of health and medical records and launch of advanced solutions for the healthcare sector.
North America, South America, Europe, the Middle East & Africa, and Asia Pacific are the regions covered in the report.
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Regional Insights:
North America to Dominate Backed by Presence of Leading Players
North America captured majority of the global data storage market share and was assessed at USD 105.24 billion in 2022. The presence of leading players such as Microsoft Corporation, IBM Corporation, and Dell Technologies is boosting market growth in the region. Leading players are also investing in other countries, such as Mexico and Canada, which will aid market expansion due to the development of advanced storage solutions.
Asia Pacific is projected to record the highest growth rate owing to rising tech savvy population and increasing smartphone usage generating the need for data centers and cloud storage solutions. The implementation of Big Data, 5G, IoT and cloud computing is also boosting the demand for data storage solutions and leading to market expansion in the region.
Competitive Landscape:
Collaborations Among Leading Players to Propel Market Growth
Leading players in the global market are focused on developing advanced storage solutions using high tech such as cloud and artificial intelligence technology to resolve challenges faced by enterprises. These companies are collaborating to upgrade existing technologies or launch innovative products to boost revenue generation. For instance, in March 2021, Pure Storage and Equinix collaborated to provide physical infrastructure at software speed. Pure Storage provides multi-cloud storage-as-a-service solutions. Meanwhile, Pure Storage on Equinix Metal offered an infrastructure consisting of on-demand network attainment, deployment, compute and storage, and provision of physical aspects through a single vendor under one contract.
List of Key Players Mentioned in the Report:
• IBM Corporation (U.S.)
• Microsoft Azure (U.S.)
• Hewlett Packard Enterprise (HPE) (U.S.)
• Equinix (U.S.)
• Dell Technologies (U.S.)
• Amazon Web Services (AWS) (U.S.)
• Hitachi Vantara (Japan)
• NetApp (U.S.)
• Huawei (China)
• Veritas (U.S.)
• Infinidat (Israel)
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Major Table of Contents:
- Global Data Storage Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Storage Medium (USD)
- Direct Attached Storage
- Storage Area Network
- Network Attached Storage
- Cloud Storage
- Software Defined Storage
- By End-user (USD)
- Individual
- Commercial
- Industrial
- Government
- By Industry (USD)
- IT & Telecom
- BFSI
- Healthcare
- Retail
- Media and Entertainment
- Education
- Others
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Data Storage Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Storage Medium (USD)
- Direct Attached Storage
- Storage Area Network
- Network Attached Storage
- Cloud Storage
- Software Defined Storage
- By End-user (USD)
- Individual
- Commercial
- Industrial
- Government
- By Industry (USD)
- IT & Telecom
- BFSI
- Healthcare
- Retail
- Media and Entertainment
- Education
- Others
- By Country (USD)
- United States
- Canada
- Mexico
- South America Data Storage Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Storage Medium (USD)
- Direct Attached Storage
- Storage Area Network
- Network Attached Storage
- Cloud Storage
- Software Defined Storage
- By End-user (USD)
- Individual
- Commercial
- Industrial
- Government
- By Industry (USD)
- IT & Telecom
- BFSI
- Healthcare
- Retail
- Media and Entertainment
- Education
- Others
- By Country (USD)
- Brazil
- Argentina
- Rest of South America
TOC Continued….
FAQ’s
What is the size of the global data storage market?
The Data Storage Market size was valued at USD 217.02 billion in 2022. The market is projected to grow from USD 247.32 billion in 2023 to USD 777.98 billion by 2030
What was the growth rate of the global data storage market?
The global data storage market is expected to expanding at a CAGR of 17.8% over forecast period 2023 to 2030.
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