Data Storage Market

Market Overview:

The global data storage market size reached US$ 264.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,120.5 Billion by 2032, exhibiting a growth rate (CAGR) of 17.31% during 2024-2032. The growing automation of different business processes, rising cloud computing activities and increasing adoption of remote working models represent some of the key factors driving the market.

Data storage refers to the process of using computer devices to save various digital information. It relies on electromagnetic, optical, and other media to preserve and restore digitally recorded data. It consists of hard drives, solid-state drives (SSD), compact disk (CD), digital versatile disc (DVD) drives, hybrid flash arrays, and hybrid cloud storage, which enables users to access and store data from anywhere, not just any local computer or external hard disk. It also includes network-attached storage (NAS), which allows numerous machines to share storage over a network, thereby centralizing data and improving collaboration. Data storage makes it easy to back up files for safekeeping and spontaneous recovery in the event of an unexpected cyberattack or computer crash.  It also offers frequent backups and long-term archives, along with future scaling opportunities. It helps organizations review, update, track, and share data seamlessly, which is necessary for easy collaboration and smooth operation in work-from-home (WFH) settings. It also increases the productivity of teams by reducing the hassle of printing, scanning, filing, and sending documents manually.

Data Storage Market Trends:

At present, the increasing demand for data storage due to the rising preferences for automating business processes represents one of the primary factors influencing the market positively. Besides this, the growing utilization of data storage services, as they allow enterprises to transmit, retrieve, and manipulate data according to their preferences, is offering a favorable market outlook. In addition, the increasing focus of businesses on maintaining data security, speed, and reliability, along with better programmability, is propelling the growth of the market. Apart from this, there is a rise in cloud computing activities to reduce operational costs, increase work flexibility, and delegate routine tasks. This, coupled with the increasing adoption of the work from home (WFH) model to maintain a proper work-life balance and boost productivity, is contributing to the growth of the market. Additionally, the rising demand for implementing data storage solutions for solving business challenges and managing unstructured data is strengthening the growth of the market. Moreover, the increasing adoption of data storage services in the medical, e-commerce, banking, and financial industry to store various confidential information, medical records, and personal data of customers is bolstering the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global data storage market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on storage system, storage architecture, and end user.

Storage System Insights:

• Direct-Attached Storage
• Network-Attached Storage
• Storage Area Network
• Cloud Storage
• Software Defined Storage
   

The report has provided a detailed breakup and analysis of the data storage market based on the storage system. This includes direct-attached storage, network-attached storage, storage area network, cloud storage, and software defined storage. According to the report, direct-attached storage represented the largest segment.

Storage Architecture Insights:

• File and Object Based Storage
• Block Storage
   

A detailed breakup and analysis of the data storage market based on the storage architecture has also been provided in the report. This includes file and object based storage and block storage.

End User Insights:

• Media and Entertainment
• Education
• IT and Telecommunications
• Defense and Aerospace
• Banking, Financial Services, and Insurance (BFSI)
• Consumers
• Others
   

A detailed breakup and analysis of the data storage market based on the end user has also been provided in the report. This includes media and entertainment, education, IT and telecommunications, defense and aerospace, banking, financial services, and insurance (BFSI), consumers, and others.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America (the United States and Canada) was the largest market for data storage. Some of the factors driving the North America data storage market included the growing business automation, rising technological advancements, increasing cloud computing, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global data storage market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Amazon Web Services Inc., Dell Inc., Fujitsu Limited, Hitachi Vantara LLC, Infinidat Inc., International Business Machines Corporation, Microsoft Corporation, Netapp Inc., Nexenta Systems Inc. (DataDirect Networks), Pure Storage Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Data Storage Market Report Scope:

Key Questions Answered in This Report:

• How has the global data storage market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global data storage market?
• What is the impact of each driver, restraint, and opportunity on the global data storage market?
• What are the key regional markets?
• Which countries represent the most attractive data storage market?
• What is the breakup of the market based on the storage system?
• Which is the most attractive storage system in the data storage market?
• What is the breakup of the market based on the storage architecture?
• Which is the most attractive storage architecture in the data storage market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the data storage market?
• What is the competitive structure of the global data storage market?
• Who are the key players/companies in the global data storage market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the data storage market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global data storage market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the data storage industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.