Pune, India, Dec. 11, 2023 (GLOBE NEWSWIRE) — The global Data Storage Market size was valued at USD 217.02 billion in 2022 and is projected to reach USD 777.98 billion by 2030, exhibiting a CAGR of 17.8% during the forecast period. Fortune Business Insights™ shares this information in its report titled, “Data Storage Market Forecast, 2024-2030.”
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.
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Key Industry Development
Seagate launched the Lyve cloud analytics system, a comprehensive cloud-based solution comprising storage, analytics, and computing. Seagate allows businesses to initiate their stored data in an open data infrastructure for analytics at petabyte measure, further advancing innovation and implementation.
Key Takeaways
- Integration of Container-based and Software-Defined Storage to Propel Market Augmentation
- Increasing Amount of Big Data Boosts the Demand for Data Storage Solutions
- Increasing Demand for Software-Defined Storage to Lead to its High CAGR During the Forecast Period
- Increasing Investment in Commercial Sector to Fuel Market Escalation
Discover the Leading Players Featured in the Report:
“Companies leading the Data Storage Market share are 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.)”
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 Medium, End-user, Industry and Geography |
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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. Rising technological advancements have been increasing the demand for a container-based software defined storage system, thus facilitating market proliferation.
Segmentation
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
- IT & Telecom
- BFSI
- Healthcare
- Retail
- Media and Entertainment
- Education
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
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.
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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.
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.
What was the growth rate of the global data storage market?
The global data storage market is expected to expand at a CAGR of 17.8% over the forecast period 2023 to 2030.
Related Reports:
Network Attached Storage Market Share, Trends and Forecast 2023
Cloud Storage Market Share and Forecast 2030
Software Defined Data Center Market Share, Growth, Trends 2023-2028
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