Data Storage Market to Surpass USD 791.52 Billion by 2030 as a Result of Rapidly Expanding Data Volumes and Increasing Cloud Computing Adoption
Research Reports
Sep 28, 2023
Data Storage Market Overview:
Based on per SNS Insider’s research, the Data Storage Market continues to grow due to the ever-increasing demand for storage capacity driven by technological advancements, data-driven decision-making, and the proliferation of connected devices across various industries.
The SNS Insider report indicates that the data storage market, having reached a valuation of USD 212.01 billion in 2022, is projected to expand significantly to USD 791.52 billion by 2030, with a compound annual growth rate (CAGR) of 17.9% anticipated during the forecast period from 2023 to 2030.
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Major Key Players Included in the Report are:
• IBM Corporation
• Microsoft Azure
• Hewlett Packard Enterprise
• Equinix
• Dell Technologies
• Amazon Web Services
• Hitachi Vantara
• NetApp
• Huawei
• Veritas
• Infinidat
• Others
Market Report Scope
In today’s digital age, data storage plays a pivotal role in our daily lives, businesses, and virtually every facet of society. It refers to the process of storing, preserving, and organizing digital information in a structured manner to facilitate easy retrieval and use. Data storage encompasses a wide spectrum of technologies, from physical devices like hard drives and flash memory to cloud-based solutions and cutting-edge innovations in quantum computing.
Market Analysis
The data storage market has experienced significant growth over the years, driven by various factors that continue to evolve as technology advances. One of the primary drivers for the market is the exponential growth in data generated by businesses, individuals, and IoT devices. This includes everything from multimedia content to critical business data, driving the need for more robust and scalable storage solutions. The adoption of cloud computing services has revolutionized data storage. Many organizations are migrating their data to cloud platforms like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). This shift not only reduces the need for on-premises storage but also opens up opportunities for cloud storage providers. The rise of big data analytics has necessitated vast amounts of storage capacity to store and process data. Companies are investing heavily in data analytics to gain insights and make data-driven decisions, which requires substantial storage resources.
Market Segmentation and Sub-Segmentation Included Are:
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
Impact of Recession
The impact of a recession on the data storage market is multifaceted. While it may lead to budget constraints and delayed investments for some, it can also drive demand for cost-effective and secure storage solutions. Additionally, technological trends such as cloud adoption and data security can shape the market dynamics during economic downturns. Storage providers that adapt to these changing conditions and align their offerings with evolving customer needs can thrive, even in challenging economic environments.
Impact of Russia-Ukraine War
The Russia-Ukraine war has introduced both challenges and opportunities for the data storage market. While disruptions in the supply chain and geopolitical tensions pose challenges, the increased emphasis on data security, data sovereignty, and business continuity has created opportunities for innovative data storage solutions. The long-term impact of these developments will depend on the duration and resolution of the conflict and the broader geopolitical landscape.
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Key Regional Development
North America has traditionally been a dominant player in the data storage market, home to some of the largest tech companies and data center facilities. In recent years, the region has witnessed a surge in demand for cloud-based storage solutions, driven by the growing adoption of cloud computing and digital transformation initiatives. Europe is another significant player in the market. Privacy concerns and strict data protection regulations, such as the General Data Protection Regulation (GDPR), have influenced the adoption of secure and compliant data storage solutions. The Asia-Pacific region is experiencing rapid growth in data storage demand due to its burgeoning population, expanding digital economy, and the adoption of emerging technologies like 5G and IoT.
Key Takeaway from Data Storage Market Study
• The BFSI (Banking, Financial Services, and Insurance) segment is on the cusp of dominating the market, ushering in a new era of secure and efficient data management. As the backbone of the global economy, BFSI institutions handle vast amounts of sensitive financial data daily.
• The cloud storage segment, often referred to as the heart of modern data management, is set to take center stage in the market. This dynamic sector continues to evolve rapidly, providing businesses across various industries with unprecedented opportunities for data storage and management.
Recent Developments Related to Data Storage Market
• Zoom’s recent announcement about launching a Local Data Storage Service represents a significant step in addressing privacy and data security concerns while enhancing user experiences. This service allows users to store their Zoom meeting data and recordings on local servers, providing several unique benefits.
• Genemod, a pioneering player in the realm of life sciences, has recently secured an impressive $4.5 million in funding to advance their cutting-edge data storage and collaboration platform. This significant financial boost underscores the growing importance of data management and collaboration solutions in the ever-evolving field of life sciences.
Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia war
4.3. Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Data Storage Market Segmentation, by Storage Medium
9. Data Storage Market Segmentation, by End-user
10. Data Storage Market Segmentation, by Industry
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. USE Cases and Best Practices
15. Conclusion
About Us:
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