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Enterprise Storage Market to Reach $202.59 Billion by 2028 with 8.5% CAGR Driven by Cloud Computing Adoption

06-17-2024 07:09 PM CET | IT, New Media & Software

Press release from: The Business Research Company

Enterprise Storage Market Report

Enterprise Storage Market Report

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Enterprise Storage Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $202.59 billion In 2028 At A CAGR Of 8.5%:

The enterprise storage market size has grown strongly in recent years. It will grow from $135.10 billion in 2023 to $146.36 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to increased focus on hybrid clouds, the need to manage and store large volumes of data, the rapid growth of the internet of things (IoT), the rise of big data analytics, and the need for data protection.

The enterprise storage market size is expected to see strong growth in the next few years. It will grow to $202.59 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to increasing demand for storage solutions in enterprises, growing adoption of cloud-based storage solutions, adoption of cloud computing, increasing demand for data storage, and rising demand for enterprises. Major trends in the forecast period include technological advancements, the emergence of artificial intelligence and machine learning, flash storage expansion, the adoption of software-defined storage, and hybrid cloud storage adoption.

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Enterprise Storage Market Major Segments
The enterprise storage market covered in this report is segmented -
1) By Type: Storage Area Networks Systems (SANs), Network-Attached Storage Systems, Direct-Attached Storage (DAS) Systems, Object Storage Systems, Tape Storage Systems
2) By Deployment: On-Premise, Hybrid, Cloud-Based
3) By Application: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By End-User Industry: Information Technology (IT) And Telecommunications (Telecom), Banking, Financial Services, And Insurance (BFSI), Healthcare, Manufacturing, Government, Other End-User Industries

Key Driver - Rapid Adoption Of Cloud Computing Fueling The Enterprise Storage Market Growth

The rising adoption of cloud computing is expected to propel the growth of the enterprise storage market going forward. Cloud computing is the on-demand delivery of computing services via the internet, which includes servers, storage, databases, networking, software, and analytics. Demand for cloud computing is rising as it offers a robust infrastructure with built-in redundancy and failover mechanisms to ensure high availability and reliability. Cloud computing provides flexible storage that can be adjusted to company requirements, removing the need for significant hardware investments. It also ensures data availability and integrity, where enterprises can replicate data across multiple geographic locations and leverage built-in disaster recovery solutions to minimize the risk of data loss and downtime. For instance, in December 2023, according to the Statistical Office of the European Union, a Europe-based government organization, 45.2% of EU enterprises purchased cloud computing services. This marks a 4.2 percentage point (pp) increase compared with 2021. Therefore, the rising adoption of cloud computing is driving the growth of the enterprise storage market.

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Prominent Trend - Enhancing Enterprise Storage With Advanced Software-Defined Solution

Major companies operating in the enterprise storage market are focused on developing automation and orchestration capability solutions such as software-defined storage platforms, to remove hardware dependencies and provide core features for secure enterprise storage. Software-defined storage platforms are a next-generation storage model designed for complex workflows, offering multi-tenancy, ease of management, security, and efficiency. For instance, in November 2023, DataDirect Networks, a US-based provider of data storage and data management solutions, launched DDN Infinia for Enterprise AI and Cloud. DDN Infinia is a faster and more cost-effective alternative to cloud storage, allowing it to construct a secure storage cluster in minutes, execute upgrades, and extend capacity without downtime. It offers scalable metadata management with scalable storage for data governance and control while working to reduce the complexity and duplication of data and metadata. It supports S3 object storage, Docker containers, and Openstack virtual machines, allowing it to manage all distributed data with minimal effort and cost.

Enterprise Storage Market Players
Major companies operating in the enterprise storage market are Samsung Electronics Co. Ltd., Dell Inc., Huawei Technologies Co. Ltd., Lenovo Group Ltd., Intel Corporation, HP Inc., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Broadcom Inc., Fujitsu Limited, Micron Technology Inc., Toshiba Corporation, NEC Corporation, NetApp Inc., Hitachi Vantara LLC, Pure Storage Inc., Nutanix Inc., Imation Corporation, DataDirect Networks, Tintri Inc., Overland Tandberg, Nimbus Data, Nfina Technologies Inc. , DATROX Computer Technologies Inc.

View The Full Report Here - https://www.thebusinessresearchcompany.com/report/enterprise-storage-global-market-report

Largest And Fastest Growing Region In The Market
North America was the largest region in the enterprise storage market in 2023. The regions covered in the enterprise storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Enterprise Storage Market Report Structure
3. Enterprise Storage Market Trends And Strategies
4. Enterprise Storage Market - Macro Economic Scenario
5. Enterprise Storage Market Size And Growth
…..
27. Enterprise Storage Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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