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Enterprise Storage Market Trends for 2024: Key Insights and Growth Forecast
Enterprise Storage Global Market Report 2024
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the E-Scooter-sharing market are innovating new technologies such as e-bike and Smart Bikeshare platform to sustain their position in the market. An e-bike is a bicycle equipped with an electric motor that assists the rider's pedal power, providing easier cycling over long distances or uphill. A smart bikeshare platform integrates technology such as GPS and mobile apps into traditional bike-share programs, allowing users to locate. For instance, in June 2021, Bird Global Inc., a US-based provider of environmentally friendly electric transportation, launched Bird Bike, a new addition to its shared micro-electric vehicle fleet. The Bird Bike is designed to prioritize safety and durability and is a smart, connected vehicle that complements existing transportation networks in cities. It features a powerful electric motor capable of assisting riders on steep inclines, a sturdy frame with a step-through design for enhanced safety and maneuverability, a front basket for storage, and large pneumatic tires for a smooth ride. The bike also incorporates IoT features like self-automating diagnostics, geo-speed technology, and multi-mode geolocation to ensure compliance with regulations in cities and towns of all sizes.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
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.
Enterprise Storage Market 2024 Key Insights:
• 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%.
• Rapid Adoption Of Cloud Computing Fueling The Enterprise Storage Market Growth
• Enhancing Enterprise Storage With Advanced Software-Defined Solution
• North America was the largest region in the enterprise storage market in 2023
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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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