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2024 Market Outlook: Global Growth Trends in Storage Server Solutions
storage server market trends
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According to The Business Research Company's, The storage server market size has grown exponentially in recent years. It will grow from $260.27 billion in 2023 to $313.9 billion in 2024 at a compound annual growth rate (CAGR) of 20.6%. The growth in the historic period can be attributed to increasing demand for data storage, increasing use of flash storage, the rising proliferation of digital transformation, growth of cloud computing, the growing need for high-performance storage systems, and increasing demand for servers.
The storage server market size is expected to see exponential growth in the next few years. It will grow to $667.42 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%. The growth in the forecast period can be attributed to increasing usage of e-commerce websites, increasing concerns for data security and privacy, rising demand for personal cloud and home storage solutions, increasing need for storage solutions, increased demand for storage solutions, and increased utilization of hybrid and multi-cloud environments. Major trends in the forecast period include advancements in storage technologies, innovations in new storage media, artificial intelligence and machine learning, decentralized data storage, digital transformation, data analytics and real-time processing, quantum computing preparations, adoption of hyper-converged infrastructure (HCI).
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Market Drivers and Trends:
The rising emphasis on preventive care is expected to propel the growth of the primary health care service market going forward. Preventive care encompasses healthcare services and interventions aimed at preventing disease, detecting health conditions early, and promoting overall health and well-being. The increasing focus on preventive care within primary health care services indicates a deliberate move towards proactive management of healthcare to lower healthcare expenses and enhance long-term health results. Investing in preventive care within primary health care services is essential for reducing healthcare costs, improving health outcomes, and promoting long-term sustainability. For instance, in March 2024, according to a report published by Eurostat, a Luxembourg-based government statistical agency, in 2021, preventive healthcare spending in the EU rose by 88.2% compared to 2020, reaching 0.65% of GDP, with immunization programs accounting for a significantly increased share of overall preventive care expenditure, climbing from 13.7% in 2020 to 29.1% in 2021. Therefore, the rising emphasis on preventive care is driving the growth of the primary health care service market.
Major companies operating in the enterprise server market are focusing on technologies with artificial intelligence (AI) to gain a competitive edge. An enterprise storage server (ESS) designed for AI typically incorporates advanced features and capabilities to support the demanding requirements of AI workloads, which often involve large-scale data processing, model training, and inference tasks. For instance, in August 2022, the International Business Machines Corporation, a US-based technology corporation, launched Enterprise Storage Server (ESS) 3500. Enterprise storage server (ESS) 3500 is a spectrum-scale enterprise storage server (ESS) optimized for artificial intelligence (AI) workloads. This provides fast storage for artificial intelligence (AI) in modeling and training by using multiple types of storage with a faster controller CPU and up to 91 GB/sec sequential read.
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Major Key Players of the Market:
Alphabet Inc., Microsoft Corporation, Dell Technologies Inc., Huawei Technologies Co. Ltd., Hitachi Ltd., Amazon Web Services, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Wistron Corporation, Fujitsu Limited, NVIDIA Corporation, Hewlett Packard Enterprise Development LP, Toshiba Corporation, NEC Corporation, HCL Technologies Limited, Wiwynn Corporation, Super Micro Computer Inc, NetApp Inc., GIGA-BYTE Technology Co. Ltd., Citrix Systems Inc., Pure Storage Inc., Trend Micro Inc., Nutanix Inc.
Storage Server Market 2024 Key Insights:
• The storage server market size is expected to see exponential growth in the next few years. It will grow to $667.42 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%.
• Cloud Services Driving Growth In The Storage Server Market
• Focus On Enterprise Storage Server For AI Workloads To Gain A Competitive Edge In The Market
• North America was the largest region in the storage server market in 2023
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