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Cloud-Based Services Driving The Data Storage Market Growth: A Key Factor Shaping the Future of the Data Storage Market in 2025
Data Storage Market Outlook
The data storage market will grow from $176.2 billion in 2024 to $200.49 billion in 2025, reflecting a CAGR of 13.8%. Virtualization technologies, data deduplication, and the development of SSDs are contributing to this growth.
The data storage market is expected to reach $332.53 billion by 2029 at a CAGR of 13.5%. The growth is attributed to environmental concerns, economic conditions, and data growth. Major trends include quantum storage, containerized storage, software-defined storage, AI-driven management, and hybrid cloud solutions.
What Are the Main Catalysts for Growth in the Data Storage Market?
The penetration of cloud-based services is expected to drive the growth of the data storage market. As businesses increasingly adopt cloud services due to their scalability and flexibility, the demand for data storage solutions grows. Cloud storage is a critical component of cloud computing, enabling organizations to store, access, and secure data efficiently while benefiting from enhanced analytics capabilities. According to Eurostat, 45.2% of EU enterprises purchased cloud computing services in 2023, up by 4.2 percentage points from 2021, highlighting the increasing reliance on cloud-based services and driving the data storage market forward.
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Which Businesses Are at the Forefront of Data Storage Market Development?
Major companies operating in the data storage market are Samsung Electronics Co Ltd., Dell Technologies Inc., Huawei Technologies Co Ltd., Lenovo Group Limited, International Business Machines Corporation, Cisco Systems Inc., Oracle Systems Corporation, Fuji Electric Co Ltd., Micron Technology Inc., Hewlett Packard Enterprise Company, Tokyo Shibaura Electric Co Ltd., Nippon Electric Company Ltd., Western Digital Corporation, Kingston Technology Company Inc., Seagate Technology Holdings plc, NetApp Inc., Supermicro Computer Inc., Marvell Technology Group Ltd., Hitachi Ltd., Pure Storage Inc., Nutanix Inc., GlassBridge Enterprises Inc., Quantum Corporation Ltd., Inspur software Co Ltd., Synology Inc
How Is the Data Storage Market Segmented?
The data storage market covered in this report is segmented -
1) By Type: Primary Storage, Secondary Storage
2) By Storage Architecture: File, Object-based Storage, Block Storage, Other Storage Architectures
3) By Product: Cloud Storage, Network Storage, Unified Storage, Direct Attached Storage, Storage Area Network, Software-Defined Storage
4) By Industry: Banking, Financial Services, And Insurance, Information Technology And Telecommunications, Healthcare, Retail, Media And Entertainment, Education, Other Industries
Subsegments:
1) By Primary Storage: Solid State Drives (SSD), Hard Disk Drives (HDD), Network Attached Storage (NAS), Direct Attached Storage (DAS), Storage Area Network (SAN), Flash Storage
2) By Secondary Storage: Magnetic Tape Storage, Optical Storage, Cloud Storage, Hybrid Storage, Data Archiving Solutions
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Where Is the Data Storage Market Growth Most Prominent?
North America was the largest region in the data storage market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Data Storage Global Market Report?
- Market Size Analysis: Analyze the Data Storage Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Data Storage Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Data Storage Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Data Storage Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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