Press release
Hardware Storage Market Poised for 12.3 % Growth, Set to Hit $22.57 Billion by 2029
Hardware Storage Market Trends
The hardware storage market will grow from $91.86 billion in 2024 to $103.44 billion in 2025, with a CAGR of 12.6%. Factors driving this growth include remote work, mobility, security concerns, big data analytics, and regulatory compliance.
The hardware storage market is anticipated to experience rapid growth, reaching $164.4 billion by 2029 at a CAGR of 12.3%. The growth is driven by hybrid and multi-cloud strategies, digital transformation, the expansion of the Internet of Things (IoT), cloud adoption, and the explosion of data. Key trends include the rise of storage class memory, a shift towards software-defined storage, an emphasis on data security and privacy, the growth of cloud-integrated storage solutions, the rise of non-volatile memory express (NVMe) storage, and the increased adoption of solid-state drives (SSDs).
What Are the Key Drivers Behind the Growth of the Hardware Storage Market?
The growing demand for large volumes of digital data is expected to drive the growth of the hardware storage market. As the volume of digital data continues to rise due to the increasing need for insights, innovation, and decision-making across various sectors, hardware storage solutions are essential to provide scalable and high-capacity storage options. These solutions can handle vast amounts of data, including terabytes and even petabytes, and offer expandability to meet growing storage demands. For instance, in December 2022, the Linux Foundation reported that organizations with up to 20 petabytes of storage experienced annual data growth of 566 TB in 2021 and 1,746 TB in 2022. Similarly, organizations with up to 25 petabytes of storage saw data growth reach 2,208 TB in 2022. Therefore, the increasing demand for large volumes of data is propelling the growth of the hardware storage market.
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Who Are the Major Industry Players Fueling Hardware Storage Market Expansion?
Major companies operating in the hardware 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.
Which Key Developments Are Influencing the Hardware Storage Market?
Companies in the hardware storage market are focused on developing advanced solutions, such as industrial-grade solid-state drives (SSDs), to maintain a competitive edge. These SSDs provide high reliability, durability, and performance for demanding industrial applications. For instance, in September 2023, Solid State Storage Technology Corporation, a Taiwan-based SSD and flash memory company, introduced the CL6 series, the world's first industrial-grade SSD. This series supports host memory buffer (HMB) technology, outperformance compared to DRAM-less SSDs, and offers sequential read speeds of up to 6,000 MB/s and write speeds up to 5,300 MB/s. Available in multiple M.2 formats, the CL6 series meets the varied storage needs of different applications, with capacities up to 2TB.
How Is the Segmentation of the Hardware Storage Market Defined?
The hardware storage market covered in this report is segmented -
1) By Storage Architecture: File, Object-Based Storage, Block Storage
2) By Storage System: Network Attached Storage (NAS), Direct Attached Storage (DAS), Storage Area Network (SAN)
3) By Storage Medium: Solid-State Drive (SSD), Hard Disk Drive (HDD), Tape, Other Storage Mediums
4) By End Users: Enterprise, Government, Cloud Service Providers, Telecommunication, Other End Users
Subsegments:
1) By File: Network-Attached Storage (NAS), Storage Area Network (SAN) With File-Level Access, Distributed File Systems, Cloud File Storage Solutions
2) By Object-Based Storage: Cloud Object Storage, On-Premises Object Storage, Hybrid Object Storage Solutions, Software-Defined Object Storage
3) By Block Storage: Direct-Attached Storage (DAS), Storage Area Network (SAN) With Block-Level Access, Cloud Block Storage, Virtual Block Storage Solutions, All-Flash Block Storage
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What Is the Leading Region in the Hardware Storage Market?
North America was the largest region in the hardware storage market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hardware storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Hardware Storage Global Market Report?
- Market Size Analysis: Analyze the Hardware Storage Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Hardware 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 Hardware Storage Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Hardware Storage Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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