Press release
Hardware Storage Market Poised for 12.3% Growth, Set to Hit $22.57 Billion by 2029
Hardware Storage Market
The hardware storage market is predicted to grow due to the increasing demand for substantial amounts of digital data. This data, which is typically encoded in binary format and processed and stored by computers, is becoming more prevalent due to the increasing need for insights, innovation, and decision-making in various sectors. Hardware storage solutions can offer high scalability and expandability to handle the growing storage needs, offering high-capacity storage capable of holding data in terabytes or even petabytes. As per a Linux Foundation report, in December 2022, an average end-user organization with storage capacity up to 20 petabytes saw an annual data growth of 566 TB in 2021, which rose to 1,746 TB in 2022. Likewise, organizations with a storage capacity of up to 25 petabytes saw an increase in annual data growth, reaching 2,208 TB in 2022, three times more than the previous year's 700 TB. Thus, the rising demand for large volumes of digital data is propelling the hardware storage market's growth.
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What is the future CAGR of the hardware storage market, and how will it impact industry expansion?
The dimensions of the hardware storage market have seen a swift expansion in recent times. The market, currently valued at $91.86 billion in 2024, is projected to surge to $103.44 billion in 2025, representing a compound annual growth rate (CAGR) of 12.6%. Factors propelling growth during the historic period include the rise of mobility and remote work, security issues, regulatory compliance requirements, advancements in big data and analytics, cost-cutting measures, and the growth in data creation.
In the forthcoming years, the hardware storage market is projected to undergo rapid expansion, reaching $164.4 billion in 2029, with a 12.3% compound annual growth rate (CAGR). The growth during the forecast period is ascribed to factors such as hybrid and multi-cloud tactics, digital overhaul, the growth of the internet of things, the assimilation of cloud technology, and an eruptive increase in data. There are several trends that stand out for the forecast period such as the advent of storage class memory, an inclination towards software-oriented storage, emphasis on data security and confidentiality, surge in cloud-integrated storage solutions, growth of non-volatile memory express storage, and escalating usage of solid-state drives.
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What are the most significant trends transforming the hardware storage market today?
In an effort to secure a competitive advantage in the hardware storage industry, key players are investing in the creation of innovative solutions, such as the development of industrial-grade solid-state drives. These drives are particularly beneficial in hardware storage because they meet the challenging prerequisites of industrial applications while providing high durability, reliability, and performance, even in severe conditions. For example, in September 2023, Solid State Storage Technology Corporation, a firm specializing in solid-state drives and flash memory based in Taiwan, introduced the CL6 series. This product, the globe's first industrial-grade SSD, offers a more reliable and proficient storage experience by employing the fully developed host memory buffer technology, which outpaces DRAM-less SSDs regarding performance. Thanks to the SLC caching, it can reach sequential reading speeds of up to 6,000 MB/s and writing speeds of up to 5,300 MB/s. It is offered in common M.2 2280 format, M.2 2242, and M.2 2230, to cater to diverse application storage needs, with a maximum capacity of 2TB.
Which key market segments comprise the hardware storage market and drive its revenue growth?
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 regions are at the forefront of hardware storage market expansion?
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.
Who are the leading players fueling growth in the hardware storage market?
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.
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What Is Covered In The Hardware Storage Global Market Report?
•Market Size Forecast: Examine the hardware storage market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the hardware storage market for a structured understanding.
•Key Players Overview: Analyze major players in the hardware storage market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the hardware storage market.
•Segment Contributions: Evaluate how different segments drive overall growth in the hardware storage market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the hardware storage market.
•Industry Challenges: Identify potential risks and obstacles affecting the hardware storage market.
•Competitive Landscape: Review strategic developments in the hardware storage market, including expansions, agreements, and new product launches.
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