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Cloud-Based Services Driving The Data Storage Market Growth: Key Factor Driving The Growth In The Data Storage Market
Data Storage
What Is the Expected Data Storage Market Size During the Forecast Period?
The rapid expansion of the data storage market is notable, escalating from $176.2 billion in 2024 to a projected $200.49 billion in 2025. This signifies a compound annual growth rate (CAGR) of 13.8%. The remarkable growth historically is a result of several factors - the embrace of virtualization technologies, implementation of data deduplication and compression methodologies, debut of solid-state drives (SSD), and the evolution of high-capacity hard disk drives.
Over the upcoming years, we anticipate a significant increase in the size of the data storage market, with projections reaching $332.53 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 13.5%. Different factors contributing to this increase during the forecast period include environmental issues, industry-related elements, economic situations, regulatory frameworks, and the rate of data growth. The forecast period is set to witness various trends such as quantum storage solutions, containerized storage, merging of storage and compute, expansion of object storage, software-controlled storage, the management of storage driven by artificial intelligence, a focus on data security, and solutions from hybrid clouds.
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What Are the High-Growth Segments in the Data Storage Market?
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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What Key Drivers Are Expected to Influence Future Data Storage Market Growth?
The growth of the data storage market is anticipated to be fueled by the increased adoption of cloud-based services. These are software solutions hosted on the provider's server and provided remotely for the convenience of the customer. The growing popularity of cloud-based services is attributed to their ability to scale and adapt to varying business requirements. Data storage is an essential pillar of cloud computing as it allows organizations to exploit cost-effectiveness, accessibility, security, and the analytic features provided by cloud services. Additionally, cloud storage forms the basis for complex data analytics and insights, empowering organizations to extract actionable intelligence from their data. For example, Eurostat, an intergovernmental organization based in Luxembourg, reported in December 2023 that 45.2% of EU companies acquired cloud computing services primarily to handle their email systems, store electronic files, and complete other tasks. There was a 4.2 percentage point rise in the purchase of cloud services by EU businesses in 2023 compared to 2021. Therefore, the spread of cloud-based services is stimulating the growth of the data storage market.
Which Companies Hold the Largest Share Across Different Data Storage Market Segments?
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
What Trends Are Driving Growth in The Data Storage Market?
Big firms in the data storage sector are shifting their focus towards the creation of advanced solutions, such as those based on Artificial Intelligence (AI), as they strive to stay ahead in the competition. These AI-based storage solutions employ cutting-edge algorithms to enhance data management, retrieval, and storage efficiency within this market segment. An example of this is Huawei Technologies Co. Ltd., a tech company based in China, that introduced three groundbreaking data storage solutions in February 2024 to assist global carriers in establishing top-tier data infrastructure in the AI age. They released the AI data lake designed to consolidate separated, random data sources in AI data factories for data value extraction. Their all-scenario data protection solution aims to fortify the durability of data assets by promoting both production-backup and backup-archive collaboration, while the DCS (Datacenter Virtualization Solution) offers a comprehensive solution for data center needs, improving IT service efficiency and flexibility by overseeing data collection, storage, computation, management, and usage, thus providing a comprehensive data infrastructure and platform service.
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What Are the Emerging Geographies for The Data Storage Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Data Storage Market?
2. What is the CAGR expected in the Data Storage Market?
3. What Are the Key Innovations Transforming the Data Storage Industry?
4. Which Region Is Leading the Data Storage Market?
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