Hardware Storage Market Anticipated To Witness Robust Growth, Surpassing $164.4 Billion By 2029

The Hardware Storage Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Current Hardware Storage Market Size and Its Estimated Growth Rate?
The size of the hardware storage market has seen impressive expansion in the past few years. It is forecasted that the market will expand from a size of $91.86 billion in 2024 to $103.44 billion in 2025, achieving a compound annual growth rate (CAGR) of 12.6%. Several factors have contributed to the growth during the historical period including mobility and remote work, security issues, regulatory compliance needs, the rise of big data and analytics, cost-cutting measures, and the rise in data generation.

The market size of hardware storage is projected to experience a swift escalation in the coming years, ultimately reaching $164.4 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 12.3%. This augment in the prediction runway owes its pace to an amalgamation of factors including, hybrid and multi-cloud approaches, digital evolution, the proliferation of the internet of things, the uptake of cloud technology, and data explosion. The forecast period will see a rise in key trends such as the advent of storage class memory, a pivot towards software-dominated storage, an accentuation on data security and confidentiality, the proliferation of cloud-integrated storage solutions, the emergence of non-volatile memory express storage, and a surge in the endorsement of solid-state drives.

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How Are Emerging Segments Shaping the Hardware Storage Market Landscape?
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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Which Growth Factors Are Influencing Hardware Storage Market Expansion?
The surge in need for substantial quantities of digital data, typically expressed in the binary format of ones and zeros understandable to computers, is predicted to drive the expansion of the hardware storage market. The rising volume of digital data comes as various industries seek enhanced insights, innovation, and decision-making capabilities. Hardware storage options offer adjustable and scalable solutions to meet these growing storage needs, including high-capacity storage capable of housing terabytes, even petabytes, of information. For example, an average end-user organization with storage of up to 20 petabytes reported an annual data increase of 566 TB in 2021 and 1,746 TB in 2022, as per a December 2022 report from the US-based non-profit consortium, the Linux Foundation. Additionally, organizations utilizing up to 25 petabytes of storage saw a substantial annual data increase of 2,208 TB in 2022, a threefold rise from 2021's 700 TB. As such, the escalating needs for massive amounts of digital data are fueling the expansion of the hardware storage market.

Who Are the Dominant Players Across Different Hardware Storage Market Segments?
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.

What Hardware Storage Market Trends Are Gaining Traction Across Different Segments?
In the hardware storage market, dominant firms are striving to create innovative solutions, such as industrial-grade solid-state drives, to maintain their competitive advantage. These solid-state drives are crucial in hardware storage systems, aiding in meeting the stringent needs of industrial applications. They serve as dependable, durable, and high-performing solutions in challenging conditions. Notably, in September 2023, Taiwan's Solid State Storage Technology Corporation, a company specializing in solid-state drives and flash memory, introduced the first of its kind industrial-grade SSD (solid-state drives), the CL6 series. The series, backed by a fully developed host memory buffer (HMB) technology, lends a more reliable and efficient storage experience, outshining DRAM-less SSDs in performance. The series, which uses SLC caching, allows for sequential read and write speeds of up to 6,000 MB/s and 5,300 MB/s, respectively. The CL6, available in the widely used M.2 2280 format, also comes in M.2 2242 and M.2 2230, accommodating diverse storage needs with a capacity of up to 2TB.

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Which Geographic Regions Are Expected to Dominate the Hardware Storage Market in the Coming Years?
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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Hardware Storage Market?
2. What is the CAGR expected in the Hardware Storage Market?
3. What Are the Key Innovations Transforming the Hardware Storage Industry?
4. Which Region Is Leading the Hardware Storage Market?

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