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Artificial Intelligence (AI)-Based Solutions Revolutionize The Data Storage Market Industry Trends Gaining Momentum in the Global Data Storage Market
Data Storage Market
Data Storage Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the size of the data storage market has seen swift expansion. Starting from a market size of $176.2 billion in 2024, it is projected to increase to $200.49 billion in 2025, representing a compound annual growth rate (CAGR) of 13.8%. The substantial growth during the historic timeframe can be traced back to the embracing of virtualization technologies, the application of data deduplication and compression methods, the launch of solid-state drives (SSD), and the production of hard disk drives with high capacity.
Data Storage Market Size Forecast: What's the Projected Valuation by 2029?
In the ensuing years, a swift expansion is anticipated in the data storage market size, escalating to $332.53 billion in 2029 with a compound annual growth rate (CAGR) of 13.5%. Factors contributing to this growth during the predicted period include environmental apprehensions, specific industrial influences, economic scenarios, regulatory frameworks, and the pace of data augmentation. The forecasted period will see major trends such as the integration of quantum storage solutions, compartmentalized storage, the amalgamation of storage and computation, the expansion of object storage, software-regulated storage, artificial intelligence-guided storage management, the emphasis on data protection, and hybrid cloud solutions.
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What Are the Drivers Transforming the Data Storage Market?
The anticipated growth of the data storage market is largely attributed to the increasing uptake of cloud-based services. These services entail hosting software programs on the vendor's server and providing remote access for the clients. Their scalability and ability to adapt to various business demands have fueled their adoption. Data storage forms an integral part of cloud computing, allowing institutions to leverage cost-effectiveness, accessibility, security, and analytic capabilities that these services provide. Cloud storage also forms the basis for sophisticated data analysis and insights, assisting organizations to generate actionable intelligence from their data. To illustrate, data from Eurostat, a Luxembourg-based intergovernmental organization, showed that in December 2023, 45.2% of EU firms used cloud computing services, mainly for email hosting, electronic files storage, and other tasks. The use of cloud computing services by EU businesses saw an increase of 4.2 percentage points in 2023, compared to 2021. Consequently, the surge in cloud-based services utilization is spurring the growth of the data storage market.
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What Long-Term Trends Will Define the Future of the Data Storage Market?
Key players in the data storage market are concentrating on the development of innovative solutions such as AI-based storage technologies to stay ahead of the competition. The use of AI in data storage solutions involves leveraging complex algorithms to improve data management, recovery, and storage efficiency. For example, Huawei Technologies Co. Ltd., a tech company based in China, rolled out three unique data storage solutions to aid global carriers establish superior data infrastructures in the AI age in February 2024. The Trio includes the AI data lake specifically designed to consolidate different isolated data sources in AI data factories for data value extraction; an all-scenario data security solution aimed at enhancing data asset resilience through production and backup coordination and backup-archive collaboration; and finally the DCS (Datacenter Virtualization Solution), a comprehensive data center solution that boosts IT service effectiveness and flexibility. The DCS covers data collection, storage, computation, management, and usage offering extensive infrastructure and platform services.
Which Segments in the Data Storage Market Offer the Most Profit Potential?
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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Which Firms Dominate the Data Storage Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in the Data Storage Market?
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.
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