Press release
Hardware Storage Market Poised to Hit $164.4 Billion by 2029 with Accelerating Growth Trends
Hardware Storage Market Size
Hardware Storage Market Size Growth Forecast: What to Expect by 2025?
There has been significant expansion in the hardware storage market size in the last few years. Experts forecast it to rise from $91.86 billion in 2024 to $103.44 billion in 2025, marking a compound annual growth rate (CAGR) of 12.6%. Factors such as mobility and remote work, security issues, regulatory compliance, big data and analytics, cost-cutting measures, and surging data production have contributed to the growth experienced in the historical period.
How Will the Hardware Storage Market Size Evolve and Grow by 2029?
The scale of the hardware storage market is projected to experience substantial expansion in the foroming years. It will escalate to a market worth of $164.4 billion in 2029, with a compound annual growth rate (CAGR) of 12.3%. Factors contributing to the predicted growth in this timeframe include expansion of hybrid and multi-cloud strategies, digital transition, growth of the internet of things, adoption of cloud technologies, and data explosion. Noteworthy developments to be seen in the forecast period includes the emergence of storage class memory, a shift towards software-based storage, prioritization of data security and privacy, extension of cloud-integrated storage solutions, emergence of non-volatile memory express storage, and a surged interest in solid-state drives.
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What Drivers Are Propelling the Growth of Hardware Storage Market Forward?
Expectations of growth in the hardware storage market are being fuelled by the increasing demand for substantial quantities of digital data. This data is typically encoded in binary format, represented as series of ones and zeros, making it storable and processable by machines. This surge in digital data creation stems from diverse sectors' ever-increasing needs for innovation, insights, and decision-making abilities. Hardware storage options provide the ability to scale and expand in order to meet the growing storage demands. They also offer high-capacity storage solutions that can accommodate large volumes of data, ranging from terabytes to petabytes. A report from the US-based non-profit consortium, the Linux Foundation, revealed in December 2022 that an average end-user organization, with storage capabilities of up to 20 petabytes, saw an annual growth of 566 TB in 2021, and it escalated to 1,746 TB in 2022. Additionally, organizations with a storage capacity of 25 petabytes recorded a considerable annual data growth of 2,208 TB in 2022, showing a three-fold increase compared to 2021's 700 TB. Thus, this escalating demand for extensive digital data volumes is acting as a significant propellant for the hardware storage market's growth.
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Which Emerging Trends Are Transforming the Hardware Storage Market in 2025?
In an effort to gain an advantage in the hardware storage market, leading companies are focusing on the creation of innovative solutions like industrial-grade solid-state drives. These drives are utilized in hardware storage applications to meet the rigorous demands of industrial uses, offering high levels of reliability, robustness, and functionality, even under severe conditions. For example, in September 2023, Solid State Storage Technology Corporation, a company based in Taiwan that specializes in solid-state drives and flash memory, introduced the CL6 series, the world's premier industrial-grade SSD (solid-state drives). This series guarantees a highly reliable and efficient storage experienceby supporting fully established host memory buffer (HMB) technology, which excels in performance over DRAM-less SSDs. Sequential read speeds of up to 6,000 MB/s and write speeds of up to 5,300 MB/s can be achieved by leveraging SLC caching. The CL6 series comes in the popular M.2 2280 format, along with M.2 2242 and M.2 2230 to accommodate the diverse storage needs of various applications, able to hold up to 2TB at maximum capacity.
What Are the Key Segments in the Hardware Storage Market?
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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Who Are the Key Players Shaping the Hardware Storage Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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.
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