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What Is Driving Global Hardware Storage Market Growth in 2025: The Role of The Role Of Digital Data Expansion In Driving Hardware Storage Market Growth
Hardware Storage
How Large Will the Hardware Storage Market Size By 2025?
The size of the hardware storage market has seen quick expansion in the past few years. The market is projected to increase from $91.86 billion in 2024 to $102.61 billion in 2025, with a compound annual growth rate (CAGR) of 11.7%. Factors contributing to past growth include the shift toward remote work and mobility, security worries, regulation compliance, the rise of big data and analytics, cost cutting measures, and a spike in data production.
How Big Is the Hardware Storage Market Size Expected to Grow by 2029?
Expectations are high for the hardware storage market in the upcoming years with predicted rapid expansion. By 2029, the projection stands at $156.7 billion, with an 11.2% compound annual growth rate (CAGR). The anticipated growth within the forecast period could be accounted for by hybrid and multi-cloud strategies, broadening of the internet of things, advancing digital transformation, escalating cloud adoption, and data explosion. Key trends to watch in the forecast period are the appearance of storage class memory, moving towards software-defined storage, priorities on data security and confidentiality, increasing the scope of cloud-integrated storage solutions, the emergence of non-volatile memory express storage, and the rising adoption of solid-state drives.
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Which Key Market Drivers Powering Hardware Storage Market Expansion and Growth?
The hardware storage market is poised for advancement due to the escalating demand for substantial amounts of digital data. Digital data encompasses information conveyed in binary code, often displayed as rows of ones and zeroes, which computers can process and preserve. There's a surge in the quantity of digital data as various sectors need it for insights, innovative strategies, and decision-making. Hardware storage answers present scalability and the ability to grow to meet increasing storage demands. They also offer high-capacity storage options that can hold terabyte or even petabyte amounts of data. According to a December 2022 report by the Linux Foundation, a non-profit consortium from the US, an average end-user organization with a storage limit of 20 petabytes saw its annual data grow by 566 TB in 2021 and 1,746 TB in 2022. In a comparable vein, yearly data growth for entities with storage boundaries of 25 petabytes hit a remarkable 2,208 TB in 2022, triple the amount of 2021 (700 TB). Consequently, the soaring demand for enormous amounts of digital data is propelling the hardware storage market's growth.
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Which Fast-Growing Trends Are Poised to Disrupt the Hardware Storage Market?
Leading enterprises in the hardware storage sector are aiming to create innovative solutions, like industrial-grade solid-state drives, to establish a competitive edge over others. These drives are applied in hardware storage systems for attaining the rigorous demands of industrial processes due to their dependability, robustness, and superior performance under severe conditions. For instance, in September 2023, the Taiwan-based Solid State Storage Technology Corporation, known for its solid-state drive and flash memory production, introduced the CL6 series - the world's first industrial-grade SSD. This series enhances storage efficiency and reliability by incorporating developed host memory buffer (HMB) technology, which excels past DRAM-less SSDs in performance. Owing to SLC caching, sequential read speeds can go up to 6,000 MB/s and write speeds to 5,300 MB/s. The CL6 series caters to various storage needs with a format range covering M.2 2280, M.2 2242, and M.2 2230, and maximum storage capacity reaching 2TB.
What Are the Emerging Segments in the Hardware Storage Market?
The hardware storagemarket 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 Global Leaders 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.
Which are the Top Profitable Regional Markets for the Hardware Storage Industry?
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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