Data Storage Market to Surpass USD 791.52 Billion by 2030 Driven by Big Data Explosion and Rapid Technological Advancements | Research by SNS Insider

Based on SNS Insider’s research, the data storage market is in the midst of a transformative phase, driven by a confluence of factors ranging from the exponential growth in data generation to the rapid evolution of storage technologies.

Pune, Nov. 16, 2023 (GLOBE NEWSWIRE) — “The Data Storage Market, as indicated in the SNS Insider report, was assessed at USD 212.01 billion in 2022, and it is anticipated to reach USD 791.52 billion by 2030. The projected growth is expected to follow a Compound Annual Growth Rate (CAGR) of 17.9% during the forecast period from 2023 to 2030.”

Market Overview

Data storage refers to the processes and technologies used to store, manage, and retrieve digital information. In a world increasingly dominated by digital content, data storage serves as the backbone for preserving, organizing, and safeguarding diverse types of data. This includes everything from text documents and images to videos, databases, and application files. There are various forms of data storage, ranging from traditional physical storage devices like hard drives and solid-state drives (SSDs) to cloud-based storage solutions. Each type comes with its own set of advantages and considerations, shaping the landscape of data storage in a dynamic manner.

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Major Players Listed in this Report are:

The key players are IBM Corporation, Microsoft Azure, Hewlett Packard Enterprise, Equinix, Dell Technologies, Amazon Web Services, Hitachi Vantara, NetApp, Huawei, Veritas, Infinidat, and others players

Market Analysis

The proliferation of big data analytics demands extensive and scalable storage solutions. As businesses harness the power of data-driven insights, the demand for larger and more efficient storage capacities rises. Continuous advancements in storage technologies, including the development of faster and more reliable storage devices, contribute to the growth of the data storage market. The increasing adoption of cloud computing translates into a higher demand for cloud-based storage solutions. This trend is driven by the benefits of scalability, accessibility, and cost-effectiveness offered by cloud storage. The Internet of Things (IoT) revolution generates a massive influx of data from interconnected devices. To manage and derive value from this data, robust storage infrastructures are essential. With the rising threats of cyber-attacks and data breaches, organizations are investing in secure and resilient storage solutions to safeguard sensitive information.

Data Storage Market Report Scope:

Report Attributes Details
Market Size in 2022  US$ 212.01 Bn
Market Size by 2030  US$ 791.52 Bn
CAGR  CAGR of 17.9 % From 2023 to 2030
Base Year  2022
Forecast Period  2023-2030
Historical Data  2019-2021
Key Regional Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

Key Takeaway from Data Storage Market Study

  • In the landscape of data storage solutions, the Direct Attached Storage (DAS) segment emerges as a dominant force, reshaping the industry’s dynamics. Direct Attached Storage refers to storage devices directly connected to a computer or server, providing rapid access to data without the need for network protocols. This segment’s ascendancy is attributed to its inherent advantages, including low latency, high performance, and simplicity in deployment.
  • Within the expansive realm of data storage, the Banking, Financial Services, and Insurance (BFSI) sector emerges as a dominant force in shaping data storage market trends. The BFSI segment’s reliance on robust data storage solutions is propelled by the exponential growth in financial transactions, regulatory requirements, and the need for secure and scalable storage infrastructure.

Recent Developments

  • Skyfire and Ondas Autonomous Systems have joined forces to introduce an innovative “Drone-in-a-Box” solution to the U.S. public. This cutting-edge partnership signifies a significant leap forward in drone technology, promising to reshape the landscape of aerial automation.
  • In a strategic partnership that promises to redefine public safety operations, Axon has teamed up with Fotokite to introduce tethered, autonomous drones. This collaboration represents a fusion of Axon’s leading-edge public safety technologies with Fotokite’s expertise in aerial intelligence, aiming to enhance the capabilities of first responders and law enforcement agencies.

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Market Dynamics Analysis

The dynamics of the data storage market are intricate and multifaceted, shaped by a plethora of factors that influence its trajectory. Among the key drivers propelling market growth are the escalating volumes of data generated globally, driven by the digital transformation initiatives across industries. Additionally, the increasing adoption of emerging technologies like artificial intelligence, machine learning, and the Internet of Things (IoT) contributes to the unprecedented demand for advanced and scalable storage solutions. However, this surge in demand is met with challenges and restraints, including concerns over data security, compliance with stringent regulations, and the complexity of managing vast datasets. The evolving threat landscape poses a considerable challenge to the market, with cybersecurity becoming a paramount concern. As the frequency and sophistication of cyber threats increase, organizations investing in data storage solutions must prioritize robust security measures to safeguard sensitive information. Furthermore, the market is not immune to economic uncertainties and geopolitical tensions, which can impact investment decisions and disrupt the supply chain.

Data Storage Market Key Segmentation:

By Storage Medium

  • Direct Attached Storage
  • Storage Area Network
  • Network Attached Storage
  • Cloud Storage
  • Software Defined Storage

By End-user

  • Individual
  • Commercial
  • Industrial
  • Government

By Industry

  • BFSI
  • IT & Telecom
  • Healthcare
  • Retail
  • Media & Entertainment
  • Education
  • Others

Key Regional Developments

North America stands at the forefront of data storage market dynamics, boasting a robust technological infrastructure and a culture of innovation. The presence of major industry players and the continuous adoption of advanced storage solutions contribute to the region’s dominance. In Europe, the market is influenced by a dual emphasis on sustainability and data security. As the region grapples with stringent environmental regulations, there is a growing inclination toward adopting energy-efficient and eco-friendly storage solutions. The Asia-Pacific region is witnessing accelerated growth in the market, driven by the rapid digital transformation and technological leapfrogging in emerging economies.

Impact of Recession

One of the primary consequences of a recession is the tightening of corporate budgets, particularly in the realm of information technology. Organizations facing financial constraints tend to reduce capital expenditure, impacting their investments in data storage market. This has prompted businesses to reevaluate their storage strategies, with a focus on optimizing existing resources and exploring cost-effective solutions. As companies strive to do more with less, there is a growing emphasis on optimizing data management processes. This involves implementing efficient data storage solutions, adopting data deduplication techniques, and leveraging advanced storage management technologies. The recession has acted as a catalyst for organizations to streamline their data storage practices, leading to increased efficiency and reduced operational costs.

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Table of Contents

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Data storage market Segmentation, by Storage Medium

9. Data storage market Segmentation, by End-user

10. Data storage market Segmentation, by Industry

11. Regional Analysis

12. Company Profile

13. Competitive Landscape

14. USE Cases and Best Practices

15. Conclusion

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