Data Storage Market Analysis And Forecast To 2032: By Storage System (Direct-Attached Storage, Network-Attached Storage, Storage Area Network), End-user (Media and Entertainment, Education, IT and Telecommunications, Defence and Aerospace, Banking, Financ

Data Storage Market Analysis And Forecast To 2032: By Storage System (Direct-Attached Storage, Network-Attached Storage, Storage Area Network), End-user (Media and Entertainment, Education, IT and Telecommunications, Defence and Aerospace, Banking, Financial Services and Insurance (BFSI), Cloud Service Providers, and Others), And By Region

The global Data Storage Market was valued at USD 115.3 Billion in 2022 and it is anticipated to grow up to USD 219.4 Billion by 2032 at a CAGR of 6.6% during the forecast period.

Data storage refers to the recording or storing of information and data in an electromagnetic, optical, or silicon-based storage medium. Data is often stored in a digital, machine-readable medium, and is called digital data. The prevalent forms of data storage are file storage, object storage, and block storage.

Global Data Storage Market Scope and Report Structure

Market Trends and Drivers

The rapidly growing digital infrastructure and penetration of cloud-based services in organisations are driving the global data storage industry forward. As new industries are joining the market, there have been a rise in new technologies and improvements in the existing structures of data storages, taking the market forward. Increased production of information from input-output electronic devices across various applications is acting as a catalyst for the market growth. The adoption of data storage structures in banks as a move to reduce paperwork and increase digitisation is providing an impetus to the market growth. Moreover, the adoption of technologies like the internet of things (IoT) in various end-use industries is expected to drive the market forward.

Market Restraints and Challenges

The high cost involved in the collaboration and integration of diverse applications of digital utility hinders the growth of the digital utility market in the global market. The lack of awareness is another major factor that restricts market growth. Also, the issue of cyber security is a major shortcoming in the growth of the digital utility market.

Global Data Storage Market Segmental Overview

The report analyses the global Data Storage Market based on storage system, end-user, and region

Global Data Storage Market by Storage system

By Storage System, the Data Storage Market is segmented into Direct-Attached Storage, Network-Attached Storage, and Storage Area Network. The Direct-Attached Storage segment held the largest market share of xx% in 2022 and is expected to grow at a significant CAGR over the forecast period. Direct Attached Storage (DAS) is the oldest and most conventional data storage system connected directly to a computer, such as a server or PC, unlike other storage systems connected to a computer over a network.

DAS offers specific benefits compared to other storage systems that play an essential role in many organizations' storage strategies: high performance, easiness during the setup and configuration, fast access to data, and low cost. Generally, DAS offers high storage performance to the computer system it is directly attached to, owing to the advantage of fast computer bus interfaces, such as SAS and SATA, and the close location of data to the system's RAM and processor. Recently, in May 2022, TerraMaster launched a new 8-bay direct-attached storage (DAS) device for customers who need a central location to store a lot of data. Unlike NAS, DAS is used locally through the use of cables that directly connect to a PC or other device. The new TerraMaster D8-332 is professional RAID storage with a capacity of up to 160TB.

One common application of DAS is in data centres. Applications such as web hosting use DAS, where customers want their own private storage devices connected to their dedicated server. DAS is also commonly utilized in data centres as storage used for booting the operating systems and/or hypervisors. The integrated solutions segment is expected to register the highest CAGR over the forecast period. Integrated solutions offered in the market include cloud and software services. The software solution assists in digitizing assets, optimizing operations, providing flexibility, and improving reliability.

Global Data Storage Market by End-user

By end-user, the Data Storage Market is segmented into Media and Entertainment, Education, IT and Telecommunications, Defence and Aerospace, Banking, Financial Services and Insurance (BFSI), Cloud Service Providers, and Others. The cloud service providers segment is projected to emerge as one of the fastest-growing segments in the market for next-generation data storage over the forecast period. Cloud computing is likely to play a massive role in the development of next-generation machines. Moreover, the increased adoption of cloud technologies such as hybrid cloud, IoT, BDaaS, and PaaS, is likely to necessitate cloud service providers to utilize next-generation data storage solutions to better cater to their customers.

Geographical Analysis of Global Data Storage Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the market for next-generation data storage in 2022, accounting for a nearly xx% revenue share of the global market. This can be attributed to the large volume of unstructured data across several industry verticals and the need for secure and economic solutions for storing data. Easy availability of technologically advanced products such as 3D and molecular storage is likely to further fuel growth prospects of the North American market over the forecast period.

Major Players in the Global Data Storage Market

The key players in the market are IBM Corporation, NetApp Inc., Microsoft Corporation, Pure Storage Inc., Dell Inc., Samsung Electronics, Toshiba Corporation, Fujitsu Ltd., Hewlett Packard Enterprise, and Intel Corporation, among others.

COVID-19 Impact:

The COVID-19 pandemic outbreak has positively impacted the market for next-generation storage, especially solutions that are used in cloud storage. Storage vendors are making some of their hardware and software technology available for no charge to help researchers, businesses, work-from-home users, and partners run their businesses and work remotely during the COVID-19 coronavirus pandemic.

Recent Developments:

In October 2021, Dell Technologies announced new additions to its Dell EMC PowerScale portfolio. PowerScale is the company’s integrated network-attached storage (NAS) solution for AI-based initiatives, from proof of concept to deployment.

In April 2021, IBM announced plans to launch a new container-native software-defined storage (SDS) solution, IBM Spectrum Fusion, in the second half of 2021. The solution was expected to be designed to fuse IBM's general parallel file system technology and its data protection software to give businesses and their applications a simple and less complex approach to accessing data seamlessly within the data centre, at the edge and across hybrid cloud environments.

Frequently Asked Questions

Q1. How big is the Digital Power Utility Market?

Ans. The global Data Storage Market was valued at USD 115.3 Billion in 2022 and it is anticipated to grow up to USD 219.4 Billion by 2032 at a CAGR of 6.6% during the forecast period.

Q2. What is the Data Storage Market growth rate?

Ans. The growth rate of the Data Storage Market is 6.6%

Q3. Which region holds a major market share for the market?

Ans. North America holds a major market share of the Data Storage Market in 2022.

Q4. Which segment accounted for the largest Data Storage Market share?

Ans. By storage system, direct storage system segment accounted for the largest Data Storage Market share.

Q5. Who are the key players in the Digital Power Utility Market?

Ans. The global Data Storage Market report includes players such as IBM Corporation, NetApp Inc., Microsoft Corporation, Pure Storage Inc., Dell Inc., Samsung Electronics, Toshiba Corporation, Fujitsu Ltd., Hewlett Packard Enterprise, Intel Corporation, and others.

Q6. What are the factors driving the Data Storage Market growth?

Ans. Factors such as digitization of information in residential and commercial places, supported by an escalated use of mobile computing devices such as laptops, smartphones, and tablets, is significantly contributing to the market growth. Additionally, there is a massive rise in the volume of digital information across industry verticals such as healthcare, retail, and BFSI, which leads to the need for effective next-generation data storing devices.

Q7. What are the key growth strategies of Data Storage Market players?

Ans. The key growth strategies of Data Storage Market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Data Storage Market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Data Storage Market during the forecast period.

Please Note: This report will be delivered by publisher within 3-4 business days of order confirmation.