Global Data Storage Market to Grow at a CAGR of 26% During 2024-2032, Driven by the Growing Data Stockpile

Speedy and efficient data storage is crucially important for the growth of the business. It helps to record media and retain information to make it accessible as necessary using technology. The global data storage market report analyses that file and object based storage and block storage are heavily prevalent for different applications. Block storage is used to store data files on storage area networks (SANs) or cloud-based storage environments. Block storage is demanded among developers for fast and reliable data transportation in computing situations. Object based storage is used for public cloud storage as it can be scaled easily and is suited for large quantities of static data.

With the growing amount of data and its use in decision making among businesses, the data storage market has become extremely vital in the present scenario. As a result, the demand for uncomplicated, easy, quick, and secure data storage is expanding. Companies are collaborating with one another to offer integrated products to offer a more comprehensive platform to their customers.

In October 2022, IBM (NYSE: IBM), one of the key market players, announced to offer Red Hat storage product roadmaps and Red Hat associate teams in the IBM Storage business unit. Under this, the company aimed to integrate the storage technologies from Red Hat OpenShift Data Foundation (ODF) as the foundation for IBM Spectrum Fusion.

In August 2023, Pure Storage Inc. (NYSE: PSTG) announced an expanded, multi-year strategic partnership with Microsoft Corporation to offer its leading storage capability Pure Cloud Block Store™ for Azure VMware Solution (AVS). This will enable consumers to optimise AVS costs, take advantage of Evergreen® Innovation in Azure, accelerate and de-risk cloud migrations, leverage Pure storage Safemode® ransomware data protection, implement flexible disaster recovery, and simplify and unify storage strategy.

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Market Analysis by Architecture, Storage Type, Storage System, End Use, and Region:

• The data storage market on the basis of architecture can be divided into file and object based storage, and block storage.

• On the basis of storage type, the market is segmented into enterprise storage and consumer storage, among others. Enterprise storage is divided into flash storage, cloud based storage, hard disk drive (HDD), software defined storage, hyper-converged infrastructure, among others. Consumer storage is divided into optical disk, memory card, USB flash drives, solid state devices, hard disk drive (HDD), among others.

• Different storage systems in the market include direct-attached storage, network-attached storage, and storage area network.

• The end use segments of the market encompass media and entertainment, education, IT and telecommunications, defence and aerospace, banking, financial services and insurance (BFSI), cloud service providers, among others.

• The regional markets for data storage include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• A large amount of data including audio files, email, sensor data, among others, are unstructured. This has increased the demand for object storage for storing static content, data arches, and backups.

• Cloud storage uses remote servers to enable organisations to store, access, and maintain data. It eliminates the need for enterprises to own and operate their own data centres.

• For high-performance computing workloads and artificial intelligence and machine learning operations, companies are delivering object software-defined storage platform. A scalable, flexible, customisable, and cost-efficient architecture, object based storage platform makes it easier to search and navigate without the requirement for a separate application.

• The growing amount of digital content with the rise of Internet is boosting the data stockpile on a daily basis. This trend is expected to strengthen the need for efficient data storage going forward.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for data storage for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the architecture, storage type, storage system, end use, and regions.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global data storage market are IBM Corporation, NetApp, Inc., Microsoft Corporation, Pure Storage, Inc., Dell Inc., and Samsung Electronics, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.