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Global Hardware Storage Market to Grow at a CAGR of 13% During 2021-2026, Aided by the Expanding Digital Economy

According to a new report by EMR titled, ‘Global Hardware Storage Market Report and Forecast 2021-2026’, the market is expected to grow at a CAGR of 13% in the forecast period of 2021-2026.

The storage of data is the most crucial part of the modern data-driven economy. The key industry players are continuously working to capitalise on the growth opportunities offered by emerging countries and meet the rising data storage requirements, which is the direct fall out of the rising digital economy. Thus, these players are constantly innovating their storage systems to expand their global reach.

Hewlett Packard Enterprise (NYSE: HPE), one of the leading players in the market, aims at providing intelligent data storage platform and AI-driven results. In May 2021, the company introduced a new data services platform, which will be available through HPE GreenLake. It consists of a cloud console for swift and unified data operations as a service; cloud data service for automated global infrastructure management; and HPE Alletra, which is a portfolio of cloud-native data infrastructure, powering data edge-to-cloud.

Another player in the market NetApp (NASDAQ: NTAP), cloud-led, data-centric software company, and Aston Martin Cognizant Formula One™ announced a multi-year partnership. As the British car brand gears up for its return to Formula One competition after long 60 years, NetApp will support it by using data to build its team’s racing strategies in real time on a global scale. The team will be able to better gauge car performance and make necessary refinements before, during, and after every race.

The importance of data has no limits. It provides a strategic help in all sectors and industries, which is expected to reinforce the market for hardware storage in the coming years.

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

  • The market is divided into file and object-based storage (FOBS) and block storage based on storage architecture.
  • On the basis of storage system, the hardware storage industry is classified into network attached storage (NAS), direct attached storage (DAS), and storage area network (SAN).
  • The different storage mediums are solid-state drive (SSD), hard disk drive (HDD), and tape, among others.
  • The major end users of the hardware storage are enterprises, government, cloud service providers, and telecom, among others.
  • The regional markets of hardware storage include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The companies like Google or YouTube, among many others, which rely on digital data for their operations significantly drive the demand for hardware storage, thus, aiding the industry growth.
  • The increasing penetration of data analytics, AI, blockchain, IoT, cloud computing and other Internet-based services is one of the major factors driving the industry growth.
  • The increased government spending to enhance the contribution of digital economy has further boosted the demand for hardware storage.
  • The growing sale and use of smartphone and the culture of taking pictures and recording videos as memories are further pushing the demand for external storage devices.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for hardware storage for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the storage architectures, storage systems, storage mediums, end uses, and regions of hardware storage.
  • The report analyses the market dynamics, covering the key demand indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global hardware storage market are Hewlett Packard Enterprise, Dell, Inc., NetApp, Inc., Hitachi, Ltd., and Nutanix, Inc., 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.

*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.

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