Data Storage Market Size 2021-2031 | Drivers
The Data Storage Market is expected to register a CAGR of 17.3% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Storage Type (Consumer Storage, Enterprise Storage); End-user (BFSI, IT and Telecom, Education, Government and Defense, Media and Entertainment, Healthcare, Others); Geography (North America, Europe, Asia-Pacific, Middle East & Africa, South and Central America).
The global analysis is further broken-down at regional level and major countries. The report offers the value in USD for the above analysis and segments
Purpose of the Report
The report Data Storage Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Data Storage Market Segmentation
Storage Type
- Consumer Storage
- Enterprise Storage
End-user
- BFSI
- IT and Telecom
- Education
- Government and Defense
- Media and Entertainment
- Healthcare
- Others
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Data Storage Market: Strategic Insights
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Data Storage Market Growth Drivers
- Exponential Growth of Data Generation: The rapid increase in data generated from various sources such as social media, IoT devices, enterprise applications, and big data analytics is a primary driver of the data storage market. As organizations continue to collect and analyze vast amounts of data for insights and decision-making, the demand for reliable and scalable data storage solutions is growing. This trend is pushing companies to invest in advanced storage technologies that can handle high volumes of data while ensuring accessibility and security.
- Digital Transformation Initiatives: Businesses across sectors are undergoing digital transformation to enhance operational efficiency and customer engagement. This transformation involves adopting cloud computing, AI, and machine learning, all of which require robust data storage solutions to manage and process large datasets. The shift towards digital operations and the need to store and analyze data effectively are driving the demand for various storage solutions, including cloud storage, hybrid storage systems, and high-performance storage arrays.
Data Storage Market Future Trends
- Shift Towards Software-Defined Storage (SDS): Software-defined storage (SDS) is becoming a prominent trend in the data storage market. SDS separates storage hardware from the software that manages it, allowing organizations to use commodity hardware and streamline their storage operations. This trend enables greater flexibility, scalability, and cost savings, as businesses can easily expand their storage capacity without being tied to specific hardware solutions. The growing adoption of SDS is reshaping how organizations approach data storage management.
- Hybrid Storage Solutions: Hybrid storage solutions that combine on-premise storage with cloud resources are becoming increasingly popular. Businesses are adopting this approach to balance the performance, control, and security of on-premise storage with the scalability and flexibility of the cloud. Hybrid models enable organizations to store critical, high-performance data locally while offloading less sensitive or archival data to the cloud, offering a cost-effective and secure way to manage diverse data needs.
Data Storage Market Opportunities
- Adoption of Cloud Storage Solutions: The transition to cloud storage is a significant opportunity for growth in the data storage market. As organizations seek flexibility, scalability, and cost-effectiveness, cloud storage solutions are becoming increasingly popular. Providers are developing innovative cloud-based storage services, including object storage and hybrid cloud solutions, that allow businesses to store and access data from anywhere while reducing infrastructure costs. This trend is set to drive substantial growth in the cloud storage segment.
- Rise of Edge Computing: The rise of edge computing presents new opportunities for data storage solutions, particularly for industries that require real-time data processing and analysis at the source, such as manufacturing, healthcare, and autonomous vehicles. Edge computing reduces latency by processing data closer to where it is generated, necessitating the development of localized storage solutions. Companies that can offer efficient edge storage systems will benefit from the increasing demand for real-time data accessibility and processing capabilities.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Data Storage Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Data Storage Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Exponential Growth of Data Generation and Digital Transformation Initiatives are the major factors driving the Data Storage Market
Shift Towards Software-Defined Storage (SDS) is anticipated to play a significant role in the global Data Storage Market in the coming years
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request
Some of the customization options available based on the request are an additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation# as our team would review the same and check the feasibility
The Data Storage Market is estimated to witness a CAGR of 17.3% from 2023 to 2031
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Data Storage Market - By Storage Type
1.3.2 Data Storage Market - By End-user
1.3.3 Data Storage Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. DATA STORAGE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. DATA STORAGE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. DATA STORAGE MARKET - GLOBAL MARKET ANALYSIS
6.1. DATA STORAGE - GLOBAL MARKET OVERVIEW
6.2. DATA STORAGE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. DATA STORAGE MARKET - REVENUE AND FORECASTS TO 2028 - STORAGE TYPE
7.1. OVERVIEW
7.2. STORAGE TYPE MARKET FORECASTS AND ANALYSIS
7.3. CONSUMER STORAGE
7.3.1. Overview
7.3.2. Consumer Storage Market Forecast and Analysis
7.3.3. Optical Disk Market
7.3.3.1. Overview
7.3.3.2. Optical Disk Market Forecast and Analysis
7.3.4. Memory Card Market
7.3.4.1. Overview
7.3.4.2. Memory Card Market Forecast and Analysis
7.3.5. USB Flash Drives Market
7.3.5.1. Overview
7.3.5.2. USB Flash Drives Market Forecast and Analysis
7.3.6. Solid State Devices Market
7.3.6.1. Overview
7.3.6.2. Solid State Devices Market Forecast and Analysis
7.3.7. Hard Disk Drive (HDD) Market
7.3.7.1. Overview
7.3.7.2. Hard Disk Drive (HDD) Market Forecast and Analysis
7.4. ENTERPRISE STORAGE
7.4.1. Overview
7.4.2. Enterprise Storage Market Forecast and Analysis
7.4.3. Flash Storage Market
7.4.3.1. Overview
7.4.3.2. Flash Storage Market Forecast and Analysis
7.4.4. Cloud Based Storage Market
7.4.4.1. Overview
7.4.4.2. Cloud Based Storage Market Forecast and Analysis
7.4.5. Hard Disk Drive (HDD) Market
7.4.5.1. Overview
7.4.5.2. Hard Disk Drive (HDD) Market Forecast and Analysis
7.4.6. Software Defined Storage Market
7.4.6.1. Overview
7.4.6.2. Software Defined Storage Market Forecast and Analysis
7.4.7. Hyper-Converged Infrastructure Market
7.4.7.1. Overview
7.4.7.2. Hyper-Converged Infrastructure Market Forecast and Analysis
8. DATA STORAGE MARKET - REVENUE AND FORECASTS TO 2028 - END-USER
8.1. OVERVIEW
8.2. END-USER MARKET FORECASTS AND ANALYSIS
8.3. BFSI
8.3.1. Overview
8.3.2. BFSI Market Forecast and Analysis
8.4. IT AND TELECOM
8.4.1. Overview
8.4.2. IT and Telecom Market Forecast and Analysis
8.5. EDUCATION
8.5.1. Overview
8.5.2. Education Market Forecast and Analysis
8.6. GOVERNMENT AND DEFENSE
8.6.1. Overview
8.6.2. Government and Defense Market Forecast and Analysis
8.7. MEDIA AND ENTERTAINMENT
8.7.1. Overview
8.7.2. Media and Entertainment Market Forecast and Analysis
8.8. HEALTHCARE
8.8.1. Overview
8.8.2. Healthcare Market Forecast and Analysis
8.9. OTHERS
8.9.1. Overview
8.9.2. Others Market Forecast and Analysis
9. DATA STORAGE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Data Storage Market Overview
9.1.2 North America Data Storage Market Forecasts and Analysis
9.1.3 North America Data Storage Market Forecasts and Analysis - By Storage Type
9.1.4 North America Data Storage Market Forecasts and Analysis - By End-user
9.1.5 North America Data Storage Market Forecasts and Analysis - By Countries
9.1.5.1 United States Data Storage Market
9.1.5.1.1 United States Data Storage Market by Storage Type
9.1.5.1.2 United States Data Storage Market by End-user
9.1.5.2 Canada Data Storage Market
9.1.5.2.1 Canada Data Storage Market by Storage Type
9.1.5.2.2 Canada Data Storage Market by End-user
9.1.5.3 Mexico Data Storage Market
9.1.5.3.1 Mexico Data Storage Market by Storage Type
9.1.5.3.2 Mexico Data Storage Market by End-user
9.2. EUROPE
9.2.1 Europe Data Storage Market Overview
9.2.2 Europe Data Storage Market Forecasts and Analysis
9.2.3 Europe Data Storage Market Forecasts and Analysis - By Storage Type
9.2.4 Europe Data Storage Market Forecasts and Analysis - By End-user
9.2.5 Europe Data Storage Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Data Storage Market
9.2.5.1.1 Germany Data Storage Market by Storage Type
9.2.5.1.2 Germany Data Storage Market by End-user
9.2.5.2 France Data Storage Market
9.2.5.2.1 France Data Storage Market by Storage Type
9.2.5.2.2 France Data Storage Market by End-user
9.2.5.3 Italy Data Storage Market
9.2.5.3.1 Italy Data Storage Market by Storage Type
9.2.5.3.2 Italy Data Storage Market by End-user
9.2.5.4 United Kingdom Data Storage Market
9.2.5.4.1 United Kingdom Data Storage Market by Storage Type
9.2.5.4.2 United Kingdom Data Storage Market by End-user
9.2.5.5 Russia Data Storage Market
9.2.5.5.1 Russia Data Storage Market by Storage Type
9.2.5.5.2 Russia Data Storage Market by End-user
9.2.5.6 Rest of Europe Data Storage Market
9.2.5.6.1 Rest of Europe Data Storage Market by Storage Type
9.2.5.6.2 Rest of Europe Data Storage Market by End-user
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Data Storage Market Overview
9.3.2 Asia-Pacific Data Storage Market Forecasts and Analysis
9.3.3 Asia-Pacific Data Storage Market Forecasts and Analysis - By Storage Type
9.3.4 Asia-Pacific Data Storage Market Forecasts and Analysis - By End-user
9.3.5 Asia-Pacific Data Storage Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Data Storage Market
9.3.5.1.1 Australia Data Storage Market by Storage Type
9.3.5.1.2 Australia Data Storage Market by End-user
9.3.5.2 China Data Storage Market
9.3.5.2.1 China Data Storage Market by Storage Type
9.3.5.2.2 China Data Storage Market by End-user
9.3.5.3 India Data Storage Market
9.3.5.3.1 India Data Storage Market by Storage Type
9.3.5.3.2 India Data Storage Market by End-user
9.3.5.4 Japan Data Storage Market
9.3.5.4.1 Japan Data Storage Market by Storage Type
9.3.5.4.2 Japan Data Storage Market by End-user
9.3.5.5 South Korea Data Storage Market
9.3.5.5.1 South Korea Data Storage Market by Storage Type
9.3.5.5.2 South Korea Data Storage Market by End-user
9.3.5.6 Rest of Asia-Pacific Data Storage Market
9.3.5.6.1 Rest of Asia-Pacific Data Storage Market by Storage Type
9.3.5.6.2 Rest of Asia-Pacific Data Storage Market by End-user
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Data Storage Market Overview
9.4.2 Middle East and Africa Data Storage Market Forecasts and Analysis
9.4.3 Middle East and Africa Data Storage Market Forecasts and Analysis - By Storage Type
9.4.4 Middle East and Africa Data Storage Market Forecasts and Analysis - By End-user
9.4.5 Middle East and Africa Data Storage Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Data Storage Market
9.4.5.1.1 South Africa Data Storage Market by Storage Type
9.4.5.1.2 South Africa Data Storage Market by End-user
9.4.5.2 Saudi Arabia Data Storage Market
9.4.5.2.1 Saudi Arabia Data Storage Market by Storage Type
9.4.5.2.2 Saudi Arabia Data Storage Market by End-user
9.4.5.3 U.A.E Data Storage Market
9.4.5.3.1 U.A.E Data Storage Market by Storage Type
9.4.5.3.2 U.A.E Data Storage Market by End-user
9.4.5.4 Rest of Middle East and Africa Data Storage Market
9.4.5.4.1 Rest of Middle East and Africa Data Storage Market by Storage Type
9.4.5.4.2 Rest of Middle East and Africa Data Storage Market by End-user
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Data Storage Market Overview
9.5.2 South and Central America Data Storage Market Forecasts and Analysis
9.5.3 South and Central America Data Storage Market Forecasts and Analysis - By Storage Type
9.5.4 South and Central America Data Storage Market Forecasts and Analysis - By End-user
9.5.5 South and Central America Data Storage Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Data Storage Market
9.5.5.1.1 Brazil Data Storage Market by Storage Type
9.5.5.1.2 Brazil Data Storage Market by End-user
9.5.5.2 Argentina Data Storage Market
9.5.5.2.1 Argentina Data Storage Market by Storage Type
9.5.5.2.2 Argentina Data Storage Market by End-user
9.5.5.3 Rest of South and Central America Data Storage Market
9.5.5.3.1 Rest of South and Central America Data Storage Market by Storage Type
9.5.5.3.2 Rest of South and Central America Data Storage Market by End-user
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. DATA STORAGE MARKET, KEY COMPANY PROFILES
11.1. DATADIRECT NETWORKS, INC.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. DELL INC.
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. HEWLETT PACKARD ENTERPRISE DEVELOPMENT LP
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. HITACHI, LTD.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. IBM CORPORATION
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. MICROSOFT CORPORATION
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. NETAPP, INC.
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. SEAGATE TECHNOLOGY LLC
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. TOSHIBA CORPORATION
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. WESTERN DIGITAL CORPORATION
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. DataDirect Networks, Inc.
2. Dell Inc.
3. Hewlett Packard Enterprise Development LP
4. Hitachi, Ltd.
5. IBM Corporation
6. Microsoft Corporation
7. NetApp, Inc.
8. Seagate Technology LLC
9. Toshiba Corporation
10. Western Digital Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For