Data Storage Global Market Report 2024

The data storage market size has grown rapidly in recent years. It will grow from $155.67 billion in 2023 to $176.2 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The expansion witnessed in the historic period can be attributed to several key factors such as the adoption of virtualization technologies, the implementation of data deduplication and compression techniques, and greater reliability compared to traditional hard disk drives (HDDs).

The data storage market size is expected to see rapid growth in the next few years. It will grow to $293.91 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. Anticipated growth in the forecast period can be linked to various factors, including heightened environmental concerns driving the adoption of sustainable storage solutions, industry-specific dynamics shaping storage requirements, economic conditions influencing investment decisions, regulatory changes impacting storage practices, and the continuous expansion of data volumes.

The expansion of cloud-based services is poised to drive the growth of the data storage market in the foreseeable future. Cloud-based services, which are software programs hosted on remote servers, are gaining traction due to their scalability and adaptability in meeting diverse business requirements. Data storage plays a pivotal role in cloud computing, enabling organizations to leverage the cost efficiency, accessibility, security, and analytical capabilities offered by cloud services. Moreover, cloud storage serves as the bedrock for advanced data analytics and insights, empowering organizations to extract actionable intelligence from their data. For example, Eurostat's data from December 2023 revealed a significant adoption of cloud computing services by EU enterprises, highlighting their preference for hosting email systems, storing electronic files, and executing various tasks via cloud platforms. This trend underscores the pivotal role of cloud-based services in propelling the growth of the data storage market.

Key players in the data storage market are channeling their efforts toward the development of cutting-edge solutions, such as AI-based storage solutions, to maintain a competitive edge. AI-based storage solutions leverage sophisticated algorithms to enhance data management, retrieval, and storage efficiency within the data storage landscape. Huawei Technologies Co. Ltd.'s launch of three innovative data storage solutions in February 2024 exemplifies this trend. These solutions include the AI data lake, aimed at aggregating disparate data sources to unlock value, the all-scenario data protection solution, enhancing data asset resilience, and the DCS full-stack data center solution, empowering carriers with comprehensive infrastructure and platform services in the AI era. Such advancements underscore the industry's commitment to harnessing AI-driven technologies to optimize data storage and management processes.

In May 2022, Restore Technology Ltd. bolstered its technology lifecycle services portfolio by acquiring Ultratec Ltd., a UK-based data storage company. This acquisition is poised to enhance Restore's capabilities, particularly in hard drive and storage product lifecycle services. By integrating Ultratec's expertise, Restore aims to offer comprehensive technology lifecycle solutions, catering to the evolving needs of organizations in managing their data storage infrastructure effectively.

Major companies operating in the data storage market are Samsung Electronics Co Ltd, Dell Technologies Inc., Huawei Technologies Co Ltd, Lenovo Group Limited, International Business Machines Corporation, Cisco Systems Inc, Oracle Systems Corporation, Fuji Electric Co Ltd, Micron Technology Inc, Hewlett Packard Enterprise Company, Tokyo Shibaura Electric Co Ltd, Nippon Electric Company Ltd, Western Digital Corporation, Kingston Technology Company Inc, Seagate Technology Holdings plc, NetApp Inc, Supermicro Computer Inc, Marvell Technology Group Ltd, Hitachi Ltd., Pure Storage Inc, Nutanix Inc, GlassBridge Enterprises Inc, Quantum Corporation Ltd, Inspur software Co Ltd, Synology Inc.

North America was the largest region in the data storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the data storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Data storage involves leveraging technology specifically designed for retaining data to ensure its preservation and accessibility as required. It encompasses the organization and management of data in a structured manner to facilitate efficient storage, retrieval, and protection against loss or corruption. Businesses, organizations, and individuals rely on data storage to effectively store, manage, and utilize large volumes of information crucial for their operations and decision-making processes.

The primary types in data storage encompasses primary storage and secondary storage. Primary storage, also known as main storage or primary memory, serves as the area within a computer where data is temporarily stored for rapid access by the CPU. This storage utilizes various architectures such as file, object-based storage, and block storage, and includes a range of products such as cloud storage, network storage, unified storage, direct attached storage, storage area networks, and software-defined storage. It finds application across diverse industries including banking, financial services, and insurance, information technology and telecommunications, healthcare, retail, media and entertainment, education, among others.

The data storage market research report is one of a series of new reports that provides data storage market statistics, including data storage industry global market size, regional shares, competitors with a data storage market share, detailed data storage market segments, market trends and opportunities, and any further data you may need to thrive in the data storage industry. This data storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The data storage market consists of revenues earned by entities providing services such as cloud storage, backup and recovery, data archiving, disaster recovery and storage as a service (STaaS). The market value includes the value of related goods sold by the service provider or included within the service offering. The data storage market also includes sales of solid-state drives (SSDs), hard disk drives (HDDs), data deduplication appliances, and enterprise storage arrays. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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