Hardware Storage Global Market Report 2024

The hardware storage market size has grown rapidly in recent years. It will grow from $81.92 billion in 2023 to $91.86 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to mobility and remote work, security concerns, regulatory compliance, big data and analytics, cost reductions, and increasing data generation.

The hardware storage market size is expected to see rapid growth in the next few years. It will grow to $146.33 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to hybrid and multi-cloud strategies, digital transformation, internet of thing expansion, cloud adoption, and data explosion. Major trends in the forecast period include the emergence of storage class memory, a shift towards software-defined storage, a focus on data security and privacy, expansion of cloud-integrated storage solutions, the rise of non-volatile memory express storage, and increased adoption of solid-state drives.

The increasing demand for substantial amounts of digital data is anticipated to drive growth within the hardware storage market. This surge is attributed to the escalating need for data-driven insights, innovation, and decision-making across various sectors. Hardware storage solutions offer scalability and expandability to accommodate the growing storage requirements. They provide high-capacity storage solutions capable of handling terabytes or even petabytes of data. For instance, according to a December 2022 report by the Linux Foundation, organizations with storage capacities of up to 20 petabytes experienced significant annual data growth, reaching 1,746 TB in 2022. Therefore, the increasing demand for substantial amounts of digital data drives the hardware storage market.

Key players in the hardware storage market are concentrating on developing advanced solutions, such as industrial-grade solid-state drives, to gain a competitive advantage. These solid-state drives are tailored to meet the demanding requirements of industrial applications, offering high reliability, durability, and performance in harsh environments. For example, in September 2023, Solid State Storage Technology Corporation introduced the CL6 series, the world's first industrial-grade SSDs. These drives boast fully developed host memory buffer (HMB) technology, surpassing DRAM-less SSDs in performance. With features such as SLC caching, they achieve impressive sequential read speeds of up to 6,000 MB/s and sequential write speeds of up to 5,300 MB/s, catering to various storage needs.

In May 2022, Restore Technology Ltd., a UK-based IT lifecycle services company, completed the acquisition of Ultratec Ltd. for $11.88 million (£9.4 million). This strategic move is poised to enhance Restore's capabilities in technology lifecycle services, particularly in the realm of hard drive and storage products. Ultratec Ltd., a UK-based data storage company specializing in hardware storage, adds valuable expertise and resources to Restore's portfolio.

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

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

Hardware storage encompasses physical devices or components utilized for storing digital data, files, and information in a tangible format, offering reliable and accessible data storage and retrieval solutions for diverse computing and information technology applications. These solutions cater to a wide spectrum of users, from individual consumers to large enterprises and data centers.

The principal storage architectures in hardware storage comprise file, object-based storage, and block storage. File storage structures data hierarchically, resembling the organization of files and folders within a computer's file system. It encompasses various storage systems such as network-attached storage (NAS), direct-attached storage (DAS), and storage area network (SAN), leveraging multiple storage mediums such as solid-state drives (SSD), hard disk drives (HDD), tape, and others. This technology serves a multitude of end users including enterprises, governments, cloud service providers, and telecommunications companies.

The hardware storage market research report is one of a series of new reports that provides hardware storage market statistics, including hardware storage industry global market size, regional shares, competitors with a hardware storage market share, detailed hardware storage market segments, market trends and opportunities, and any further data you may need to thrive in the hardware storage industry. This hardware 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 hardware storage market consists of sales of network-attached storage (NAS) devices, external hard drives, flash drives (USB drives), solid-state drives (SSDS), and hard disk drives (HDDS). 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.


This product will be delivered within 3-5 business days.