Data Storage Market
Data Storage Market
Data Storage Market to Reach US$ 282.4 Bn by 2032, driven by rising demand for data storage in retail, healthcare, and manufacturing sector and a consequent rise in the adoption of cloud computing
New York, April 2023: According to a new research study by Global Insight Services (GIS), the global Data Storage Market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 282.4 Billion by 2032.
Data storage refers to the recording or storing of information and data in an electromagnetic, optical, or silicon-based storage medium. Data is often stored in a digital, machine-readable medium, and is called digital data. The prevalent forms of data storage are file storage, object storage, and block storage.
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Digital Power Utility Market: Key Trends and Drivers
The rapidly growing digital infrastructure and penetration of cloud-based services in organisations are driving the global data storage industry forward. As new industries are joining the market, there have been a rise in new technologies and improvements in the existing structures of data storages, taking the market forward. Increased production of information from input-output electronic devices across various applications is acting as a catalyst for the market growth. The adoption of data storage structures in banks as a move to reduce paperwork and increase digitisation is providing an impetus to the market growth. Moreover, the adoption of technologies like the internet of things (IoT) in various end-use industries is expected to drive the market forward.
Digital Power Utility Market: Restraints & Challenges
The high cost involved in the collaboration and integration of diverse applications of digital utility hinders the growth of the digital utility market in the global market. The lack of awareness is another major factor that restricts market growth. Also, the issue of cyber security is a major shortcoming in the growth of the digital utility market.
Data Storage Market Report Findings
The Direct-Attached Storage segment is likely to hold a dominant Data Storage Market share and grow at a substantial CAGR during the forecast period.
By Storage System, the Data Storage Market is segmented into Direct-Attached Storage, Network-Attached Storage, and Storage Area Network. The Direct-Attached Storage segment held the largest market share of xx% in 2022 and is expected to grow at a significant CAGR over the forecast period. Direct Attached Storage (DAS) is the oldest and most conventional data storage system connected directly to a computer, such as a server or PC, unlike other storage systems connected to a computer over a network.
DAS offers specific benefits compared to other storage systems that play an essential role in many organizations’ storage strategies: high performance, easiness during the setup and configuration, fast access to data, and low cost. Generally, DAS offers high storage performance to the computer system it is directly attached to, owing to the advantage of fast computer bus interfaces, such as SAS and SATA, and the close location of data to the system’s RAM and processor. Recently, in May 2022, TerraMaster launched a new 8-bay direct-attached storage (DAS) device for customers who need a central location to store a lot of data. Unlike NAS, DAS is used locally through the use of cables that directly connect to a PC or other device. The new TerraMaster D8-332 is professional RAID storage with a capacity of up to 160TB.
One common application of DAS is in data centres. Applications such as web hosting use DAS, where customers want their own private storage devices connected to their dedicated server. DAS is also commonly utilized in data centres as storage used for booting the operating systems and/or hypervisors. The integrated solutions segment is expected to register the highest CAGR over the forecast period. Integrated solutions offered in the market include cloud and software services. The software solution assists in digitizing assets, optimizing operations, providing flexibility, and improving reliability.
The Cloud Service Providers segment is likely to hold a dominant Data Storage Market share and grow at a substantial CAGR during the forecast period.
By end-user, the Data Storage Market is segmented into Media and Entertainment, Education, IT and Telecommunications, Defence and Aerospace, Banking, Financial Services and Insurance (BFSI), Cloud Service Providers, and Others. The cloud service providers segment is projected to emerge as one of the fastest-growing segments in the market for next-generation data storage over the forecast period. Cloud computing is likely to play a massive role in the development of next-generation machines. Moreover, the increased adoption of cloud technologies such as hybrid cloud, IoT, BDaaS, and PaaS, is likely to necessitate cloud service providers to utilize next-generation data storage solutions to better cater to their customers.
The Asia-Pacific region is estimated to exhibit the highest growth rate during the Data Storage Market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the market for next-generation data storage in 2022, accounting for a nearly xx% revenue share of the global market. This can be attributed to the large volume of unstructured data across several industry verticals and the need for secure and economic solutions for storing data. Easy availability of technologically advanced products such as 3D and molecular storage is likely to further fuel growth prospects of the North American market over the forecast period.
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The key players in the market are Siemens AG, General Electric, IBM, Oracle Corporation, SAP SE, Schneider Electric SE, ABB LTD, Eaton Corporation, and Capgemini, among others.
Recent Developments in the Digital Power Utility Market:
- In October 2021, Dell Technologies announced new additions to its Dell EMC PowerScale portfolio. PowerScale is the company’s integrated network-attached storage (NAS) solution for AI-based initiatives, from proof of concept to deployment.
- In April 2021, IBM announced plans to launch a new container-native software-defined storage (SDS) solution, IBM Spectrum Fusion, in the second half of 2021. The solution was expected to be designed to fuse IBM’s general parallel file system technology and its data protection software to give businesses and their applications a simple and less complex approach to accessing data seamlessly within the data centre, at the edge and across hybrid cloud environments.
Data Storage Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global Data Storage Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future Data Storage Market potential from 2022 to 2032 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Data Storage Market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global surface disinfectants industry.
- centre, at the edge and across hybrid cloud environments.
Global Data Storage Market Segmentation
By Storage System
- Direct-Attached Storage
- Network-Attached Storage
- Storage Area Network
- Media and Entertainment
- IT and Telecommunications
- Defence and Aerospace
- Banking, Financial Services and Insurance (BFSI)
- Cloud Service Providers
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of World
- Latin America
- Middle East
- IBM Corporation
- NetApp Inc.
- Microsoft Corporation
- Pure Storage Inc.
- Dell Inc.
- Samsung Electronics
- Toshiba Corporation
- Fujitsu Ltd.
- Hewlett Packard Enterprise
- Intel Corporation