The History of Data Storage Market: From Magnetic Tapes to Solid State Drives to

23 August 2023

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The Data Storage Market Size and Share were estimated at USD 217.02 billion in 2022, and it is anticipated that it will increase from USD 247.32 billion in 2023 to USD 777.98 billion by 2030, with a CAGR of 17.8% over the course of the forecast period.
Data storage solutions give users and companies the flexibility and efficiency to transmit, retrieve, and manipulate an organization's operational data. The market is being improved by companies' growing attention to data security, portability, speed, reliability, and better programmability. As a result of new developments and partnerships, several important players are improving their storage systems in response to the growing adoption of technologies.
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Information about the report:
● Forecast Timeframe: 2023-2030
● The starting year is 2022
● Market Size in 2022- USD 217.02 billion
● The market size in 2030 will be USD 777.98 billion
● CAGR - 17.8%
● Segments Included: according to deployment type, application, enterprise type, sector, and geographic region
The Data Storage Market is a large and growing sector that covers various aspects, such as market size, market share, market segment, and industry. The total amount of money that service providers make from offering their products to customers is referred to as the market size. The percentage of the market that is under the control of one provider, or a group of providers, is known as market share. The term market segment refers to the different categories of applications based on their functions, features, or target users. The term industry refers to the different sectors or domains that use applications for their business operations or activities.
Analyses of the worldwide Data Storage Market are conducted across regions, end-user industries, and material types. The study thoroughly examines segments and their sub-segments with tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report's list of the segments with the highest revenue growth rates.
By Storage Medium Analysis,
Direct attached storage, storage area networks, cloud storage, network attached storage, and software-defined storage are the different types of storage on the market according to the storage medium.
The direct-attached storage market segment held the largest market share in 2022 because it continues to be consumers' top choice due to its central data storage features and superior data protection. Over the course of the forecast period, software-defined storage is expected to expand at a rapid CAGR. An increase in unstructured data during the COVID-19 pandemic is blamed for the growth of the software-defined storage market.
By End-user Analysis,
The market is divided into four segments based on end-users: individuals, businesses, industries, and governments.
The commercial segment, which was forecast to have the largest market share in 2022, will expand at a rapid CAGR. Because of the need to manage and secure an increasing amount of data, businesses have been able to invest more in cutting-edge storage solutions.
By Industry Analysis,
The market has been segmented into the following industries: IT & telecom, BFSI, healthcare, retail, media & entertainment, education, and others (logistics).
The healthcare industry has accumulated the largest market share for data storage and will experience the highest CAGR over the course of the forecast period due to the growing adoption of electronic medical and health records.
By Key Industry Analysis,
To address the issues encountered by businesses, the key players are eager to develop storage solutions based on cutting-edge high-tech, including AI, cloud computing, and others. One of the main business tactics used by companies is the innovation of new products and the improvement of old ones. Similar to this, market participants strategically work together and buy businesses across the globe to promote global development.
List of Key Companies Profiled:
IBM Corporation (U.S.)
Microsoft Azure (U.S.)
Hewlett Packard Enterprise (HPE) (U.S.)
Equinix (U.S.)
Dell Technologies (U.S.)
Amazon Web Services (AWS) (U.S.)
By Region,
Geographically, the market is examined in North America, South and Latin America, Europe, the Middle East and Africa, and Asia Pacific.
Our analysis shows that during the forecast period, North America will generate the largest revenue share. The development of advanced storage solutions in this region is being fueled by the presence of major players across numerous industries, including IBM Corporation, Microsoft, Dell Technologies, and others. Major market players are also increasing their investments in a number of nations, including Canada and Mexico, for better revenue growth.
The study report provides a thorough analysis of the size of the “Data Storage Market” globally, including regional and country-level market size analysis, CAGR estimation of market growth during the forecast period, revenue, key drivers, competitive background, and sales analysis of the payers. The paper also discusses the principal risks and challenges that will be encountered over the projected period. The Data Storage Market is divided into two categories: type and application. Players, stakeholders, and other participants in the global Data Storage Market industry will be able to gain the upper hand by using the study as a valuable resource.
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