Yahoo Finance Data Storage Market Size [2023-2030] | Industry Share, Revenue, Key Players, CAGR, Demand and Sales Forecast
Companies Profiled in Data Storage Market are Dell, Inc., IBM Corporation, Microsoft Corporation, Amazon.com, Inc., Nutanix, Inc., HP Enterprise, Toshiba Corporation, Samsung Group, Netapp, Inc., Quantum Corporation, etc.
Pune, India, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The global data storage market size is expected to grow rapidly during the upcoming years. Easy management and improved campaign reporting capabilities are likely to drive market growth. Fortune Business Insights™ presents this information in its report titled “Data Storage Market Forecast, 2023-2030.” The growing demand for cloud drives owing to enormous data collection is expected to foster the growth of the market
Key Development:
Egnyte, Inc. patented protection services and separate file sharing in the cloud has turned into a unified content service. The services are offering better analytics with machine learning technology and tiered storage.
Microsoft Corporation announced that it has a signed partnership agreement with Oracle Corporation to run and migrate critical enterprise workloads across Oracle Cloud and Microsoft Azure.
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Key Takeaways
Growing popularity of cloud drives the data storage market growth
The data storage market can be segmented into five regions, North America, Europe, Asia Pacific, Middle East, and Africa and Latin America.
Increasing adoption of smartphones, laptops, and tablets are boosting the demand for enhanced data storage capacity which is supplementing the market growth.
Market Driver:
Increasing Digitalization and Advancement to Accelerate Market Potential
The shift from paper-based data to computerized data is expected to fuel demand for storage devices, which, in turn, can boost the market.
The increasing adoption of smartphones, laptops, and tablets for enhanced data storage capacity is predicted to foster the growth of the market in the forthcoming years.
The growing technological innovation in storage devices is expected to bode well for the market. For instance, storage devices can now store and transfer data from hard disk to virtual data storage platforms like a cloud.
The growing focus of companies towards launching advanced platforms is predicted to promote the growth of the market.
The rising implementation of Artificial Intelligence (AI) in High-Performance Computing (HPC) data centers is expected to spur demand for high capacity cloud storage infrastructure, which, in turn, will boost the market.
Increasing demand for storage area network (SAN) system
Growth in IT infrastructure mainly in the developing economies
Segmentation
Storage Medium: Hard Disk Drives (HDD): Hard disk drives are traditional magnetic storage devices that
Application: The data storage market can be segmented based on the application of the storage solution, including data backup and recovery, data archiving, big data analytics, and others.
Geography: The data storage market can be segmented based on geography, including North America, Europe, Asia Pacific, and others.
Segmentation | Storage Medium
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By Industry
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By Geography
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Regional Analysis:
Rising Adoption of Cloud-based Solutions to Aid Growth in Asia Pacific
Geographically, the data storage market is divided into North America, Europe, Asia Pacific, Middle East, and Africa, and Latin America. Asia Pacific is expected to experience rapid growth owing to the rising digitalization in the developing nations. The growing adoption of smartphones, tablets, and smart devices is expected to spur demand for cloud-based storage platforms, which, in turn, will aid growth in the region. Furthermore, the growing implementation of cloud and mobile solutions in developing countries such as Singapore, Malaysia, and India are expected to further promote the growth of the market in the region. North America is expected to witness a significant growth rate during the forecast period due to the presence of major players in the US. The blooming IoT and big data analytics are expected to favor growth in the region.
Competitive Landscape
The data storage market is highly dynamic, with a large number of players vying for market share.
Product offerings: Companies that offer a wide range of storage products, including hard disk drives (HDD), solid-state drives (SSD), cloud storage, tape storage, and others, have a competitive advantage over those that offer only a limited range of products.
Technology: Companies that are at the forefront of technology and innovation have a competitive advantage in the data storage market. This is because customers are always looking for the most advanced and cost-effective solutions to meet their storage needs.
Partnerships and collaborations: Companies that have established partnerships and collaborations with other industry players have a competitive advantage in the data storage market. This is because these partnerships allow them to offer a wider range of products and services to customers.
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The Report Lists the Prominent Companies in the Data Storage Market:
Dell, Inc.
IBM Corporation
Microsoft Corporation
Amazon.com, Inc.
Nutanix, Inc.
HP Enterprise
Toshiba Corporation
Samsung Group
Netapp, Inc.
Quantum Corporation
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