Data Storage Devices Market Size, Share, Growth, and Industry Growth by Type (All-Flash Arrays, Hybrid Storage Arrays, and HDD Arrays) By Application (IT & Telecom, BFSI, Healthcare, Education, Manufacturing, Media & Entertainment, Energy and Utility, Retail and e-Commerce, Government, and Others) Regional Forecast To 2031

Updated On: 01 April 2024

DATA STORAGE DEVICES MARKET REPORT OVERVIEW

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global data storage devices market size was USD 84700 million in 2022  and market is projected to touch USD 113449.01 Million By 2031, exhibiting a CAGR of 3.3% during the forecast period.

 The global COVID-19 pandemic has been unprecedented and staggering, with data storage devices experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Data storage devices are a set of storage elements such as host bus adapter, controllers, cables, associated with three or more disks. The system may be located outside of server cabinet.

Growing digitalization replaced paper-based work with computerized data. The increasing demand for computerized data boosted demand for storage devices. Rise in need for storage device and collect data records. Such advantages of the product are anticipated to accelerate market growth in the forecast period. Further, growing technological advancements and evolved offers of storage devices are expected to accelerate market growth. Increased adoption of artificial intelligence (AI) and cloud-based services are estimated to surge market growth. Government regulation to adopt digitalization and practical storage systems are projected to drive market growth. The increased popularity of data storage and cloud drives and growing demand for data storage from end-user such as healthcare, education, IT & telecom, media & entertainment, government, BFSI, and retail & e-commerce. Such broad adoption of the technology in the end-user industries is predicted to expand market. However, the lack of data security in cloud-based storage and server-based are estimated to hamper market growth in the coming years.

COVID-19 Impact: High Demand from End-User Sectors to Incite Market Progress during Pandemic

High demand from end-user industries such as healthcare, education, IT & telecom, media & entertainment, government, BFSI, and retail & e-commerce accelerated market growth. Outbreak of COVID-19 pandemic fueled market growth due to the high demand for data storage. Increase digitalization and social distance protocols adopted advanced technology. These factors during the pandemic accelerated market growth. 

LATEST TRENDS

"Growing Digitalization and Extensive Adoption of Data Storage to Foster Market Growth "

Increase in digitalization and extensive adoption of data storage among consumers for easy and effective properties are estimated to expand market growth. The demand for data storage is found in a small and large business. The system helps to store data and can access data as per requirements. The design accommodates several operating systems, such as network-attached storage (NAS), and provides an innovative solution for such a purpose. The features of a NAS solution are extensively used in small businesses for remote access to files and the ability to easily back up or transfer files to a secondary storage device. These capabilities of the system are estimated to surge market growth in the upcoming years. Growing adoption of camera-equipped smart phones and tablets, which requires a storage system to store pictures with other essential details. Further, the broad acceptance of digital content is expected to accelerate the data storage devices market growth in the upcoming years.

DATA STORAGE DEVICES MARKET SEGMENTATION

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• By Type

Based on type, the market is divided into all-flash arrays, hybrid storage arrays, and HDD arrays.

Hybrid storage arrays are expected to be the leading part of the segmentation type.

• By Application

Based on the application, the market is divided into healthcare, education, IT & telecom, BFSI, manufacturing, energy and utility, media & entertainment retail and e-commerce, government, and others.

Retail and e-commerce are expected to be the leading part of application segmentation.

DRIVING FACTORS

"Increased Popularity of Cloud Drivers to Incite Market Progress "

Growing technological developments offers evolved and efficient storage devices such as virtual data storage platforms cloud. Large internet-based services companies are increasing number of servers with a huge storage, which is boosting devices adoption tremendously. Increased trend for enterprise mobility, Big data created a vast linked ecosystem. Such ample storage for data is anticipated to influence market growth. Cloud drivers play a crucial role in data storage for both consumers and businesses. The storage devices offer far better aspects of personalized computing allowing for integrated data storage solutions. Also, an increase in the volume of data and high demand to retain data for a longer time is anticipated to magnify market growth. Cloud data centers are expected to grow tremendously due to increased capacity and effective data storage solutions. Therefore, these factors are expected to raise data storage devices market performance in the forecast period.

"Demand for Artificial Intelligence (AI) and Virtual Storage to Stimulate Market Growth"

Increase in demand for artificial intelligence (AI) in data centers for high-capacity cloud storage infrastructure is estimated to propel market growth. Data storage devices are cost-optimized and flexible. Such advantages of the device are anticipated to surge market growth. Emerging technologies such as the Internet of Things (loT), big data, and AI are flourishing in market growth. An increase in acceptance of cloud and mobile solutions is estimated to surge market growth. Growing research and development activities and demand for cloud-based infrastructure are projected to drive market growth. Broad acceptance for digital solutions and content and a high need to save the data as per as requirements are anticipated to accelerate data storage devices market progress.

RESTRAINING FACTORS 

"Lack of Security to Hamper Market Progress "

Lack of data security in cloud-based storage and server-based are estimated to hamper market growth in the coming years.

DATA STORAGE DEVICES MARKET REGIONAL INSIGHTS

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"Extensive Adoption of Electronic Equipment in Asia Pacific to Drive Market Share "

Asia Pacific is estimated to account for data storage devices market share owing to growing adoption of smartphones, tablets, and smart devices. Increasing acceptance of cloud and mobile solutions in developing countries such as Malaysia, Singapore, and India.

North America is predicted to surge market growth owing to increase in IoT and big data analytics. Further, the presence of a large number of start-up firms in the region is anticipated to accelerate data storage devices market growth.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

"List of Market Players Profiled"

• Dell EMC (U.S.)
• HP (U.S.) 
• NetApp (U.S.)
• IBM (U.S.)
• Hitachi (Japan)
• Pure (Japan)
• Fujitsu (Japan)
• Huawei (China)
• Oracle (U.S.)
• Lenovo (Hong Kong)
• Western Digital (U.S.)
• Violin Systems (U.S.) 
• DDN IntelliFlash (U.S.)
• Silk (Fomerly Kaminario) (U.S.) 
• Nutanix (U.S.) 
• Pivot 3 (U.S.)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.