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Revenue in the Storage market is projected to reach US$59.10bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.31%, resulting in a market volume of US$101.00bn by 2029.
The average Spend per Employee in the Storage market is projected to reach US$16.60 in 2024.
In global comparison, most revenue will be generated United States (US$24bn in 2024).

Definition:

The Storage market focuses on computing equipment specifically designed for information storage, including storage-intensive servers, external storage systems, and storage expansion systems. This market specifically focuses on solutions that target the high-capacity storage requirements of businesses and organizations, setting aside options like consumer-grade storage products such as portable storage devices and Network Attached Storage (NAS). These storage systems are vital for organizations that require dependable archiving, data backup, and recovery capabilities, serving as an indispensable component in advancing the digital capabilities of industries worldwide.

Additional Information:

The Storage market includes revenue, revenue change, average spend per employee, and key player market shares as key performance indicators. Only revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included, and revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed.

Key players in the Storage market include companies such as Dell, HPE, NetApp, and IBM.

For more information on the data displayed, use the info button right next to the boxes.

Storage Intensive Servers, such as Dell EMC PowerVault Series, and HPE StoreEasy Storage
Enterprise Storage Devices, such as HPE 3PAR StoreServ Storage, and IBM FlashSystem
Cloud Storage Solutions, such as integration with Amazon AWS S3, and Microsoft Azure Blob Storage

Personal Computers, such as Apple iMac, and Dell Inspiron Series
Consumer-Grade Storage, such as Seagate Hard Disk, and Samsung NVMe SSD

The Storage Market in the Data Center Market Worldwide is facing stagnant growth due to factors such as slow adoption of digital storage solutions and limited awareness among consumers. These challenges are impacting the market's growth rate, which is currently negligible.

Customer preferences: The growing adoption of cloud-based services is driving the demand for storage solutions within the data center market. Additionally, the rise of virtualization and software-defined storage is enabling more efficient and cost-effective storage management. This trend is further supported by the increasing need for data storage and management solutions due to the proliferation of data-intensive applications and the growing focus on data privacy and security. As a result, there is a growing preference for scalable and secure storage solutions that can support diverse workloads and data types.

Trends in the market: In the worldwide Storage Market within the Data Center Market, there is a strong trend towards adoption of cloud-based storage solutions. This is driven by the increasing need for scalable and cost-effective storage options, as well as the growing demand for data analytics and AI applications. This trend is expected to continue in the coming years, with industry stakeholders investing in advanced storage technologies to meet the evolving needs of businesses. This shift towards cloud-based storage has significant implications for industry players, as it requires them to develop innovative solutions and strategies to stay competitive in the market and cater to the evolving needs of their customers.

Local special circumstances: In China, the Storage Market within the Data Center Market is rapidly expanding due to the large population and the government's focus on digital transformation. The country has a high demand for data storage, driven by the growth of e-commerce and cloud computing industries. Additionally, China's strict data localization laws require companies to store data within the country, further driving the growth of the storage market.

Underlying macroeconomic factors: The growth of the Storage Market within the Data Center Market is also influenced by macroeconomic factors such as technological advancements, global economic trends, and government policies. Countries with strong investment in IT infrastructure and favorable regulatory environments are experiencing faster market growth compared to regions with limited funding and regulatory challenges. Additionally, the increasing demand for data storage solutions, driven by the proliferation of digital data and the need for efficient data management, is further contributing to the growth of the Storage Market within the Data Center Market worldwide.

Data coverage:

The data encompasses B2B enterprises. Figures are based on hardware-related expenses of businesses for setting up and maintaining an IT infrastructure.

Modeling approach / Market size:

Market sizes are determined through a top-down approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports and national statistical offices. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and level of digitization. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques, such as exponential trend smoothing and the S-curve function, is based on the behavior of the relevant market.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

As businesses generate unprecedented volumes of data, the future of enterprise storage is evolving rapidly, driven by the rise of cloud solutions. Cloud storage offers scalability and flexibility, making it essential for enterprises aiming to manage data efficiently and cost-effectively. Undoubtedly, the need to assess storage requirements has been heavily influenced by the demands posed by data centers and artificial intelligence (AI) applications. From handling big data analytics in AI to supporting 5G in telecoms, traditional data storage methods have been challenged, with cloud solutions redefining how organizations store and access critical information.