The size of the global data storage market was 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.
Users and companies can transmit, retrieve, and manipulate operational data for a company in a flexible and efficient manner thanks to data storage solutions. 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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Which company dominates the Global Data Storage Market?
- 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.)
- Hitachi Vantara (Japan)
- NetApp (U.S.)
- Huawei (China)
- Veritas (U.S)
- Infinidat (Israel)
What are the factors driving the growth of the Data Storage Market?
The Internet of Things (IoT) and growing digitization have caused massive data production. Businesses had to adjust their storage capacities to maintain memory storage due to the exponential rise in data produced by large-scale industries such as those producing medical records, banking, financial services, e-commerce, videos, and images. Consequently, there is a greater need for investment in the handling and storage of such data.
What are the market's geographic insights for the Data Storage Market?
North America, South and Latin America, Europe, the Middle East and Africa, and Asia Pacific are all studied geographically in relation to the market.
Our analysis shows that during the forecast period, North America will generate the largest revenue share. The presence of major players from a variety of industries, such as IBM Corporation, Microsoft, Dell Technologies, and others, is encouraging the development of advanced storage solutions in this area. Major market players are also increasing their investments in a number of nations, including Canada and Mexico, for better revenue growth.
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An overview of the report
- The report comprehensively analyzes recent and anticipated market trends to help investors find investment opportunities.
- Market predictions through 2030, starting from estimated market values
- Market trends that are significant across industries, regions, and countries
- Market strategies and significant developments observed
- Market dynamics like drivers, obstacles, opportunities, and other trends require
- comprehensive company profiles of significant players, both established and emerging
- Emerging economies are anticipated to grow through 2030.
Analysts have segmented the "Data Storage Market" into application, type, and regional segments to aid market participants in better understanding the market. Each element clearly demonstrates the variables that are most likely to have an impact on it and the variables that are anticipated to have a limit. The reader can access specific market updates thanks to the segmented explanation. The market research report on Data Storage Market Trends also discusses evolving environmental concerns, shifting political environments, and various government approaches to regulatory reforms.
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