Hardware Storage Market Report, Key Company Profiles and Demand Forecasts to 2033

Posted by ramacharitbrc on May 30th, 2024

Overview and Scope

Hardware storage refers to physical devices or components used to store digital data, files, and information in a tangible form. These storage solutions provide a dependable and accessible means of storing and retrieving data for various computing and information technology applications, ranging from personal computers to enterprise-level servers and data centers.

Sizing and Forecast

The hardware storage market size has grown rapidly in recent years. It will grow from .92 billion in 2023 to .86 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%.  The growth in the historic period can be attributed to mobility and remote work, security concerns, regulatory compliance, big data and analytics, cost reductions, and increasing data generation.

The hardware storage market size is expected to see rapid growth in the next few years. It will grow to 6.33 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%.  The growth in the forecast period can be attributed to hybrid and multi-cloud strategies, digital transformation, internet of thing expansion, cloud adoption, and data explosion. Major trends in the forecast period include the emergence of storage class memory, a shift towards software-defined storage, a focus on data security and privacy, expansion of cloud-integrated storage solutions, the rise of non-volatile memory express storage, and increased adoption of solid-state drives.

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Segmentation & Regional Insights

The hardware storage market covered in this report is segmented –
1) By Storage Architecture: File, Object-based Storage, Block Storage

2) By Storage System: Network Attached Storage (NAS), Direct Attached Storage (DAS), Storage Area Network (SAN)

3) By Storage Medium: Solid-state Drive (SSD), Hard Disk Drive (HDD), Tape, Other Storage Mediums

4) By End Users: Enterprise, Government, Cloud Service Providers, Telecommunication, Other End Users

North America was the largest region in the hardware storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hardware storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The growing demand for large volumes of digital data is expected to propel the growth of the hardware storage market going forward. Digital data refers to information encoded in binary format, typically represented as sequences of ones and zeros, which can be processed and stored by computers. The volume of digital data is on the rise due to the increasing need for insights, innovation, and decision-making in various sectors. Hardware storage solutions offer scalability and expandability to accommodate increasing storage requirements. These solutions also provide high-capacity storage solutions capable of storing terabytes or even petabytes of data. For instance, in December 2022, according to a report published by the Linux Foundation, a US-based non-profit consortium, an average end-user organization with a storage capacity of up to 20 petabytes experienced annual data growth of 566 TB in 2021 and 1,746 TB in 2022. Similarly, annual data growth for organizations with a storage capacity of up to 25 petabytes reached a significant 2,208 TB in 2022, three times more than in 2021 (700 TB). Therefore, the growing demand for large volumes of digital data is driving the growth of the hardware storage market.

Key Industry Players

Major companies operating in the hardware storage market are Samsung Electronics Co. Ltd., Dell Technologies Inc., Huawei Technologies Co. Ltd., Lenovo Group Limited, International Business Machines Corporation, Cisco Systems Inc., Oracle Systems Corporation, Fuji Electric Co. Ltd., Micron Technology Inc., Hewlett Packard Enterprise Company, Tokyo Shibaura Electric Co. Ltd., Nippon Electric Company Ltd., Western Digital Corporation, Kingston Technology Company Inc., Seagate Technology Holdings plc, NetApp Inc., Supermicro Computer Inc., Marvell Technology Group Ltd., Hitachi Ltd., Pure Storage Inc., Nutanix Inc., GlassBridge Enterprises Inc., Quantum Corporation Ltd., Inspur software Co. Ltd., Synology Inc.

The hardware storage market report table of contents includes:
1. Executive Summary

2. Market Characteristics

3. Market Trends And Strategies

4. Impact Of COVID-19

5. Market Size And Growth

6. Segmentation

7. Regional And Country Analysis

……….

27. Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions

29. Future Outlook and Potential Analysis