Data storage market
Global data storage market is expected to be driven by huge digital market demand for storage solutions during the forecast period 2021-2026
30 NORTH GOULD STREET, WYOMING, USA, Aug. 24, 2022 /EINPresswire.com/ — Expert Market Research’s new report titled “Global Data Storage Market Size Report and Forecast 2021-2026” provides an in-depth analysis of the market global data storage market, assessing the market based on its segments such as storage architecture, storage type, storage system, end-use, and major regions.
The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2016-2026)
Forecast CAGR (2021-2026): 26%
The gigantic growth of digital data and the accelerated use of smartphones, various multimedia applications and laptops, etc. are intensifying the growth of the global data storage market. Data storage finds its exhaustive applications in computer industry, telecommunication industry and other software-embedded businesses with massive data collection. This is an attribution factor to the fast tracking data storage market.
The penetration of data storage via cloud computing is one of the major factors increasing the growth of the market. The development of new software has created beneficial prospects for the growth of the market. Ongoing technological advancements and early adoption in the field of digital computing and communication have fueled the growth of the market over the forecast period.
Industry definition and major segments
Data storage refers to the collection of data and information using optical, silicon-based, and electromagnetic computer components. Safeguarding critical and confidential data is a key objective of large enterprises, which is driving the data storage market. On the basis of storage types, the market is segmented into enterprise and consumer storage, of which enterprise storage is expected to hold a major share of the market owing to the increased use of data generation, driving the demand growing number of next-generation systems.
Based on the storage system, the market is divided into direct-attached network, network and storage network. The connected network market is expected to grow at a high CAGR owing to ease of accessibility, cost-effective solutions, and other advantageous benefits. Base region, the market is divided into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Asia-Pacific holds a major share in the global data storage market, owing to the increased use of smartphones, increasing sales of hard drives and other storage devices.
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Based on Storage Architecture, the market can be divided into:
File and object based storage
On the basis of storage type, the industry is segmented into:
Hard disk (HDD)
Software Defined Storage
USB flash drives
Hard disk (HDD)
Based on the storage system, the industry is divided into:
Direct Attached Storage
Network of storage areas
On the basis of end use, the industry is divided into:
Media and Entertainment
IT and Telecommunications
Defense and Aeronautics
Bank, Financial Services and Insurance (BFSI)
Cloud service providers
Based on region, the industry is divided into:
Middle East and Africa
Rapid internet penetration due to increasing data transfer volumes is driving the demand for data storage. In addition to this, increasing digitalization and technological advancements further strengthen the market. Market trends such as increased access to IoT (Internet of Things), artificial intelligence and e-learning applications have enhanced the data storage market and are also expected to fuel the market during the forecast period.
Ease of accessibility to store large data sets and availability of cloud storage has simplified data storage, propelling the growth of the market. Reliable data accessibility for small and medium-sized businesses helps the growth of the e-commerce sector. The demand from these sectors is fueling the growth of the data storage market. Big data analysis requires the demand for large storage capacity (terabytes and petabytes) that supports the demand for storage devices.
Main market players
Major market players include IBM Corporation, NetApp, Inc., Microsoft Corporation, Pure Storage, Inc., Dell Inc., Samsung Electronics and others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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