Enterprise Storage Market
How Will the Enterprise Storage Market Grow, and What Is the Projected Market Size?
Over the last few years, the enterprise storage market has seen significant expansion. This is expected to escalate from a value of $146.36 billion in 2024, to $159.11 billion in 2025, marking a compound annual growth rate (CAGR) of 8.7%. Reasons underlying this growth during the historic period include a heightened interest in hybrid clouds, a demand to handle and store vast amounts of data, the exploding growth of the Internet of Things (IoT), the surge in big data analytics, and a pressing need for data security.
Over the upcoming years, the enterprise storage market is projected to experience considerable expansion, escalating to a value of $219.29 billion by 2029, with a compound annual growth rate (CAGR) of 8.4%. This prodigious growth throughout the forecast timeline is primarily driven by the escalating demands for storage solutions in various enterprises, broader embracement of cloud-based storage approaches, increased correspondence with cloud computing, burgeoning requirement for data storage, and a surge in demands from enterprises. The upcoming trends for the forecast timeline encompass technological innovation, the rise of artificial intelligence and machine learning, extension of flash storage, adoption of software-defined storage, and the incorporation of hybrid cloud storage.
What Factors Are Fueling Growth in the Enterprise Storage Market?
The growth of the enterprise storage market is predicted to be fueled by the increasing uptake of cloud computing. This form of computing, which is provided on-demand via the internet, offers a range of services including servers, storage, databases, networking, software, and analytics. The appeal of cloud computing lies in its durable infrastructure that has a built-in redundancy and failover mechanisms, ensuring high reliability and accessibility. It provides adaptable storage that aligns with a company’s specific demands, eliminating the need for substantial hardware investments. Cloud computing also offers the assurance of data integrity and availability, offering possibilities for businesses to duplicate data across various geographically diverse locations and thus make use of embedded disaster recovery measures to curtail the chances of data loss and system downtime. For example, AAG IT Services, an IT and digital transformation services provider based in the UK, reported that Google Cloud made $6.87 billion in the third quarter of 2022, exhibiting a year-on-year increase from $4.99 billion revenue. The revenue soared to $7.32 billion by the fourth quarter of 2022, reflecting a 32% growth compared to the previous year. Hence, it is evident that the rising adoption of cloud computing is significantly contributing to the growth of the enterprise storage market.
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Who Are the Major Industry Players Fueling Enterprise Storage Market Expansion?
Major companies operating in the enterprise storage market are Samsung Electronics Co. Ltd., Dell Inc., Huawei Technologies Co. Ltd., Lenovo Group Ltd., Intel Corporation, HP Inc., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Broadcom Inc., Fujitsu Limited, Micron Technology Inc., Toshiba Corporation, NEC Corporation, NetApp Inc., Hitachi Vantara LLC, Pure Storage Inc., Nutanix Inc., Imation Corporation, DataDirect Networks, Tintri Inc., Overland Tandberg, Nimbus Data, Nfina Technologies Inc., DATROX Computer Technologies Inc.
Which Key Developments Are Influencing the Enterprise Storage Market?
Leading businesses operating in the enterprise storage market are striving to improve automation and orchestration capabilities, such as developing software-defined storage platforms. These platforms eliminate the need for hardware dependences while ensuring secure storage for enterprises. These next-gen storage models are tailored for complex workflow systems, providing multi-tenancy, simplified management, advanced security, and enhanced efficiency. As an illustration, DataDirect Networks, a US-based firm that specializes in data storage and management solutions, introduced DDN Infinia for Enterprise AI and Cloud in November 2023. This product is a quicker, more cost-efficient solution compared to cloud storage, enabling the establishment of a secure storage cluster in minutes, performing upgrades, and expanding capacity with no downtime. It presents scalable metadata management with scalable storage for data governance and control, aiming to minimize the complexity and duplication of data and metadata. Furthermore, it supports S3 object storage, Docker containers, and Openstack virtual machines, permitting seamless management of all distributed data at reduced effort and expense.
How Is the Segmentation of the Enterprise Storage Market Defined?
The enterprise storage market covered in this report is segmented –
1) By Type: Storage Area Networks Systems (SANs), Network-Attached Storage Systems, Direct-Attached Storage (DAS) Systems, Object Storage Systems, Tape Storage Systems
2) By Deployment: On-Premise, Hybrid, Cloud-Based
3) By Application: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By End-User Industry: Information Technology (IT) And Telecommunications (Telecom), Banking, Financial Services, And Insurance (BFSI), Healthcare, Manufacturing, Government, Other End-User Industries
Subsegments:
1) By Storage Area Networks (SANs): Fibre Channel SAN, iSCSI SAN, FCoE (Fibre Channel over Ethernet) SAN
2) By Network-Attached Storage (NAS) Systems: File-level NAS, Unified NAS, Cloud-integrated NAS
3) By Direct-Attached Storage (DAS) Systems: External DAS, Internal DAS, DAS For SMBs
4) By Object Storage Systems: Cloud Object Storage, On-Premise Object Storage, Hybrid Object Storage
5) By Tape Storage Systems: Linear Tape-Open (LTO), Digital Linear Tape (DLT), Optical Tape Storage
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What Is the Leading Region in the Enterprise Storage Market?
North America was the largest region in the enterprise storage market in 2024. The regions covered in the enterprise storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Enterprise Storage Global Market Report?
– Market Size Analysis: Analyze the Enterprise Storage Market size by key regions, countries, product types, and applications.
– Market Segmentation Analysis: Identify various subsegments within the Enterprise Storage Market for effective categorization.
– Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
– Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
– Market Contribution: Evaluate contributions of different segments to the overall Enterprise Storage Market growth.
– Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
– Industry Challenges: Analyze challenges and risks affecting the Enterprise Storage Market.
– Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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