Data storage market size expected to reach $4.2 billion with a CAGR of 32.3% by 2026 – IndustryARC

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The increasing adoption of centralized and micro-mobile data centers is driving the growth of the data storage market.

HYDERABAD, TELANGANA, INDIA, November 21, 2022 / — The data storage market is expected to reach $4.2 billion by 2026, growing at a CAGR of 32.3% from 2021 to 2026 owing to rapidly increasing consumer data developments and machinery. The market will be driven by the growing need for smartphones, laptops, PCs and online storage software in small and large businesses. The Data storage market is expected to grow due to the high adoption of cloud storage technology and external data storage devices. Data storage describes the technical means by which digital data is collected and archived for use by a computer or other device. Data storage includes primary storage, often referred to as main memory and secondary or auxiliary storage. In cloud data, the level order in which data is stored in memory card, HDD or SSD storage, generally adopted by consumers. Cloud storage is preferred by businesses.

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Key points to remember
1. The expansion of Internet of Things (IoT) has added many new sources of big data in the context of data management and is one of the major trends of the forecast period.
2. Trends such as artificial intelligence and machine learning, Internet of Things (IoT), software-defined storage, object storage, and hyperconverged infrastructure storage to increase scalability will help the data storage to impact businesses.
3. Most companies are also adopting network-attached storage (NAS) solutions that allow easy and reliable access to data. NAS solutions are easy to deploy for small to medium businesses that require large amounts of storage space.

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Segmental analysis:
Data Storage Market Segment Analysis – By Product: The results indicate that more than 72% of the global organization will migrate to the cloud storage platform. The growing demand for low-cost data backup and security across all businesses is driving the use of cloud storage adoption. Hybrid cloud storage is expected to occupy a major share of the overall cloud storage market for the forecast period of 2018 to 2023. This is due to greater flexibility over public and private cloud storage. In the end-user verticals, BFSI and retail are the primary users of online cloud storage. Microsoft Azure usage increased from 26% to 43%, Amazon Web Service (AWS) adoption increased from 56% to 59%. This is expected to boost cloud-based storage in the enterprise, thereby propelling the growth of the market. The banking and financial services industry is a leader in the data storage market.

Data Storage Market Segment Analysis – By End-Use Industry: Among all end-use industries, enterprise is the leading segment due to increasing adoption of high-tech vehicles. Growing use of smartphones in urban and some rural areas, growth of new technologies, and booming e-commerce sector are some of the major drivers for the growth of the data storage market. Growing demand for cloud-based storage and recent increase in enterprise data are the factors that are further fueling the demand. A recent analysis of data storage indicates that DNA is being used as future data storage. It is one of the robust storage systems available to the customer for decades, as only four grams of DNA can hold several years of man-made data.

Data Storage Market Segment Analysis – By Geography: Currently, North America is the major market holder with remarkable growth in data storage solutions. Growing analytics and cloud computing are driving demand for new data center infrastructure. Rapidly accelerating economic growth coupled with an exponential rise in the number of internet users in the Asia-Pacific region is expected to boost the market. The substructure allied with data storage centers is growing in some countries like India, China and Japan are refurbishing old ones, is expected to boost the use of data centers. Also, the availability of cheap smartphones and the reduction in the decline of consumer data storage devices, such as hard disk drives (HDDs) and solid state drives, are encouraging the backup storage market.

Competitive Landscape:

The top 5 players in the data storage industry are –

1. Hitachi Data System Corporation
2. Samsung Group
3.IBM Corporation
4. Amazon Web Services Inc.
5. Alphabet letters

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