Data Storage Market is forecast to reach $4.2billion by 2026, growing at a CAGR of 32.3% from 2021 to 2026 due to the rapid increase in consumer and machine data developments. The market will be driven by increasing need for smartphones, Laptops, PCs and online storage software in small and large enterprises. 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 comprises of primary storage, often referred to as main memory and secondary or auxiliary storage. In cloud data the order of level in which the data is stored in a memory card, HDD or SSD storage, generally adopted by consumers. Cloud storage is preferred by enterprises.
Data Storage Market Segment Analysis – By Product
The findings say more than 72% of the global organization will migrate to cloud storage platform. Growing demand for low-cost data backup and security across all the enterprises is boosting the usage of cloud storage adoption. The hybrid cloud storage is anticipated to occupy a significant share of whole cloud storage market for the forecast period of 2018 to 2023. This is due to greater flexibility in comparison to both public and private cloud storage. In end-user verticals, BFSI and retail are the leading adopters of online cloud storage. The usage of Microsoft Azure increased from 26% to 43%, Amazon Web Service (AWS) adoption has increased from 56% to 59%. This is expected to boost the cloud-based storage in the enterprise, thus propelling market growth. Banking and financial service industry is leading in the data storage market.
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Data Storage Market Segment Analysis – By End-Use Industry
Among all end-use industries, enterprise is the leading segment due to growing adoption of high tech vehicles. Increasing usage of smartphones in urban and some rural areas, growth in new technologies, and rising e-commerce sector are some of the major factors driving the growth of the data storage market. The growing demand for cloud-based storage and the recent increase in enterprise data are the factors further fueling the demand. Recent analysis of data storage says that DNA is used as the future data storage. It is one of the robust storage system available to the customer for decades as only four grams of DNA can maintain multiyear of data created by human.
Data Storage Market Segment Analysis – By Geography
Currently, North America is the leading market holder with remarkable growth in data storage solutions. The growing analytics and cloud computing is driving the demand for the new data centre infrastructure. The rapid rise in economic growth, coupled with an exponential increase in internet users in the Asia-Pacific region, is likely to drive the market. The substructure allied with the data storage centres is growing in certain countries like India, China and Japan were refurbishing the old ones, is expected to boost the use of data centres. Furthermore, availability of cheap smartphones and reduction decline in the consumer data storage devices, such as hard disk (HDDs), solid-state drive (SSDs), is encouraging the backup storage market.
Data Storage Market Drivers
End Users Generating Personal data
Consumers are generating a flabbergasting amount of data and media files each year, especially because of the easy accessibility of camera in mobile phones and free audio and video data available on the Internet. Furthermore, due to the advent and subsequent prevalence of Internet of Things (IoT), the amount of personal data is only going to increase. This rising mobile content is creating a revenue avenue for the vendors in the data storage market. One of the current trends in the Data Storage Market is it is widely popular and in-demand due to the rising storage capacity in terms of Terabyte and Petabyte of Big Data generated by the organizations. It is widely used because it can handle a large amount of data and keep scaling to keep up growth and can provide input and output data to analytical tools for analysis.
Penetration of Cloud Services
Cloud computing is not a new tool anymore, and a lot of organizations have already subscribed to the cloud services. Now according to the Global Cloud Computing Scorecard by BSA, The Software Alliance; cloud computing has penetrated in 24 countries, and 80% of the IT market share belongs to the same. Now, these cloud services need data storage devices like external and internal hard drives in their systems, which is the most effective driving force that attributes to the data storage market growth. The growing prominence of hybrid cloud storage systems based on highly virtualized infrastructure, wherein the digital data is stored in logical pools. Data storage is the recording of information in the storage medium. Increasing adoption of centralized and micro mobile data centres in companies as well as the growing popularity of cloud are driving the growth of the data storage market.
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Data Storage Market Challenges
Concerns Regarding Data Privacy
The biggest challenge with Data storage is the sensitive issue of data privacy and security, which most organizations are facing. With the implementation of GDPR regulations, consumer data privacy issues have been put to the forefront. Privacy concerns are cropping up as companies feed more and more consumer and vendor data into advanced, AI-fuelled algorithms to create new bits of sensitive information, unbeknownst to affected consumers and employees. This is especially prevalent in the BFSI sector, where consumer data collection has been at the forefront in terms of big data challenges. These data privacy concerns will hinder the adoption of Data Storage solutions.
Data Storage Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Data Storage Market. Hitachi Data System Corporation, Samsung Group, IBM Corporation, Amazon Web Services, Inc., Alphabet, Inc., Microsoft Corp., and Toshiba are considered to be the key players of the Data Storage Market.
Microsoft announced to launch Archive Blob storage starting at a price of USD 0.002 per gigabyte per month. This storage helps the customers to reduce storage costs by optimizing storage data that is accessed frequently. The storage is developed under the usage in security camera footage, X-Rays in healthcare organizations, audio recording, and transcripts of customers calls in financial services.
Innovium lnc., declared launching of advanced version switch software platform for data centres. This software has different capabilities, and deliver performance up to 12.8 TeraByte. The adoption of high efficient, and robust with superior performance data storage is expected to fuel the data storage market growth.
The expansion of the Internet of Things (IoT) has added numerous new sources of Big Data into the Data Management background and is one of the major trends in the forecast period.
Trends like artificial intelligence and machine learning, the Internet of the Things (IoT), software-defined storage, object storage and hyper-convergence infrastructure storage to increase scalability will help the data storage in impacting businesses.
Most of the enterprises are also embracing network-attached storage (NAS) solutions that allow for simple and reliable access to data. The NAS solutions are easy to deploy for small and mid-sized businesses that require large amounts of space for storage.
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