The global data storage market is expected to grow at a significant CAGR during the forecast period (2024-2031). The need for smartphones, laptops, PCs and online storage applications in small and large businesses will boost the industry. Owing to the widespread use of cloud storage technologies and external data storage devices, the market is expected to grow significantly during the forecast period. Data storage refers to the technical process of collecting and archiving digital data for usage by a computer or other device. Primary storage, often known as main memory, and secondary or auxiliary storage are two types of data storage. The sequence in which data is kept in a memory card, HDD, or SSD storage, is used by most customers, in cloud data. Enterprises prefer to store data in the cloud.
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Consumers generate a staggering amount of data and media files each year, owing to the easy accessibility of cameras in mobile phones and the availability of free audio and video data on the Internet. Furthermore, as the Internet of Things (IoT) grows in popularity, the amount of personal data collected is also expanding quickly. Vendors in the data storage sector are benefiting from the increase in mobile content. Due to the expanding storage capacity in terms of Terabyte and Petabyte of big data generated by companies, one of the current trends in the market is that it is widely popular and in demand. It’s popular as it can manage a lot of data and scales up to keep up with growth, as well as provide input and output data to analytical tools for analysis.
Data storage is becoming one of the most important components of many organizations’ financial budgets, resulting in a large increase in potential growth prospects for enterprises in the next-generation data storage sector. As switching to new technologies is difficult, leading businesses are focusing on developing new technologies for their clients while also maintaining their existing platforms. Microsoft has announced the availability of Archive Blob storage, which will cost $0.002 per GB each month. This storage aids clients in lowering storage costs by optimizing commonly used storage data. Security camera footage, X-Rays in healthcare companies, audio recording, and transcripts of customer calls in financial services have all been used to develop the storage. In February 2018, the launch of an advanced version switch software platform for data centers has been announced by Innovium lnc. This software includes a variety of features and can deliver up to 12.8 TeraByte of performance. The market growth is estimated to be fueled by the use of high-efficiency, robust, and high-performance data storage.
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Market Coverage
- Segment Covered-
o By Type
o By Application
- Competitive Landscape: Microsoft Corp., Dell Technologies, Inc., IBM Corp., and NetApp, Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Data Storage Market Report Segmentation
By Type
- Enterprise Storage
- Consumer Storage
By Application
- IT and Telecom
- Education
- BFSI
- Cloud Service Providers
- Aerospace & Defense
- Others
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