Businesses or IT organizations are adopting scale-out architecture such as storage virtualization and hyper-converged infrastructure to improve infrastructure efficiency, which is a major factor anticipated to boost the data storage market over the forecast period. However, the lack of funds to upgrade traditional storage infrastructure among developing countries in various regions is some of the major factors hampering the growth of the market.
The prevalent forms of data storage are file storage, object storage, and block storage. Storage is a key component among all other digital devices, as businesses rely on it to preserve information ranging from personal information to business-critical information. This provides a significant opportunity for the data storage market size growth.
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The data storage market is segmented based on storage type, industry vertical, and region. Based on storage type, it is bifurcated into consumer storage and enterprise storage. The consumer storage segment is further bifurcated into optical disk, memory card, USB flash drives, solid-state devices, and hard disk drive (HDD). The enterprise storage segment is classified into flash storage, cloud-based storage, hard disk drive (HDD), software-defined storage, and hyper-converged infrastructure.
Based on industry vertical, the market is categorized into education, media & entertainment, defense and aerospace, IT & telecommunications, healthcare and life sciences, banking, financial services and insurance (BFSI), and others. Based on region, the data storage market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The key players profiled in the data storage market analysis are IBM Corporation, Microsoft Corporation, VMware, Inc., Hewlett Packard Enterprise Co., NetApp Inc., Open Text Corp., SanDisk Corporation, Hitachi Data Systems (Hitachi, Ltd.), EMC Corporation (Dell Inc.), and Nexenta Systems, Inc. (DataDirect Networks). These market players are adopting various strategies such as mergers and acquisition, to expand its market share and presence across various regions.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the data storage market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the market size is provided.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the data storage market industry from 2019 to 2026 is provided to determine the market potential.
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