The global data storage market size was assessed at USD 217.02 Billion in 2022 and is projected to grow from USD 247.32 Billion in 2023 to USD 777.98 Billion by 2030, exhibiting a CAGR of 17.8% during the 2023-2030 period. The increasing focus of companies on data security, reliability, speed, portability, and enhanced programmability is contributing to market growth in the coming years. The rising adoption of AI/ML, analytics, and cloud-based services across enterprises is also driving market proliferation. Fortune Business Insights, provides this information in its report titled, “Data Storage Market Forecast, 2023-2030.” Moreover, the surging demand for elastic services and flexible infrastructure creates opportunities for market expansion.
• Data storage solutions allow users and businesses to transmit, retrieve, and manipulate a firm's operational data flexibly and effectively.
• Software-defined storage improves container processing time environment with consistent storage and required necessities.
• Industry Analysis: Growing Focus on Efficient Data Management to Surge the Growth of the Healthcare Sector
• Rising digitization and the Internet of Things (IoT) have resulted in the generation of large amounts of data.
• Data storage Market Size in North America was USD 105.24 Billion in 2022
Drivers and Restraints:
• Integration of Container-based and Software-Defined Storage to Drive Market Growth
• Container-based storage supports the distributed databases and applications. It contains elements that a storage environment requires inside a container.
• Software-defined storage enhances the container processing time environment with consistent storage and required necessities.
• Software-defined storage can be integrated with container orchestration platforms, such as Kubernetes, thus making workload management more flexible.
• As a result, enterprises can offer flexibility to users in adding and managing data storage as per their requirements.
• Rising technological advancements have been increasing the demand for a container-based software defined storage system, thus facilitating market proliferation.
• On the other hand, the growing risk of data corruption, cyber-attacks, and malwares will hinder market expansion.
• The inability to cope with incomplete data services and data loss will hamper the data storage market growth over the forecast timeframe.
Direct Attached Storage Segment to Capture Largest Share
As per storage medium, the market is split into direct attached storage, storage area network, network attached storage, cloud storage, and software defined storage. Among these, the direct attached storage segment captured a significant market share in 2022, as direct attached storage remains the primary choice of consumers with centrally stored data and better data protection.
Commercial Segment to Lead Backed by Rising Amount of Data
According to end user, the market is segregated into individual, industrial, commercial, and government. Among these, the commercial segment is slated to held the largest share in 2022 and is projected to register highest growth rate among all segments. Rising amount of data has generated the need for advanced storage solutions to secure and manage this data, thus boosting the expenditure of enterprises for the same. The shift of SMEs toward cloud-based storage solutions is also contributing to expansion of this segment.
Healthcare Segment to Hold Major Share Stoked by Growing Digitization of Medical Records
Based on industry, the market is fragmented into IT & telecom, BFSI, healthcare, retail, media and entertainment, education, and others. Among these, the healthcare segment is projected to dominate owing to the growing digitization of health and medical records and launch of advanced solutions for the healthcare sector.