USD 76.32 billion
Report ID: SQSG45I2031 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 120 | Figures: 67
Hardware Storage Market was valued at USD 76.32 billion in 2021, and it is expected to reach a value of USD 170.83 billion by 2028, at a CAGR of 12.2 % over the forecast period (2022 - 2028).
The amount of data has significantly increased in recent years. Emails, web pages, and other unstructured and disorderly data are used by the majority of enterprises. In order to achieve cost control and storage usage, data storage has emerged as one of the major challenges for IT managers and business executives. The volume of stored data is growing, which drives up demand in the global industry. Furthermore, corporations and governmental entities are becoming more cognizant of the information protection system. Globally, the number of businesses has risen gradually over time as the economy has recovered. These new companies have proven to be prospective new clients for the storage vendors. In the near future, it is anticipated that this client base increase will fuel market expansion as a whole.
The need for storage facilities has increased along with the demand for more capacity due to the ever-growing size of documents. Upgrades to current systems and the creation of new technologies have been motivated by user demand. The demand for massive data storage is about to spur technological innovation in the upcoming years. Along with the rising demand for stored data volume, customers have made significant concerns regarding data accessibility. As the working location is moved about more, data recovery is projected to be possible at any time, anyplace. Additionally, information security is a top need due to dangerous hacking techniques' recent explosive expansion. Organizations regularly perform backups in order to lower the risk of data loss.
Because papers are getting more and bigger, there is a greater need for storage facilities and a greater need for capacity. User demand has driven the development of new technologies as well as improvements to existing ones. Technological advancement is about to be sparked in the future years by the desire for huge data storage. Customers' worries about data accessibility have grown along with the demand for stored data volume. Data recovery is anticipated to be possible whenever and wherever the working location changes. Information security is also urgently needed given the recent dramatic growth of harmful hacking tactics. To reduce the risk of data loss, organisations periodically perform backups. To keep their market share, large-scale players have been concentrating on innovation and new product development. This kind of competitive position offers fantastic chances for the expansion of the entire sector.
US Hardware Storage Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 76.32 billion
Network Attached Storage (NAS)
Network Attached Storage (NAS)
To get more reports on the above market click here to Buy The Report
The Global Hardware Storage market is segmented based on Storage Architecture, Storage System, End-User, Storage Medium, and Region. Based on Storage Architecture, the Hardware Storage Market is segmented into File and Object-based Storage (FOBS), Block Storage. Based on Storage System, the Hardware Storage Market is segmented into Network Attached Storage (NAS), Direct Attached Storage (DAS), and Storage Area Network (SAN). Based on End-User, the Hardware Storage Market is segmented into Enterprise, Government, Cloud Service Providers, Telecom, and Others. Based on Storage Medium, the Hardware Storage Market is segmented into Solid-state Drive (SSD), Hard Disk Drive (HDD), Tape, and Others. Based on region the global Hardware Storage market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Hardware Storage Market Analysis by Storage System
The Network Attached Storage (NAS) market dominates the hardware storage market. Due to their low cost, NAS-based systems are widely used in SMEs. Network Attached Storage (NAS) is primarily used in media sharing devices, allowing multiple server systems to access a common pool of data. Because of the increasing demand for data backup and redundancy, the adoption of network-attached solutions is being driven primarily by an increase in hybrid and cloud storage deployment. Network-connected systems improve data manageability and expandability for storing and handling data. The growing popularity of smart connected and IoT devices like smartphones, tablet devices, and laptop computers has resulted in massive volumes of data which is expected to drive the segment over the forecast year.
To get detailed analysis on other segments, Request For Sample Report
During the forecast period, North America is expected to have the largest market share. The United States is a significant contributor to the region's market growth. Popular US digital platforms such as Google, Facebook, and Amazon, among others, have a very strong market share all across the region. For instance, Google controls 90% of the global internet search market; Facebook controls two-thirds of the global social media market and is the top social media platform in 90% of the world's economies, and Amazon controls 40% of global e-commerce activity. These platforms rely heavily on digital data to provide their users with personalized services. Collecting such computer data (digital data) is therefore a basic requirement for them, and they collectively place a strong market for storage, both hardware, and software-based. Meanwhile, China is dominated by similar but domestically based companies such as Alibaba, WeChat (owned by Tencent), and others, all of which operate on data, thereby increasing demand for storage devices and facilities.
Over the forecast period, the Asia Pacific hardware storage market is expected to grow significantly. This increase is attributed to the region's increased IT hardware spending. Furthermore, the implementation of data localization regulations has aided market growth. For instance, India implemented a cloud computing policy that required all government technology companies to store data in the country. This type of initiative from various countries' governments is going to drive the market.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Hardware Storage Market Driver
Companies have become increasingly reliant on algorithms in recent years. Some examples of how companies use algorithms to provide goods and services to their target customers include Google notifying its customers about the newest news from around the world according to their previous searches, YouTube recommending YouTube content based on the types of content they have seen previously, and e-commerce websites popping up ads with a list of products that users had checked out previously.
These algorithms are based on a large amount of data. As a result, the growing need to store data for various purposes such as big data, AI, IoT, blockchain, cloud computing, and all Web services is a major driver of global industry growth. Demand is expected to increase as the digital economy grows. Furthermore, with the increasing popularity of smartphones and the culture of taking photos to capture memories, people are looking for computers that can efficiently store their data. Similarly, there is a strong desire for external drives in addition to the internal storage of their mobile phones, laptop computers, or other similar devices. These consumer characteristics are also expected to boost demand for global hardware storage during the forecast period.
Hardware Storage Market Restraint
Hardware Storage Device is a storage device that is connected to the device and provides file services. These devices include storage servers and file storage systems. This stored data is vulnerable to cyber security threats posed by cyber attackers. Privacy and data security are critical considerations for network-attached storage arrays and hardware. Based on our study on the global hardware store market, we found that an approximated 240,000 QNAP Systems NAS devices and approximately 3,500 Synology NAS devices were vulnerable to cyber-attacks in August 2021. 2nd off-recent incident was reported in September 2022, when Cisco confirmed that it was the victim of a cyberattack on May 24, 2022, after the attackers gained access to an employee's personal Google account, which contained passwords synced from their web browser. We also discovered that; the cyber-attacks were carried out using the brute force technique. To avoid such attacks, Synology worked with the Taiwan computers emergency response team centre (TWCERT/CC). Synology raised awareness among all users as a result of this collaboration. This type of data security breach is expected to stymie that market growth over the forecast year.
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
To stay ahead of the competition, key players in the hardware storage market are expanding their product portfolios by leveraging innovative technologies. Despite this, many market participants are expanding their data storage business by providing cloud solutions. Partnerships and collaborations are formed to broaden the product portfolio through the use of advanced technologies. Furthermore, key players are focusing on expanding their product portfolios to grow their businesses. For instance, NetApp Inc. acquired Talon Storage (US), a leader in next-generation software-defined storage solutions, to enable global enterprises to centralize and consolidate IT storage infrastructure to public clouds.
Hardware Storage Market Top Player's Company Profiles
Hardware Storage Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, we found that the presence of a large number of technologically advanced enterprises within the regions represents significant data storage product adoption in North America and Asia-Pacific. Furthermore, technologically advanced countries are demonstrating greater adoption of highly capacitive storage infrastructure in conjunction with growing IoT and big data analytics. Because the Middle East and Africa are slower to adopt advanced technologies, the presence of a large number of start-up firms is expected to represent a moderate growth rate in the coming years.
|Market size value in 2021||USD 76.32 billion|
|Market size value in 2028||USD 170.83 billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Hardware Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Hardware Storage Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Hardware Storage Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Hardware Storage Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.SPEAK TO AN ANALYST
Get lifetime access to our reportsBasic Plan $5,000 Team Plan $10,000 SUBSCRIBE NOW
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.
Product ID: SQSG45I2031