Global Hardware Storage Market

Hardware Storage Market Size, Share, Growth Analysis, By Storage Architecture(File, Object-based Storage (FOBS), Block Storage), By Storage System(Network Attached Storage (NAS), Direct Attached Storage (DAS), Storage Area Network (SAN)), By Storage Medium(Solid-state Drive (SSD), Hard Disk Drive (HDD), Tape, Others), By End-User(Enterprise, Government, Cloud Service Providers, Telecom) - Industry Forecast 2024-2031

Report ID: SQMIG45I2081 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 120 | Figures: 77

Hardware Storage Market Dynamics

Hardware Storage Market Driver

  • Growing Demand for Large Volumes of Digital Data to Support the Growth of the Hardware Storage Industry

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

  • Concerns about cyber-attacks and data breaches on servers and hard drives are expected to stymie market growth.

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.

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Hardware Storage Market size was valued at USD 76.32 billion in 2019 and is poised to grow from USD 85.71 billion in 2023 to USD 216.8 billion by 2031, growing at a CAGR of 12.30% in the forecast period (2024-2031). 

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 enterprises to centralize and consolidate IT storage infrastructure to public clouds. 'Dell Technologies (US) ', 'Hewlett Packard Enterprise (US)', 'NetApp (US) ', 'IBM Corporation (US) ', 'Hitachi Vantara (US)', 'Pure Storage (US)', 'Cisco Systems (US)', 'Western Digital Corporation (US)', 'Lenovo Group (China)', 'Huawei Technologies (China)', 'Seagate Technology (US)', 'Oracle Corporation (US)', 'Fujitsu Limited (Japan)', 'Toshiba Corporation (Japan)', 'NEC Corporation (Japan)', 'Inspur Group (China)', 'Quantum Corporation (US)', 'Kingston Technology (US)', 'Synology Inc. (Taiwan)', 'Imation Corporation (US)'

Growing Demand for Large Volumes of Digital Data to Support the Growth of the Hardware Storage Industry

The COVID-19 pandemic has hampered business operations in a variety of industries. To meet the growing demand for data storage around the world, key suppliers are actively developing storage facilities. According to the Forbes report, an approximate 2.5 quintillion bytes of data will be generated each day in 2022, and the data is growing faster than internet access adoption. In addition, with an increase in internet traffic during the COVID-19 pandemic, demand for network-connected storage solutions increased. Based on Association for Computing Machinery Organization Report, European countries experienced a 20% increase in internet traffic following the public announcement of the lockdown.

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 internet search market; Facebook controls two-thirds of the social media market and is the top social media platform in 90% of the world's economies, and Amazon controls 40% of 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.

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Global Hardware Storage Market

Product ID: SQMIG45I2081