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), By Region - Industry Forecast 2024-2031

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.