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

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. 2^nd 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.