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 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.