Data Storage Market by Type (Primary (Random Access Memory (RAM) and Read Only Memory), Secondary (Hard Disks and Magnetic Tapes), and Tertiary (Cloud and Networked Storage)), By Application (Enterprises, Consumer, Banking, Telecommunication, Media & Entertainment, Education, and Government), and By Region - Trends, Analysis and Forecast till 2030

Data Storage Market accounted for USD 61.24 Billion in 2020 and is estimated to be USD 604.54 Billion by 2030 and is anticipated to register a CAGR of 26.0%.

Data storage is a general term for archiving data in electromagnetic or other forms of an individual or an organization. Data storage is performed either by a computer or a device. Different types of data storage play different roles in a computing environment. It is the recording of information in a storage medium. It refers to the use of recording media to retrieve data using computers or other devices. Data can be stored in three formats: file storage, block storage and object storage.

Handwriting, phonographic media, documentation, magnetic tape and optical discs are all common examples of storage media. Each data hold, organize and present data in different ways; each possess their own limitations and capabilities. The mechanism of data storage is user sends files manually or in an automated fashion over the internet to the data server which forwards the information to multiple servers.

Rising investments in IT sector

High investments in information technology infrastructure by firms to address growing need for storage space is the major driving factor for the target market growth. Also, increasing use of smartphones and growth of ecommerce sector in semi-urban and urban areas is boosting the target market growth as well. In addition, rising adoption of cloud technology among large enterprises attributed to cyber security is fueling the target market growth. Furthermore, flexibility provided by cloud technology to consumers for accessing stored information anytime and anywhere has upsurge the target market growth. Moreover, live streaming of online content and data generation through client interaction is expected to augment the target market growth over the forecast period.

However, lack of security in network or cloud technology is hampering the target market growth. Also, hackers and intruders are gaining unauthorized access to highly sensitive information stored in cloud, which can lead to cyber threats and loss of important information related to organization which is restraining the target market growth as well.

The global data storage market is segmented based on type, application, and region.

On the basis of type, the global data storage market is segmented into primary (RAM and ROM), secondary (hard disks and magnetic tapes), and tertiary (cloud and networked storage). On the basis of application, the target market is segmented into enterprises, consumer, banking, telecommunication, media & entertainment, education, and government.

Regional Insights:

The global data storage market accounted for US$ 61.24 billion in 2020 and is estimated to be US$ 604.54 billion by 2030 and is anticipated to register a CAGR of 4.2%. On region the global data storage market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to be the leading target market over the forecast period due to rising adoption of cloud technology to ensure information backup and recovery. Also, growth of e-commerce industry and rapid increase in urban population have upsurge the demand for high-capacity databases which is augmenting the target market growth in the region. Furthermore, growing use of digital devices and services is propelling the target market growth in Asia-Pacific. Whereas, North America is expected to be second dominating target market over the forecast period. Rise in the adoption of cloud storage gateways and rising need for big data is the major driver for the growth of the target market in the region. Rapid advancements in semiconductor technology and declining prices of flash memory in the United States is fueling the target market growth in the region. Also, increasing use of next generation storage solutions by local enterprises is majorly boosting the target market growth in North America.

Report Scope:

Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the global data storage market report based on type, application, and region.

Data Storage Market, By Region:

• North America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • U.S.
  • Canada

The key players operating in the global data storage market includes SanDisk Corporation, Amazon Web Services., Inc., IBM Corporation, Microsoft Corporation, Toshiba Corporation, Hewlett Packard Development Company, Quantum Corporation, Hitachi Ltd., Lenovo., Inc., Western Digital Corporation

• SanDisk Corporation
• Amazon Web Services., Inc.
• IBM Corporation
• Microsoft Corporation
• Toshiba Corporation
• Hewlett Packard Development Company
• Quantum Corporation
• Hitachi Ltd.
• Lenovo., Inc.
• Western Digital Corporation