Global Hardware Storage Market Analysis 2024: Size Forecast and Growth Prospects

The hardware storage global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Hardware Storage Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -
The hardware storage market size has grown rapidly in recent years. It will grow from $81.92 billion in 2023 to $91.86 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%.  The growth in the historic period can be attributed to mobility and remote work, security concerns, regulatory compliance, big data and analytics, cost reductions, and increasing data generation.

The hardware storage market size is expected to see rapid growth in the next few years. It will grow to $146.33 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%.  The growth in the forecast period can be attributed to hybrid and multi-cloud strategies, digital transformation, internet of thing expansion, cloud adoption, and data explosion. Major trends in the forecast period include the emergence of storage class memory, a shift towards software-defined storage, a focus on data security and privacy, expansion of cloud-integrated storage solutions, the rise of non-volatile memory express storage, and increased adoption of solid-state drives.

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Scope Of Hardware Storage Market
The Business Research Company's reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Hardware Storage Market Overview

Market Drivers -
The growing demand for large volumes of digital data is expected to propel the growth of the hardware storage market going forward. Digital data refers to information encoded in binary format, typically represented as sequences of ones and zeros, which can be processed and stored by computers. The volume of digital data is on the rise due to the increasing need for insights, innovation, and decision-making in various sectors. Hardware storage solutions offer scalability and expandability to accommodate increasing storage requirements. These solutions also provide high-capacity storage solutions capable of storing terabytes or even petabytes of data. For instance, in December 2022, according to a report published by the Linux Foundation, a US-based non-profit consortium, an average end-user organization with a storage capacity of up to 20 petabytes experienced annual data growth of 566 TB in 2021 and 1,746 TB in 2022. Similarly, annual data growth for organizations with a storage capacity of up to 25 petabytes reached a significant 2,208 TB in 2022, three times more than in 2021 (700 TB). Therefore, the growing demand for large volumes of digital data is driving the growth of the hardware storage market.

Market Trends -
Major companies operating in the hardware storage market are focused on developing advanced solutions, such as industrial-grade solid-state drives, to gain a competitive edge in the market.  Industrial-grade solid-state drives are used in hardware storage solutions to improve the demanding requirements of industrial applications. They offer high reliability, durability, and performance in harsh environments. For instance, in September 2023, Solid State Storage Technology Corporation, a Taiwan-based solid-state drive and flash memory company, launched the CL6 series, the world's first industrial-grade SSD (solid-state drives). This series provides a more dependable and efficient storage experience by supporting fully developed host memory buffer (HMB) technology, which outperforms DRAM-less SSDs in terms of performance. With SLC caching, sequential read speeds of up to 6,000 MB/s and sequential write speeds of up to 5,300 MB/s are achievable. The CL6 series is available in the popular M.2 2280 format, as well as M.2 2242 and M.2 2230, to meet the varying storage requirements of different applications, with a maximum capacity of up to 2TB.

The hardware storage market covered in this report is segmented –

1) By Storage Architecture: File, Object-based Storage, Block Storage
2) By Storage System: Network Attached Storage (NAS), Direct Attached Storage (DAS), Storage Area Network (SAN)
3) By Storage Medium: Solid-state Drive (SSD), Hard Disk Drive (HDD), Tape, Other Storage Mediums
4) By End Users: Enterprise, Government, Cloud Service Providers, Telecommunication, Other End Users

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Regional Insights -
North America was the largest region in the hardware storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hardware storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies -
Major companies operating in the hardware storage market are Samsung Electronics Co. Ltd., Dell Technologies Inc., Huawei Technologies Co. Ltd., Lenovo Group Limited, International Business Machines Corporation, Cisco Systems Inc., Oracle Systems Corporation, Fuji Electric Co. Ltd., Micron Technology Inc., Hewlett Packard Enterprise Company, Tokyo Shibaura Electric Co. Ltd., Nippon Electric Company Ltd., Western Digital Corporation, Kingston Technology Company Inc., Seagate Technology Holdings plc, NetApp Inc., Supermicro Computer Inc., Marvell Technology Group Ltd., Hitachi Ltd., Pure Storage Inc., Nutanix Inc., GlassBridge Enterprises Inc., Quantum Corporation Ltd., Inspur software Co. Ltd., Synology Inc.

Table of Contents
1. Executive Summary
2. Hardware Storage Market Report Structure
3. Hardware Storage Market Trends And Strategies
4. Hardware Storage Market – Macro Economic Scenario
5. Hardware Storage Market Size And Growth
…..
27. Hardware Storage Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix