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Enterprise Data Storage Market size is set to grow by USD 11.6 billion from 2024-2028, Increased adoption of cloud applications boost the market, Technavio
Tuesday, August 20, 2024
NEW YORK, Aug. 12, 2024 /PRNewswire/ -- The global enterprise data storage market size is estimated to grow by USD 11.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.39% during the forecast period. Increased adoption of cloud applications is driving market growth, with a trend towards software-defined storage. However, high operating expenses for vendors poses a challenge. Key market players include Broadcom Inc., Commvault Systems Inc., DataDirect Networks Inc., Dell Technologies Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., Hitachi Ltd., Huawei Technologies Co. Ltd., Infinidat Ltd., Inspur Group, International Business Machines Corp., Lenovo Group Ltd., NetApp Inc., Nutanix Inc., Oracle Corp., Pure Storage Inc., Seagate Technology Holdings Plc, Veritas Technologies LLC, Western Digital Corp., and Zadara Inc..
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Enterprise Data Storage Market Scope
Report Coverage
Details
Base year 2023
Historic period
2018 - 2022
Forecast period
2024-2028
Growth momentum & CAGR Accelerate at a CAGR of 4.39%
Market growth 2024-2028
USD 11.6 billion
Market structure
Fragmented
YoY growth 2022-2023 (%) 4.13
Regional analysis
North America, Europe, APAC, South America, and Middle East and Africa
Performing market
contribution North America at 35%
Key countries
US, Germany, China, UK, and Japan
Key companies profiled Broadcom Inc., Commvault Systems Inc., DataDirect Networks Inc., Dell Technologies Inc., Fujitsu Ltd., Hewlett Packard
Enterprise Co., Hitachi Ltd., Huawei Technologies Co. Ltd., Infinidat Ltd., Inspur Group, International Business Machines
Corp., Lenovo Group Ltd., NetApp Inc., Nutanix Inc., Oracle Corp., Pure Storage Inc., Seagate Technology Holdings Plc,
Veritas Technologies LLC, Western Digital Corp., and Zadara Inc.
Market Driver
The global enterprise data storage market is experiencing significant growth, driven by the increasing need for flexible, scalable, and cost-effective storage solutions. Software-defined storage (SDS) is an emerging trend in this market, offering organizations a more efficient way to manage and store data. SDS separates the control plane from the data plane, enabling the use of software to manage storage resources across various hardware platforms. This architecture provides greater flexibility and cost savings, making it an attractive option for businesses dealing with the exponential growth of data.
The Enterprise Data Storage Market is thriving with big businesses prioritizing digital data management for their corporate operations. The market offers a range of products and services, including hardware and software solutions. Hardware includes traditional Hard Disk Drives, Solid State Drives (SSDs), and emerging technologies like Software-Defined Storage (SDS) and Hyper-Converged Infrastructures (HCI). Software solutions include data accessibility tools, security systems, and data analytics platforms.
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Market Challenges
-- The global enterprise data storage market faces substantial operating
expenses for vendors due to various reasons. Significant research and
development (R&D) costs are incurred to create innovative storage
solutions, requiring investments in new technologies and infrastructure.
Vendors must also maintain a large and intricate infrastructure,
including data centers, servers, networking equipment, and hardware and
software systems, which can be costly. Marketing and sales efforts are
essential to reach potential clients, adding to expenses through
advertising, conference attendance, and hiring sales teams. Competition
in the market drives up operating expenses as vendors strive to
differentiate their offerings and remain competitive. Consequently,
designing and developing enterprise data storage solutions tailored to
end-users' requirements, which necessitates substantial R&D and product
development investments, can hinder the growth of the global enterprise
data storage market.
-- Big enterprises face numerous challenges in managing their
business-related information with the increasing volume of data from
various workloads. Traditional storage systems like Storage Area
Networks (SAN), Network Attached Storage (NAS), Direct Attached Storage
(DAS), and digital storage have their unique advantages, but choosing
the right one can be complex. Redundant, logical storage containers are
crucial for data protection during disasters, ensuring business
continuity. Centralized remote support, administration, and scalability
are essential for managing large volumes of data. Durable and scalable
storage mechanisms like networked appliances, storage drives, and
redundant arrays of independent disks (RAID) are popular choices. Big
data analytics and management of unstructured data require agile and
distributed storage subsystems. Data security is paramount, and software
manufacturers offer various solutions for backup, restoration functions,
and disaster recovery. Cabling, connectivity, and operating platforms
are essential considerations for storage systems. Hyper-converged
storage, cloud storage, and distributed storage are emerging trends in
the enterprise data storage market. AI and ML are transforming IT
systems in healthcare, manufacturing, and IT and telecommunication
industries, requiring high-speed 5G communication infrastructure to
support their workloads. The enterprise data storage market is evolving
rapidly, and businesses must stay informed to make informed decisions.
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Segment Overview
This enterprise data storage market report extensively covers market segmentation by
1. Solution
-- 1.1 SAN
-- 1.2 NAS
-- 1.3 DAS
2. Type
-- 2.1 Storage
-- 2.2 Backup
-- 2.3 Others
3. Geography
-- 3.1 North America
-- 3.2 Europe
-- 3.3 APAC
-- 3.4 South America
-- 3.5 Middle East and Africa
1.1 SAN- A Storage Area Network (SAN) is a dedicated high-speed network that interconnects enterprise storage devices to multiple servers. It moves data from the common user network and organizes it into an independent high-speed network, enabling each server to access storage devices and control the storage volume. SAN is a type of Local Area Network (LAN) designed for handling large data volumes. SAN storage devices support data storage, retrieval, and replication using high-end servers and multiple disk arrays. Vendors like Dell Technologies Inc., Hewlett Packard Enterprise, and IBM offer SAN solutions, including FC and iSCSI. FC is suitable for mission-critical applications, while iSCSI offers flexibility through an IP network. SANs come in three types: Virtual SAN, Unified SAN, and Converged SAN. SAN advantages include storage virtualization, high-speed disk technologies, and centralized backup. SAN devices enhance storage management and fault tolerance, fueling AI and real-time analytics adoption, driving IT optimization, and growing the global enterprise storage market.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research reports
The Global Enterprise External OEM Storage Systems Market is witnessing significant growth, driven by the rising demand for data storage solutions across various industries. Simultaneously, the Global Cloud Storage Services Market is expanding rapidly, fueled by the increasing adoption of cloud computing and digital transformation initiatives. Additionally, the Global Software-Defined Storage (SDS) Market is gaining traction, offering scalable and flexible storage solutions to meet the growing data needs. These markets are critical in supporting enterprise digital infrastructure and are expected to continue their upward trajectory.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
-- Solution
-- SAN
-- NAS
-- DAS
-- Type
-- Storage
-- Backup
-- Others
-- Geography
-- North America
-- Europe
-- APAC
-- South America
-- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
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