Hardware Storage Market to be driven by increasing need to store large volumes of digital data in the Forecast Period of 2023-2028

Erika Tinkle March 16, 2023

4 4 minutes read

The new report by Expert Market Research titled, ‘Global Hardware Storage Market Size, Share, Price, Trends, Growth, Analysis, Key Players, Outlook, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Hardware Storage Market, assessing the market based on its segments like storage architecture, storage system, storage medium, end use and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2018-2028)

Forecast CAGR (2023-2028): 13%

The market for hardware storage has seen substantial growth due to factors such as increasing need to store large volumes of digital data. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the hardware storage market. Companies have been increasingly reliant on algorithms in recent years. Some examples of how companies use algorithms to provide good service include Google informing its users about the latest happenings around the world based on their previous searches, YouTube recommending related videos based on the types of content they have seen previously, and e-commerce websites popping up ads with a list of products that users have checked out previously.

These algorithms are based on a large amount of information. As a result, the growing demand for data storage for diverse applications such as data analytics, AI, blockchain, IoT, cloud computing, and all Internet-based services is a primary driver for industry growth globally. Demand is projected to rise as the digital economy expands. People are also looking for gadgets that can efficiently store their data, given the increased use of smartphones and the culture of shooting images to capture memories. Along the same lines, external storage, in addition to the internal storage of their smartphones, laptops, or other similar devices, is extremely desirable. In the forecast period, these consumer characteristics are expected to enhance demand for worldwide hardware storage.

Industry Definition and Major Segments

A device that is primarily used for saving, transferring, and removing data whenever it is needed is referred to as hardware storage. It can assist in the registration and maintenance of data for a short or lengthy period. It is often found in laptops, tablets, cellphones, and other electronic devices in our daily lives. Additionally, standalone external storage devices are available on the market for usage as backup storage. It is available in a variety of shapes and sizes, depending on the demand and use.

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Based on the storage architecture, the industry is divided into:

File and Object-based Storage (FOBS)
Block Storage

Based on the storage system, the industry is divided into:

Network Attached Storage (NAS)
Direct Attached Storage (DAS)
Storage Area Network (SAN)

Based on the storage medium, the industry is divided into:

Solid-state Drive (SSD)
Hard Disk Drive (HDD)
Tape
Others

Based on the end use, the industry is divided into:

Enterprise
Government
Cloud Service Providers
Telecom
Others

The regional markets for hardware storage include:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Market Trends

Geographically, in the worldwide hardware storage sector, North America is one of the most important regions. The United States is a big contributor to market growth within the region. Google, Facebook, and Amazon, among other popular digital platforms in the United States, have a very strong market position. For example, Google controls 90% of the worldwide internet search industry; Facebook controls two-thirds of the global social media market and is the most popular social media platform in 90% of the world’s economies; and Amazon controls 40% of worldwide e-commerce activity. For providing customised services to its consumers, these platforms rely largely on digital data. As a result, storing machine-readable data (digital data) is a basic requirement for them, and they together place a significant demand on storage, both hardware and software. Meanwhile, China is dominated by similar but Chinese-based enterprises such as Alibaba, WeChat (owned by Tencent), and others, all of which rely on data and so drive-up demand for storage devices and facilities.

Key Market Players

The major players in the market are Hewlett Packard Enterprise, Dell, Inc., NetApp, Inc., Hitachi, Ltd., Nutanix, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.