Storage - G7 | Statista Market Forecast

Revenue in the Storage market is projected to reach US$34.45bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.00%, resulting in a market volume of US$60.73bn by 2029.
The average Spend per Employee in the Storage market is projected to reach US$85.56 in 2024.
In global comparison, most revenue will be generated United States (US$24bn in 2024).

Definition:

The Storage market focuses on computing equipment specifically designed for information storage, including storage-intensive servers, external storage systems, and storage expansion systems. This market specifically focuses on solutions that target the high-capacity storage requirements of businesses and organizations, setting aside options like consumer-grade storage products such as portable storage devices and Network Attached Storage (NAS). These storage systems are vital for organizations that require dependable archiving, data backup, and recovery capabilities, serving as an indispensable component in advancing the digital capabilities of industries worldwide.

Additional Information:

The Storage market includes revenue, revenue change, average spend per employee, and key player market shares as key performance indicators. Only revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included, and revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed.

Key players in the Storage market include companies such as Dell, HPE, NetApp, and IBM.

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Storage Intensive Servers, such as Dell EMC PowerVault Series, and HPE StoreEasy Storage
Enterprise Storage Devices, such as HPE 3PAR StoreServ Storage, and IBM FlashSystem
Cloud Storage Solutions, such as integration with Amazon AWS S3, and Microsoft Azure Blob Storage

Personal Computers, such as Apple iMac, and Dell Inspiron Series
Consumer-Grade Storage, such as Seagate Hard Disk, and Samsung NVMe SSD

The Storage Market in the G7 nan region is currently experiencing a negligible decline in growth rate. This can be attributed to factors such as the increasing use of cloud storage and data center consolidation, leading to a decrease in demand for traditional storage solutions. Additionally, the rise of data privacy concerns and stricter regulations have also impacted the growth rate of the Storage Market in this region.

Customer preferences: The growing adoption of cloud computing and virtualization technologies has resulted in a rise in demand for efficient and scalable storage solutions within the Data Center Market. This trend is driven by the need for cost-effective and flexible storage options that can handle large amounts of data. Additionally, the emergence of data-driven business models and the increasing reliance on data analytics has further fueled the demand for advanced storage solutions within the market.

Trends in the market: In the G7 countries, the Storage Market within the Data Center Market is experiencing a shift towards cloud-based storage solutions, as companies seek to reduce costs and increase scalability. This trend is driven by the growing volume of data being generated and the need for efficient and secure storage options. Additionally, there is a rising demand for data analytics and artificial intelligence, which require large amounts of storage. This trend is expected to continue, with implications for industry stakeholders such as cloud service providers, data center operators, and hardware manufacturers. They will need to adapt to the changing market landscape and offer innovative solutions to meet the evolving storage needs of businesses.

Local special circumstances: In Japan, the Storage Market within the Data Center Market is heavily influenced by the country's strict data protection laws and regulations. This has led to a growing demand for secure and efficient storage solutions, particularly in industries such as healthcare and finance. Additionally, Japan's aging population and high adoption of new technologies have also contributed to the growth of the market, with a focus on cloud-based storage solutions.

Underlying macroeconomic factors: The Storage Market within the Data Center Market is heavily impacted by macroeconomic factors such as technological advancements, government policies, and investment in infrastructure. Countries with favorable regulations and strong investments in data center technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Furthermore, the increasing demand for data storage solutions due to the growth of digitalization and the rise in data-driven industries is driving the growth of the Storage Market within the Data Center Market.

Data coverage:

The data encompasses B2B enterprises. Figures are based on hardware-related expenses of businesses for setting up and maintaining an IT infrastructure.

Modeling approach / Market size:

Market sizes are determined through a top-down approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports and national statistical offices. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and level of digitization. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques, such as exponential trend smoothing and the S-curve function, is based on the behavior of the relevant market.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

As businesses generate unprecedented volumes of data, the future of enterprise storage is evolving rapidly, driven by the rise of cloud solutions. Cloud storage offers scalability and flexibility, making it essential for enterprises aiming to manage data efficiently and cost-effectively. Undoubtedly, the need to assess storage requirements has been heavily influenced by the demands posed by data centers and artificial intelligence (AI) applications. From handling big data analytics in AI to supporting 5G in telecoms, traditional data storage methods have been challenged, with cloud solutions redefining how organizations store and access critical information.