Storage - India | Statista Market Forecast

Revenue in the Storage market is projected to reach US$912.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.78%, resulting in a market volume of US$1.45bn by 2029.
The average Spend per Employee in the Storage market is projected to reach US$1.67 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 Data Center market in India is facing a negligible decline in growth rate, due to factors such as rising competition, decreasing demand for traditional storage solutions, and increasing adoption of cloud storage services. Despite this, the market is expected to continue experiencing growth, driven by the need for efficient data management and increasing demand for data storage and processing capabilities.

Customer preferences: The growing demand for cloud-based storage solutions in the data center market is driven by the increasing adoption of digital technologies and the need for efficient data management and storage. With the rapid growth of e-commerce, online streaming, and social media, businesses are generating vast amounts of data, and traditional storage methods are no longer sufficient. This has led to a significant shift towards virtualized storage and software-defined storage solutions, enabling better scalability, flexibility, and cost-effectiveness.

Trends in the market: In India, the Storage Market within the Data Center Market is experiencing a surge in demand for cloud storage solutions, driven by the increasing adoption of cloud-based services and the rise of big data. This trend is expected to continue in the coming years, with the market projected to reach a value of $10 billion by 2025. This growth is significant for industry stakeholders, as it presents opportunities for innovation and expansion. However, it also poses challenges, such as data security and compliance, which must be addressed to ensure the sustainable growth of the market. Additionally, the growing emphasis on sustainable and energy-efficient data centers is expected to shape the trajectory of this trend, as companies seek to reduce their carbon footprint and operating costs. This shift towards sustainability has the potential to impact the competitive landscape and drive the development of new technologies in the Storage Market within the Data Center Market in India.

Local special circumstances: In India, the Storage Market within the Data Center Market is experiencing rapid growth due to the country's increasing digitalization and government initiatives promoting cloud adoption. Additionally, the unique geographical and cultural factors, such as the large population and diverse business landscape, have created a high demand for secure and reliable data storage solutions. Compliance with strict data privacy regulations is also a key factor driving the market in India, making it a highly regulated and competitive environment.

Underlying macroeconomic factors: The growth of the Storage Market within the Data Center Market in India is heavily influenced by macroeconomic factors such as technological advancements, government initiatives, and investment in digital infrastructure. India's strong economic growth and increasing use of digital technologies have created a favorable environment for the storage market. Additionally, the rising data center industry in India, driven by factors such as increasing internet penetration and e-commerce growth, is also contributing to the demand for storage solutions. However, challenges such as high costs and limited availability of skilled personnel could hinder market growth.

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.