Data Storage Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The global data storage market was valued at USD 230.87 Billion in 2024 . The industry is expected to grow at a CAGR of 15.10% during the forecast period of 2025-2034 to attain a valuation of USD 942.15 Billion by 2034 .

The Asia Pacific Expected to Hold a Major Share in the Global Market for Data Storage

With the growing digitisation and an increase in the number of active mobile users, the demand for data storage is expected to grow in the coming years, especially in the Asia Pacific region. Also, the sale of external hard drives and other storage devices in countries like China and India is driving the market forward.

Data storage is an essential requirement for huge corporations and industries, right from banks to huge multinationals. Additionally, technological advancements are expected to drive the data storage industry forward. Early adoption of technology and rapid advancements in the field have provided impetus to the market growth in the region. Moreover, the rising penetration of the internet and increasing volumes of media data transfer are expected to drive the industry forward.

Data Storage: Market Segmentation

Data storage refers to the recording or storing of information and data in an electromagnetic, optical, or silicon-based storage medium. Data is often stored in a digital, machine-readable medium, and is called digital data. The prevalent forms of data storage are file storage, object storage, and block storage.

On the basis of storage architecture, the market can be bifurcated into:

• File and Object Based Storage
• Block Storage

Based on storage type, the industry is being segmented into:

• Enterprise Storage

  

Flash Storage

  

Cloud Based Storage

  

Hard Disk Drive (HDD)

  

Software Defined Storage

  

Hyper-Converged Infrastructure

  

Others

• Consumer Storage

  

Optical Disk

  

Memory Card

  

USB Flash Drives

  

Solid State Devices

  

Hard Disk Drive (HDD)

  

Others

By storage system, the market is divided into:

• Direct-Attached Storage
• Network-Attached Storage
• Storage Area Network

Based on end use, the market is divided into:

• Media and Entertainment
• Education
• IT and Telecommunications
• Defence and Aerospace
• Banking, Financial Services and Insurance (BFSI)
• Cloud Service Providers
• Others

The regional markets for the product include:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Rapid Digitisation in Huge Corporate Giants is Driving the Market Growth of Data Storage

The rapidly growing digital infrastructure and penetration of cloud-based services in organisations are driving the global data storage industry forward. As new industries are joining the market, there have been a rise in new technologies and improvements in the existing structures of data storages, taking the market forward. Increased production of information from input-output electronic devices across various applications is acting as a catalyst for the market growth. The adoption of data storage structures in banks as a move to reduce paperwork and increase digitisation is providing an impetus to the market growth. Moreover, the adoption of technologies like the internet of things (IoT) in various end-use industries is expected to drive the market forward.

Key Industry Players in the Global Data Storage Market

The report gives a detailed analysis of the following key players in the global data storage market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• IBM Corporation
• NetApp, Inc.
• Microsoft Corporation
• Pure Storage, Inc.
• Dell Inc.
• Samsung Electronics
• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on Porter's five forces model along with giving a SWOT analysis.

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