PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1643485
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1643485
Global Hardware Storage Market to Reach US$169.9 Billion by 2030
The global market for Hardware Storage estimated at US$92.7 Billion in the year 2024, is expected to reach US$169.9 Billion by 2030, growing at a CAGR of 10.6% over the analysis period 2024-2030. Network Attached Storage (NAS), one of the segments analyzed in the report, is expected to record a 10.5% CAGR and reach US$66.3 Billion by the end of the analysis period. Growth in the Direct Attached Storage (DAS) segment is estimated at 12.6% CAGR over the analysis period.
The U.S. Market is Estimated at US$25.0 Billion While China is Forecast to Grow at 14.5% CAGR
The Hardware Storage market in the U.S. is estimated at US$25.0 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$36.2 Billion by the year 2030 trailing a CAGR of 14.5% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 7.8% and 9.0% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.3% CAGR.
Global Hardware Storage Market - Key Trends & Drivers Summarized
Why Is Hardware Storage Vital in a Data-Driven World?
Hardware storage systems are fundamental in managing the massive volumes of data generated by businesses, consumers, and IoT devices daily. From data centers to enterprise storage solutions, hardware storage encompasses solid-state drives (SSDs), hard disk drives (HDDs), and network-attached storage (NAS), which offer reliable, scalable solutions to meet the diverse needs of modern computing. With the rapid expansion of cloud computing, big data analytics, and digital transformation across industries, the demand for robust and high-capacity storage hardware has surged, making it essential for data security, accessibility, and continuity.
What Technological Advancements Are Reshaping Hardware Storage?
Technological innovation is significantly enhancing hardware storage systems, improving data speed, durability, and efficiency. The advent of SSDs with Non-Volatile Memory Express (NVMe) technology allows for faster data transfer speeds and reduced latency, ideal for applications requiring high performance. Meanwhile, advancements in storage density and energy efficiency are making storage systems more compact and eco-friendly. Hybrid storage solutions, which combine SSDs for performance and HDDs for capacity, are gaining popularity, offering cost-effective options for enterprises with diverse storage needs. These developments make hardware storage systems more versatile, scalable, and suitable for both traditional and virtualized environments.
Why Is Data Security a Key Consideration in Hardware Storage?
Data security is a paramount concern in the hardware storage market, as companies face increasing threats from cyberattacks and data breaches. Secure storage systems that include encryption, access control, and data redundancy are essential for businesses handling sensitive information. Furthermore, compliance regulations, such as GDPR and HIPAA, require organizations to adopt secure storage practices. The need for storage systems that support data integrity and disaster recovery is driving demand for hardware with built-in security features, ensuring data remains protected and accessible even in adverse conditions.
The Growth in the Hardware Storage Market Is Driven by Several Factors
The hardware storage market is growing due to increased data generation, technological advancements, and a heightened focus on data security. The rise of cloud computing, big data, and IoT has fueled demand for scalable, high-performance storage solutions. Innovations like NVMe SSDs and hybrid storage solutions offer improved speed and efficiency, appealing to a broad range of industries. Additionally, growing concerns over data security and compliance are encouraging companies to invest in secure, reliable storage hardware. These factors collectively drive the expansion of the hardware storage market as data continues to be a critical asset in the digital era.
SCOPE OF STUDY:
The report analyzes the Hardware Storage market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Storage System (Network Attached Storage (NAS), Direct Attached Storage (DAS), Storage Area Network (SAN))
Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
Select Competitors (Total 39 Featured) -