PUBLISHER: The Business Research Company | PRODUCT CODE: 1500052
PUBLISHER: The Business Research Company | PRODUCT CODE: 1500052
Enterprise storage refers to the infrastructure and technology utilized by businesses to store and manage vast amounts of data in a centralized and efficient manner. The primary objective of enterprise storage is to furnish centralized, scalable, and reliable storage solutions for the extensive volumes of data generated and utilized by organizations. This facilitates businesses in effectively storing, managing, and accessing data across their entire infrastructure.
The primary types of enterprise storage systems include storage area network (SAN) systems, network-attached storage (NAS) systems, direct-attached storage (DAS) systems, object storage systems, and tape storage systems. SANs enable multiple servers to access shared block-level storage through a high-speed network. These storage systems can be deployed on-premise, in hybrid environments, or in the cloud, catering to applications in large enterprises and small and medium-sized enterprises (SMEs) across various industries such as information technology (IT) and telecommunications, banking, financial services, and insurance (BFSI), healthcare, manufacturing, government, among others.
The enterprise storage market research report is one of a series of new reports from The Business Research Company that provides enterprise storage market statistics, including enterprise storage industry global market size, regional shares, competitors with a enterprise storage market share, detailed enterprise storage market segments, market trends and opportunities, and any further data you may need to thrive in the enterprise storage industry. This enterprise storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The enterprise storage market size has grown strongly in recent years. It will grow from $135.10 billion in 2023 to $146.36 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth observed during the historic period can be attributed to several factors, including an increased focus on hybrid clouds, the necessity to manage and store large volumes of data, the rapid expansion of the Internet of Things (IoT), the emergence of big data analytics, and the growing demand for data protection.
The enterprise storage market size is expected to see strong growth in the next few years. It will grow to $202.59 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing demand for storage solutions in enterprises, the growing adoption of cloud-based storage solutions, the widespread adoption of cloud computing, the rising demand for data storage, and the increasing needs of enterprises. Major trends expected during this period encompass technological advancements, the emergence of artificial intelligence and machine learning technologies, the expansion of flash storage capabilities, the adoption of software-defined storage solutions, and the increasing adoption of hybrid cloud storage architectures.
The increasing embrace of cloud computing is poised to drive the expansion of the enterprise storage market in the coming years. Cloud computing, which delivers computing services over the internet on demand, encompasses servers, storage, databases, networking, software, and analytics. Its demand is surging due to the robust infrastructure it offers, equipped with redundancy and failover mechanisms to ensure high availability and reliability. Cloud computing provides flexible storage solutions tailored to the needs of companies, obviating the need for substantial hardware investments. Additionally, it guarantees data availability and integrity by enabling data replication across multiple geographic locations and offering built-in disaster recovery solutions to mitigate the risk of data loss and downtime. For example, data from the Statistical Office of the European Union in December 2023 reveals that 45.2% of EU enterprises procured cloud computing services, marking a 4.2 percentage point increase from 2021 and underscoring the role of cloud computing in driving the enterprise storage market's growth.
Key players in the enterprise storage market are concentrating on developing automation and orchestration capability solutions such as software-defined storage platforms to eliminate hardware dependencies and deliver essential features for secure enterprise storage. Software-defined storage platforms represent the next generation of storage models, catering to complex workflows by offering multi-tenancy, simplified management, enhanced security, and improved efficiency. For instance, DataDirect Networks introduced DDN Infinia for Enterprise AI and Cloud in November 2023, offering a faster and more cost-effective alternative to cloud storage. DDN Infinia enables the rapid construction of a secure storage cluster, seamless upgrades, and capacity extension without downtime. It features scalable metadata management and storage, promoting data governance and control while minimizing complexity and data duplication. Supporting S3 object storage, Docker containers, and OpenStack virtual machines, DDN Infinia manages distributed data with minimal effort and cost.
In November 2023, Broadcom Inc. acquired VMware Inc. for an undisclosed sum, positioning itself strategically to enable enterprises to construct and modernize their private and hybrid cloud environments. VMware Inc., a cloud computing company based in the US, provides enterprise storage technology through its vSphere platform.
Major companies operating in the enterprise storage market are Samsung Electronics Co. Ltd., Dell Inc., Huawei Technologies Co. Ltd., Lenovo Group Ltd., Intel Corporation, HP Inc., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Broadcom Inc., Fujitsu Limited, Micron Technology Inc., Toshiba Corporation, NEC Corporation, NetApp Inc., Hitachi Vantara LLC, Pure Storage Inc., Nutanix Inc., Imation Corporation, DataDirect Networks, Tintri Inc., Overland Tandberg, Nimbus Data, Nfina Technologies Inc., DATROX Computer Technologies Inc.
North America was the largest region in the enterprise storage market in 2023. The regions covered in the enterprise storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the enterprise storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The enterprise storage market consists of revenues earned by entities by providing services such as data migration services, data backup, storage management, monitoring and performance optimization. The market value includes the value of related goods sold by the service provider or included within the service offering. The enterprise storage market also includes sales of products such as storage arrays, storage networking equipment, controllers and switches. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Enterprise Storage Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on enterprise storage market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for enterprise storage ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The enterprise storage market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.