PUBLISHER: SkyQuest | PRODUCT CODE: 1165293
PUBLISHER: SkyQuest | PRODUCT CODE: 1165293
Global Hardware Storage Market was valued at USD 76.32 billion in 2021, and it is expected to reach a value of USD 170.83 billion by 2028, at a CAGR of 12.2 % over the forecast period (2022-2028).
Businesses and individuals are turning to the hardware storage market as the world becomes more and more data-heavy in order to save and organize their information. Hardware storage options come in a wide range of sizes and shapes, from tiny flash drives to enormous hard drives, and their costs differ greatly. As businesses and individuals depend more and more on data to run their operations, there has been a sharp increase in demand for hardware storage. Due to the rise in demand, a number of hardware vendors have introduced fresh storage options that can satisfy customers.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Hardware Storage Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
Global Hardware Storage market is segmented based on Storage Architecture, Storage System, End-User, Storage Medium, and Region. Based on Storage Architecture, the market is segmented into File and Object-based Storage (FOBS), Block Storage. Based on Storage System, the market is segmented into Network Attached Storage (NAS), Direct Attached Storage (DAS), and Storage Area Network (SAN). Based on End-User, the market is segmented into Enterprise, Government, Cloud Service Providers, Telecom, and Others. Based on Storage Medium, the market is segmented into Solid-state Drive (SSD), Hard Disk Drive (HDD), Tape, and Others. Based on region the global Hardware Storage market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Driver
A key factor in the expansion of this sector globally is the growing need to store data for a variety of applications, including big data, AI, IoT, blockchain, cloud computing, and all Web services. With the expansion of the digital economy, demand is anticipated to rise. People are also looking for computers that can store their data effectively due to the growing use of smartphones and the culture of taking photos to preserve memories. In a similar vein, there is a strong demand for external drives in addition to the internal storage of their smartphones, laptops, or other similar devices. During the forecast period, these consumer traits are also anticipated to increase demand for global hardware storage.
Restraint
It is never easy to decide whether to use high performance methods or less expensive ones. The user's expenses increase due to maintenance and ongoing management costs. Consequently, it is anticipated that the high price will restrain the industry over the forecast period.
Market Trends
With a sharp rise in information volume, big data and cloud infrastructure are becoming increasingly important. Government agencies and management consulting firms are increasing their mass storage system investments. These innovative solutions have been a crucial component of the E-government system and offer helpful information. These patterns present promising opportunities for future global industry growth.