NEW
YORK, Aug. 12, 2024 /PRNewswire/ -- The global
enterprise data storage market size is estimated to grow by
USD 11.6 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 4.39% during the forecast period. Increased adoption
of cloud applications is driving market growth, with a
trend towards software-defined storage. However, high
operating expenses for vendors poses a challenge. Key market
players include Broadcom Inc., Commvault Systems Inc., DataDirect
Networks Inc., Dell Technologies Inc., Fujitsu Ltd., Hewlett
Packard Enterprise Co., Hitachi Ltd., Huawei Technologies Co. Ltd.,
Infinidat Ltd., Inspur Group, International Business Machines
Corp., Lenovo Group Ltd., NetApp Inc., Nutanix Inc., Oracle Corp.,
Pure Storage Inc., Seagate Technology Holdings Plc, Veritas
Technologies LLC, Western Digital Corp., and Zadara Inc..
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Enterprise Data
Storage Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
4.39%
|
Market growth
2024-2028
|
USD 11.6
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
4.13
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
35%
|
Key
countries
|
US, Germany, China, UK,
and Japan
|
Key companies
profiled
|
Broadcom Inc.,
Commvault Systems Inc., DataDirect Networks Inc., Dell Technologies
Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., Hitachi Ltd.,
Huawei Technologies Co. Ltd., Infinidat Ltd., Inspur Group,
International Business Machines Corp., Lenovo Group Ltd., NetApp
Inc., Nutanix Inc., Oracle Corp., Pure Storage Inc., Seagate
Technology Holdings Plc, Veritas Technologies LLC, Western Digital
Corp., and Zadara Inc.
|
Market Driver
The global enterprise data storage market is experiencing
significant growth, driven by the increasing need for flexible,
scalable, and cost-effective storage solutions. Software-defined
storage (SDS) is an emerging trend in this market, offering
organizations a more efficient way to manage and store data. SDS
separates the control plane from the data plane, enabling the use
of software to manage storage resources across various hardware
platforms. This architecture provides greater flexibility and cost
savings, making it an attractive option for businesses dealing with
the exponential growth of data.
The Enterprise Data Storage Market is thriving with big
businesses prioritizing digital data management for their corporate
operations. The market offers a range of products and services,
including hardware and software solutions. Hardware includes
traditional Hard Disk Drives, Solid State Drives (SSDs), and
emerging technologies like Software-Defined Storage (SDS) and
Hyper-Converged Infrastructures (HCI). Software solutions include
data accessibility tools, security systems, and data analytics
platforms.
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Market Challenges
- The global enterprise data storage market faces substantial
operating expenses for vendors due to various reasons. Significant
research and development (R&D) costs are incurred to create
innovative storage solutions, requiring investments in new
technologies and infrastructure. Vendors must also maintain a large
and intricate infrastructure, including data centers, servers,
networking equipment, and hardware and software systems, which can
be costly. Marketing and sales efforts are essential to reach
potential clients, adding to expenses through advertising,
conference attendance, and hiring sales teams. Competition in the
market drives up operating expenses as vendors strive to
differentiate their offerings and remain competitive. Consequently,
designing and developing enterprise data storage solutions tailored
to end-users' requirements, which necessitates substantial R&D
and product development investments, can hinder the growth of the
global enterprise data storage market.
- Big enterprises face numerous challenges in managing their
business-related information with the increasing volume of data
from various workloads. Traditional storage systems like Storage
Area Networks (SAN), Network Attached Storage (NAS), Direct
Attached Storage (DAS), and digital storage have their unique
advantages, but choosing the right one can be complex. Redundant,
logical storage containers are crucial for data protection during
disasters, ensuring business continuity. Centralized remote
support, administration, and scalability are essential for managing
large volumes of data. Durable and scalable storage mechanisms like
networked appliances, storage drives, and redundant arrays of
independent disks (RAID) are popular choices. Big data analytics
and management of unstructured data require agile and distributed
storage subsystems. Data security is paramount, and software
manufacturers offer various solutions for backup, restoration
functions, and disaster recovery. Cabling, connectivity, and
operating platforms are essential considerations for storage
systems. Hyper-converged storage, cloud storage, and distributed
storage are emerging trends in the enterprise data storage market.
AI and ML are transforming IT systems in healthcare, manufacturing,
and IT and telecommunication industries, requiring high-speed 5G
communication infrastructure to support their workloads. The
enterprise data storage market is evolving rapidly, and businesses
must stay informed to make informed decisions.
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challenges - Request a sample report!
Segment Overview
This enterprise data storage market report extensively covers
market segmentation by
- Solution
- Type
- 2.1 Storage
- 2.2 Backup
- 2.3 Others
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 SAN- A Storage Area Network (SAN) is a
dedicated high-speed network that interconnects enterprise storage
devices to multiple servers. It moves data from the common user
network and organizes it into an independent high-speed network,
enabling each server to access storage devices and control the
storage volume. SAN is a type of Local Area Network (LAN) designed
for handling large data volumes. SAN storage devices support data
storage, retrieval, and replication using high-end servers and
multiple disk arrays. Vendors like Dell Technologies Inc., Hewlett
Packard Enterprise, and IBM offer SAN solutions, including FC and
iSCSI. FC is suitable for mission-critical applications, while
iSCSI offers flexibility through an IP network. SANs come in three
types: Virtual SAN, Unified SAN, and Converged SAN. SAN advantages
include storage virtualization, high-speed disk technologies, and
centralized backup. SAN devices enhance storage management and
fault tolerance, fueling AI and real-time analytics adoption,
driving IT optimization, and growing the global enterprise storage
market.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The Global Enterprise External OEM Storage Systems Market is
witnessing significant growth, driven by the rising demand for data
storage solutions across various industries. Simultaneously, the
Global Cloud Storage Services Market is expanding rapidly, fueled
by the increasing adoption of cloud computing and digital
transformation initiatives. Additionally, the Global
Software-Defined Storage (SDS) Market is gaining traction, offering
scalable and flexible storage solutions to meet the growing data
needs. These markets are critical in supporting enterprise digital
infrastructure and are expected to continue their upward
trajectory.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Solution
-
- Type
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio