Research Support Specialist, USA
The global storage market size is expected to reach USD 64.28 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 5.4% from 2021 to 2028. The market is expected to grow due to the emergence of the public and private cloud storage infrastructure, continuously growing volume of data, and rising adoption of mobile devices. This, in turn, demands high-performance storage devices.
The server-based technology segment held a significant revenue share in 2020. Server-based storage is also known as hyper-convergence storage, a broad technology including services and products designed to assist large organizations with saving and retrieving data. Data is stored within an individual server at a data center. Enterprises allocate the budget for this and achieve the required access speed within in-house control. Due to the high price and required physical space, large enterprises can afford the usage and manage it.
The retail and e-commerce industry segment is likely to expand with the second-highest growth rate from 2021 to 2028. Storage devices help save and maintain a large customer database with their behavioral experiences, shopping preferences, and social things. Analysis of the data is used to make the key business decisions by market segmentation and predictive analytics. This type of information helps enterprises in decision making, maintaining customer relationships, and expanding their footprints across the globe. This will help improve brand loyalty among customers.
The large enterprises segment dominated the market with a revenue share of over 75.0% in 2020. Large enterprises include the enterprises with revenues in billions and more than 1000 employees. These enterprises have a huge amount of budget and can invent new technology and adopt the same. Additionally, enterprises run their business operations smoothly. Thus, large enterprises contribute more to the market revenue.
North America held the largest revenue share of more than 35.0% in 2020. The U.S. is positively contributing to the growth of the regional market. The presence of well-established device manufacturing vendors is one of the key factors supporting the market growth. This region is one of the promising regions to launch new technology in terms of IT infrastructure and advanced research and development activities, which help innovate and manufacture high-speed storage devices. Additionally, the ease of availability of IT resources and related technological talents will drive the market in the region.
The report “Storage Market Size, Share & Trends Analysis Report By Technology (Cloud Storage, Traditional, Server-based), By Enterprise Size (SMEs, Large Enterprises), By Industry, By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global storage market on the basis of technology, industry, enterprise size, and region: