Enterprise Data Storage Market size is set to grow by USD 11.6 billion from 2024-2028, Increased adoption of cloud applications boost the market, Technavio

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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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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Segment Overview 

This enterprise data storage market report extensively covers market segmentation by  

Solution 1.1 SAN1.2 NAS1.3 DASType 2.1 Storage2.2 Backup2.3 OthersGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 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.

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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

SolutionSANNASDASTypeStorageBackupOthersGeographyNorth AmericaEuropeAPACSouth AmericaMiddle 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.

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SOURCE Technavio