Data Storage Market to Witness a CAGR of 6.6% During the Forecast Period 2022-2032| NetApp Inc., Microsoft Corporation, Pure Storage Inc., Dell Inc

New York, The global Data Storage Market was valued at USD 115.3 Billion in 2022 and it is anticipated to grow up to USD 219.4 Billion by 2032 at a CAGR of 6.6% during the forecast period.

Data storage refers to the recording or storing of information and data in an electromagnetic, optical, or silicon-based storage medium. Data is often stored in a digital, machine-readable medium, and is called digital data. The prevalent forms of data storage are file storage, object storage, and block storage.

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Market Trends and Drivers

The rapidly growing digital infrastructure and penetration of cloud-based services in organisations are driving the global data storage industry forward. As new industries are joining the market, there have been a rise in new technologies and improvements in the existing structures of data storages, taking the market forward. Increased production of information from input-output electronic devices across various applications is acting as a catalyst for the market growth. The adoption of data storage structures in banks as a move to reduce paperwork and increase digitisation is providing an impetus to the market growth. Moreover, the adoption of technologies like the internet of things (IoT) in various end-use industries is expected to drive the market forward.

Market Restraints and Challenges

The high cost involved in the collaboration and integration of diverse applications of digital utility hinders the growth of the digital utility market in the global market. The lack of awareness is another major factor that restricts market growth. Also, the issue of cyber security is a major shortcoming in the growth of the digital utility market.

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Global Data Storage Market Segmentation
By Storage System

• Direct-Attached Storage
• Network-Attached Storage
• Storage Area Network

Major Players in the Global Data Storage Market

The key players in the market are IBM Corporation, NetApp Inc., Microsoft Corporation, Pure Storage Inc., Dell Inc., Samsung Electronics, Toshiba Corporation, Fujitsu Ltd., Hewlett Packard Enterprise, and Intel Corporation, among others.

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