As per latest reports, the data storage market is going to witness a rapid boom, and it will reach €3.5 billion by the year 2026. This rapid increase has been boosted by the enhanced machine and consumer data developments. There will be a phenomenal growth in the requirement of laptops, smartphones, online storage software solutions, and so on. Experts suggest that the growth in the data storage market is the result of high adoption of cloud storage technology as well as external storage mechanisms.
Basically, data storage means the process in which digital data is gathered and then archived for usage by any device or computer. There are two types of data storage – primary storage (main memory) and secondary storage (auxiliary storage). Generally, cloud storage seems to be more popular among different enterprises.
Elaborate Data Storage Market Segment Analysis
According to the survey reports, about 72% of global organisations will migrate straight to cloud storage platforms because of a sense of security as well as the increasing demand for low-cost data backup. By 2023, hybrid cloud storage may gain a significant share of the entire cloud storage market. These enterprise data storage solutions will definitely propel the growth of the market. The financial service industry and banking are two major receivers of this impactful change.
Enhanced usage of smartphones in the urban and semi-rural region, rapid advancement in technology and the proliferation of e-commerce sectors have resulted in the growth of enterprise data storage solutions.
At present, North America is holding the reins with considerable growth in data storage solutions. Countries like the UK, China, India, and Japan are also not far behind. They are refurbishing their old data centres and building new ones as well. Factors like easy accessibility to cheap smartphones, reduction in consumer data storage services (hard disks or HDDs, solid-state drive, or SSDs) are playing an exceedingly significant role in boosting the backup storage market.
Major Driving Factors for the Data Storage Market
Penetration of Cloud Services
Multiple companies are now reaping the benefits of cloud computing. According to the reports of the Global Cloud Computing Scoreboard, cloud computing has impacted over 24 countries. All these cloud services are in dire need of data storage devices, for instance, internal and external hard drives in the systems. Thus, it will be absolutely safe to say that cloud services are a major contributor to the rapid boost in the data storage market.
Personal Data Generated by Consumers
Consumers are producing an insanely huge number of media and data files, thanks to easily accessible mobile phone cameras and almost free video and audio data availability. Also, IoT is only boosting the level of personal data production. All these factors are contributing majorly to the growth of the data storage market. Organisations are now preferring to store data in Terabyte or Petabyte form.
One of the biggest challenges the data storage market faces is the highly sensitive issue of security and data privacy. Because of stringent implementation of the GDPR regulations, the issue of consumer data privacy has come to the forefront. The problem is all the more prevalent in the BFSI sector.
Apex Techno is a pioneering enterprise data storage solutions company, trying its best to remove these safety concerns and offer a completely safe and secure data storage solution.