Global Hardware Storage Market Grow at a CAGR of 12.2% Until 2028 | Top 5 Players Holds 68% Market Share

Global Hardware Storage Market was valued at USD 76.32 billion in 2021, and it is expected to reach a value of USD 170.83 billion by 2028, at a CAGR of 12.2 % over the forecast period (2022 - 2028).

Westford, USA, Sept. 21, 2022 (GLOBE NEWSWIRE) -- As the world becomes increasingly data-heavy, businesses and individuals are turning to hardware storage market to save and organize their information. Hardware storage solutions come in all shapes and sizes, from compact flash cards to huge hard drives, and prices for both options vary considerably.

Hardware storage market has seen a sharp increase in demand, as businesses and individuals increasingly rely on data to run their operations. This increase in demand has led to a number of hardware providers releasing new storage solutions that can meet the needs of users.

Looking at data from a historical perspective can help us understand how storage demand has evolved over time. According to SkyQuest’s latest study, total global storage shipments increased from 54.5 billion GB in 2013 to 152.1 billion GB in 2021, an increase of 179%. This growth is primarily due to the increasing popularity of SSDs and cloud services, both of which require large amounts of storage space.

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The market for hardware storage solutions has grown rapidly in recent years, with vendors offering a range of solutions to meet the needs of both small businesses and large enterprises. Storage solutions available include external hard drives, USB flash drives, and NAS devices.

SkyQuest released a study entitled " Hardware storage Market," stating that the data center storage will experience double-digit growth through until 2028. The report found that the demand for traditional spinning disk and tape devices is diminishing, while new IaaS, NAS, and SSD storage services are concentrating on big data and artificial intelligence (AI) workloads. In addition, the report forecasts that 45% of total enterprise data will be stored in the cloud by 2030.

Our study on hardware storage market also suggest that enterprises will need to procure more as well as different kinds of storage devices to handle the growing demand for content, application, and data warehousing services. The devices will need to be able to integrate with existing infrastructures and manage disparate workloads. These characteristics make all-flash arrays (AFAs) a critical enabler for future data center architectures.

SkyQuest's report provides detailed insights into the hardware storage market, including data on major players, key trends, and future opportunities.

So, What Drives the Demand for Hardware Storage Market?

The main reasons for this growth in demand are rising data usage and the increasing popularity of cloud-based services. Data usage is growing exponentially due to the increase in mobile applications and the growth of video streaming. As more business data is stored online, IT departments are increasingly looking for ways to store this data safely and efficiently. Software providers are also recognizing the need for storage solutions. Because software applications consume large quantities of data, companies are increasingly turning to external storage solutions to store their data. This trend has led to the development of cloud storage providers, such as Amazon Web Services (AWS) and Microsoft Azure, which provide industrial-scale storage capabilities at affordable rates. Hardware providers have responded to this market demand by introducing new storage.

On the other hand, HDD demand in the global hardware storage market is being driven by a number of factors, including the increasing popularity of cloud storage and the continuing increase in storage capacity requirements across many industries. The advent of big data has also helped drive HDD demand. SkyQuest predicts that by 2028, companies will have analyzed 70 times as much data as they did in 2019. This increase in data analytical demands is driving businesses to expand their data storage footprint.

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SSD to Generate 60% of Hardware Storage Market by 2028

SkyQuest’s analysis of hardware storage market demand shows that the market for microchip-based solid-state drives (SSDs) will exceed the market for hard disk drives (HDDs) by 2028. Our study suggests that SSDs will account for 60% of all storage purchases in 2028, while HDDs will account for 40%.

The SSD market is driven by increased demand for mobile devices, which require a higher level of performance and lower power consumption. As mobile devices continue to grow in popularity, the need for faster and lower-power storage will increase. Additionally, data centers are increasingly using virtualization to create multiple environments that need to be managed independently. To support these needs, data centers are installing SSDs to provide faster access to individual files within a virtual environment.

Top 5 Players Holds 68% Market Share

The top five players in the hardware storage market are Seagate Technology Plc, Western Digital Corporation, Toshiba Corporation, Lenovo Group Limited, and Samsung Electronics Co., Ltd.

The hardware storage market is dominated by a few large companies. This makes it challenging for small businesses to compete with these companies. However, there are ways to overcome this obstacle. Small businesses can reach out to larger businesses to partner with them. They can also offer higher-quality products at a lower price point. These strategies will make it difficult for the big companies to dominate the hardware storage market.

Despite this growth, competition in the hardware storage market is fierce. This is due to the rapidly evolving technologies that require greater memory density, access speed, and reliability. As a result, players are racing to develop innovative solutions that can address these needs.

One such company is Western Digital (WD), a global technology leader in storage solutions. Their new line of NAS devices targets business users who require ample storage space for large files and media files. The HGST NAS products come in both small and large form factors, making them perfect for medium to large businesses. In addition to NAS products, WD also offers external hard drive solutions. These drives can be used to store personal files or downloaded software. The company's drive lineup includes both 2TB and 4TB models, making them the perfect size for storing large files.

The company in the hardware storage market recently announced that it has sold more than 25 million hard drives since Q4 of last year. Hard drive sales are on the upswing, and WDC seems to be leading the charge. One reason for this increase in demand may be due to the increased popularity of portable devices such as mobile phones and laptops. These devices often require more storage than traditional computers do, so people are turning to hard drives as an option.

SkyQuest released a new report on the global hardware storage market. The report provides an overview of the market and key players, and provides an analysis of their strengths and weaknesses. SkyQuest's report is an essential resource for companies looking to enter or expand their operations in the hardware storage market.

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Top Players in Global Hardware Storage Market

  • NetApp, Inc. (US)
  • Hewlett Packard Enterprise Company (HPE) (US)
  • Hitachi, Ltd. (Japan)
  • Seagate Technology Public Limited Company (PLC) (US)
  • NETGEAR, Inc. (US)
  • Buffalo Americas, Inc. (US)
  • Western Digital Corporation (US)
  • Synology, Inc. (Taiwan)
  • Dell Technologies (US)
  • Toshiba Corp (Japan)

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