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Data Center Storage Revenue to Attain USD 185.56 Billion by 2033
23 Oct 2024
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Data Center Storage Revenue and Trends
The global data center storage market revenue reached USD 63.72 billion in 2024 and is predicted to attain around USD 185.56 billion by 2033 with a CAGR of 12.61% during forecast period. Industries and businesses' rapid shift toward digital platforms generate a large amount of data, requiring proper storage systems, which further boosts the market's growth.
Market Overview
Data center storage refers to computing infrastructure, like servers, network equipment, and data storage drives, that IT systems require to store digital data. IT infrastructure has rapidly expanded across various sectors, such as entertainment, media, telecommunication, healthcare, and BFSI. Traditional storage systems are not sufficient to store digital data. Thus, advanced storage systems are gaining traction. Private sectors and large enterprises rely heavily on data center storage that offers security and privacy related to data. Thus, they are investing heavily in data storage centers, contributing to market expansion.
With rising data traffic and increasing usage of digital services among businesses, the demand for data center storage is rising. The rising adoption of 5G networks and increasing digitization further fuels market growth. Moreover, implementing AI and ML technologies in business practices requires huge storage to store generated data. Incorporating AI in data center networks allows real-time data monitoring and analytics and further boosts the data center storage market.
For instance, in October 2024, Nokia, in partnership with Lenovo, created a comprehensive data center networking and automation solution that supports the massive and precise computing, storage, and transit needs for AI, ML, and other intensive workloads.
Report Highlights of the Data Center Storage Market
On the basis of deployment, the SAN system segment led the market for data center storage in 2023 due to the expansion of the IT and telecommunication, entertainment, and media industries. SAN connects network with storage, eliminating single points of failure and enhancing storage reliability and availability.
Based on application, the IT and telecommunication segment dominated the market in 2023 due to the increasing volumes of data generated by the IT industry, which requires highly secure solutions. In addition, the rising number of IT businesses worldwide contributed to segmental growth.
Data Center Storage Market Trends
Increasing data volumes: With the increasing digitization across industries, the volume of generated data is also increasing. However, managing massive datasets requires reliable storage systems, which further drives the market growth. The rising usage of digital platforms and social media significantly boosts the market. In addition, rising government focus toward digitization creates immense opportunities in the market. For instance, India’s Digital India 2.0 initiative is reshaping the nation’s digital transformation as government policies and technological advancements are raising the demand for digital services that also support country’s digital economy.
Rising adoption of IoT devices: The rising adoption of IoT and connected devices in various sectors require storage systems to store and manage the data. Businesses are rapidly shifting toward cloud computing, further boosting the demand for data storage. Moreover, many businesses are investing in IT infrastructure to develop advanced data storage systems to meet the varying consumers’ demands.
Regional Outlook
In 2023, North America dominated the data center storage market with the largest share. This is primarily due to the increasing adoption of cutting-edge technologies and the availability of advanced IT infrastructure. The rapid expansion of the IT industry in the U.S. and Canada further contributes to regional market growth. Regional players are making efforts to develop advanced data storage systems to hold a large market share.
For instance, in June 2024, NVIDIA, a US-based technology company, unveiled its new array of NVIDIA-Blackwell architecture-powered systems featuring GRACE CPUs to build AI factories and data centers that drive the market for AI systems. The company also focuses on shifting traditional data centers to new types of data centers with AI-powered innovation.
Data Center Storage Market Coverage
Report Attribute
Key Statistics
Market Revenue in 2024
USD 63.72 Billion
Market Revenue by 2033
USD 185.56 Billion
CAGR
12.61% from 2024 to 2033
Quantitative Units
Revenue in USD million/billion, Volume in units
Largest Market
North America
Base Year
2023
Regions Covered
North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Market News
In May 2024, Hewlett Packard Enterprise launched the HPE Cray Storage systems C500 as an entry-level and midrange storage system for HPC and AI compute clusters that are designed to reduce the I/O bottlenecks of HPC systems and optimize for large-scale performance.
In March 2024, Huawei launched three innovative data storage solutions for AI: AI data lake solution, DCS full-stack data center solution, and all-scenario data protection solution.
Market Segmentation
By Deployment
SAN System
NAS System
DAS System
By Application
IT and Telecommunications
BFSI
Government
Healthcare
Others
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