Hardware Storage Market to Showcase Impressive Growth Rate between 2018 to 2024

The key trends shaping the hardware storage market are emergence of big data technologies and IoT devices. These technologies have allowed various new sources to data generation and provided several tools & solutions to collect and evaluate large amount of data. As the enterprises, devices and automobiles are becoming intelligent and interconnected the data will grow. This growth in data has increased the demand for new and innovative analytical solutions to extract meaningful insights from chucks of data collected. Hence, the exponential growth of digital data is expected to drive the growth of the market.

Another factor affecting the hardware storage market is growing adoption of smartphones and internet services. The smartphones and laptops no longer considered as inferior versions of dominant computing devices. The mobile devices have surpassed PCs as the most commonly used web access devices around the world. Customers are storing rich media content on the mobile devices which has nurtured the demand for small size high performance storage devices.

Network Attached Storage (NAS) market holds the major share in the hardware storage market. The NAS-based systems are extensively used in the SMEs due to their cost-effective nature. Direct Attached Storage (DAS) is used for small private cloud installations and large databases. The storage Area Networks (NAS) are mainly used in media sharing devices that allow several server systems to access a shared pool of data.

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Asia Pacific hardware storage market is expected to grow significantly over the forecast timeline. This growth can be attributed to the increased IT hardware spending in the region. Moreover, the introduction of data localization regulations has fostered the market growth. For instance, in 2018, the Indian government introduced a cloud computing policy that mandated all the tech firms to store the data in the country to be stored within the country.

The North American region leads the hardware storage market due to the presence of large players such as Dell, EMC and IBM. The companies in the region have invested highly in the development of advanced IoT technologies and big data platforms. The data generated IoT devices has increased the demand for high performance storage devices. U.S. have have invested highly in establishing supporting business infrastructure which has accelerated growth of the hardware storage market in the region.

The key players in the hardware storage market are Dell, HP, IBM, NetApp, EMC, Symantec, Western Digital, Hitachi, Micron Technology, SanDisk, Toshiba, Huawei, Seagate Technologies, Coho, Jeda Networks and Pernix. The technological advancement and growing competition have driven the market players to develop inexpensive solutions. The players are focusing on product innovation to retain their market share. This growing market competition is expected to drive the overall industry growth.