The global storage market size was valued at USD 42.57 billion in 2020 and is expected to expand at a compound annual growth (CAGR) of 5.4% from 2021 to 2028. Enterprises are witnessing the need for storage devices to store continuously growing information. Improvements in the storage devices and systems are expected to contribute the market growth by redefining the consumption and deployment of the storage solutions for a number of end users from various industries. The factors such as the emergence of the public and private cloud storage infrastructure, continuously growing volume of data, and rising adoption of mobile devices are driving the market. Additionally, enterprises are adopting devices as they provide cost-efficient solutions with reliability, increase performance, and save energy.
Storage stands for the equipment and systems that are designed for storing the data. The storage devices contain all the addressable data that do not belong to the main memory of the system. It stores the information and allows to retrieve it whenever required. These storage devices are referred to as primary or secondary storage systems. These storage devices are not restricted to the particular device and can be moved from one to another place without data interruption.
During the COVID-19 pandemic and lockdown situation, the governments of various countries restricted the physical movement and citizens preferred to stay at home as a precautionary measure. A fall was observed in revenue due to the disturbed supply chains. Enterprises allowed employees to work from home due to the pandemic situation and government restrictions. Enterprises across the globe shifted to cloud registering, which fueled the demand for data centers. Thus, the demand for storage devices and systems witnessed an increase. Considering the urgency and emergency situation of storage, the supply of drugs was allowed by the government. Thus, a negligible impact of the pandemic was observed on the market revenue.
The manufacturing industry dominated the market with a revenue share of more than 20.0% in 2020. Manufacturing enterprises need to keep a record of the products and related services. Additionally, enterprises keep records of their customers to offer a better customer experience for achieving brand loyalty. Enterprises are investing a large amount in storage devices to safeguard the records of products and customers.
The healthcare industry is likely to expand at the highest growth rate of 7.9% from 2021 to 2028 owing to the increasing awareness regarding health among the population. Thus, healthcare institutes and enterprises are closely monitoring and tracking the health history of the patients to offer better health services, which will increase their brand loyalty. Thus, health institutes and enterprises are investing in storage devices.
The large enterprises segment dominated the market with a revenue share of more than 75.0% in 2020. Large enterprises are enterprises with revenues in billions and more than 1000 employees. These enterprises have a huge amount of budget and can invent new technology and adopt the same. Additionally, enterprises run their business operations smoothly. Thus, the large enterprises contribute more to the market revenue.
The SMEs segment is likely to expand at the highest CAGR of 7.0% from 2021 to 2028. SMEs stand for small and medium-sized enterprises. These enterprises have revenue of less than a billion and less than 1000 employees. These enterprises are short of funds and limited resources. However, governments are supporting SMEs by offering tax exemptions and other services.
The cloud storage segment dominated the market with a revenue share of more than 35.0% in 2020. It is expected to expand at the highest CAGR from 2021 to 2028. Demand for cloud storage devices is increasing due to the low-cost data storage, faster data accessibility, and adoption of the cloud by enterprises globally. Additionally, cloud storage allows faster data retrieval irrespective of the data center’s location. Cloud storage saves the cost of the on-premise data center and related maintenance and service costs. Thus, this segment is gaining share with its increasing adoption and is expected to grow during the forecast period.
The traditional segment is likely to expand at a CAGR of 4.5% during the forecast period. With the growing amount of data generated on a daily basis, enterprises are planning the expansion of existing data storage devices as per their allocated budgets and requirement of the storage devices. The traditional segment includes external storage devices used for the expansion of the existing storage and the backup of data.
North America held the largest revenue share of more than 35.0% in 2020. The U.S. is positively contributing to the growth of the regional market. The presence of well-established device manufacturing vendors is one of the key factors supporting the market growth. This region is one of the promising regions to launch new technology in terms of IT infrastructure and advanced research and development activities, which help innovate and manufacture high-speed storage devices. Additionally, the ease of availability of IT resources and related technological talents will contribute and thus drive the market in the region.
Asia Pacific is likely to expand at the highest CAGR of 7.0% from 2021 to 2028. Countries such as China and India are a hub for the industry for the last decade. Enterprises are investing large amounts in this region to grab the opportunities. Simultaneously, these countries have a large customer base. Governments and enterprises are adopting digital technologies, thus contributing to the regional market growth.
Europe held the second-largest revenue share in 2020 owing to the rising penetration of mobile devices and the internet. Countries such as the U.K., Germany, and France are contributing to the market revenue. Industries such as banking, financial services, and insurance, information technology and telecommunications, and manufacturing are contributing to the market growth in the region.
The market is characterized by the presence of various well-established multinationals and several small and medium vendors. Equipment vendors are focusing on research & development activities to launch the latest technologies to improve the access speed and increase the storage space. Moreover, these vendors are expanding their reach across all regions to increase the market presence and revenue. These types of initiatives are expected to boost the adoption rate of storage equipment. The storage vendors are aggressively following organic and inorganic strategies to expand their footprints across the globe. Some prominent players in the global storage market include:
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Report Attribute |
Details |
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Market size value in 2021 |
USD 44.40 billion |
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Revenue forecast in 2028 |
USD 64.28 billion |
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Growth Rate |
CAGR of 5.4% from 2021 to 2028 |
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Base year for estimation |
2020 |
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Historical data |
2017 - 2019 |
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Forecast period |
2021 - 2028 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Technology, industry, enterprise size, region |
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Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
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Country scope |
U.S.; Germany; France; U.K.; China; India; Brazil; South Africa |
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Key companies profiled |
Dell Inc.; Hewlett Packard Enterprise Company; Huawei; International Business Machines Corporation; Western Digital Corporation; Pure Storage, Inc.; Toshiba Corporation; Hitachi, Ltd.; NetApp, Inc.; Fujitsu Ltd. |
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Customization scope |
Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope. |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Million Insights has segmented the global storage market report on the basis of technology, industry, enterprise size, and region:
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