Storage Market Size and Forecast (by Country, IT Solution Area, Size Band and Vertical) to 2027
Storage Market Overview
The global Storage market was valued at US$ 123.05 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 6.86% to reach a value of US$ 171.43 billion by 2027. The cumulative revenue generation opportunities for Storage providers is estimated at US$ 862.51 billion between 2022 to 2027.
Storage Market Outlook, 2022-2027 (US$ Billion)
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The Storage market opportunity forecast report provides the total addressable market for the Storage solutions from 2019 to 2027.
| Market Size (2022) | US$ 123.05 billion |
| Market Size (2027) | US$ 171.43 billion |
| CAGR (2022-2027) | 6.86% |
| Key Regions | · North America
· South & Central America · Western Europe · Central & Eastern Europe · Middle East & Africa · Asia Pacific |
| Key Verticals | · Manufacturing
· Information Technology · Retail · Retail Banking · Insurance · Government · Transport and Logistics · Construction · Healthcare · Energy · Consumer Goods · Utilities · Financial Markets · Education · Communication · Foodservice · Travel and Leisure · Mining · Media · Pharmaceuticals · Medical Devices · Others |
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Storage Market Segmentation by Region
The Storage market is geographically segmented into North America, South & Central America, Western Europe, Central & Eastern Europe, the Middle East & Africa, and the Asia Pacific.
The Asia Pacific region dominated the Storage market with a revenue share of 37.0% in 2022. Undoubtedly, the India is the major contributor to the Storage market growth in this region. Furthermore, Asia Pacific and Western Europe held the second and third position of the market with a share of 31.4% and 16.1%, respectively.
Storage Market Analysis by Region, 2022 (%)
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Storage Market Segmentation by Vertical
Manufacturing, Information Technology, Retail, Retail Banking, Insurance, Government, Transport and Logistics, Construction, Healthcare, Energy and Consumer Goods among others are some of the key end-use industries using Storage in their operations.
In terms of vertical end-use segments, the Manufacturing Sector is the largest segment with 9.5% market share, followed by the Information Technology sector. Additionally, the Storage market for energy sector is anticipated to be the fastest growing segment recording an estimated CAGR of 9.30% during the forecast period.
Storage Market Analysis by Verticals, 2022 (%)
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Storage Market - Competitive Landscape
The major players significantly impacting the Storage market are Dell Technologies, Huawei Technologies, Micron Technology, Seagate Technology and Western Digital Corporation among others.
Leading Storage Companies
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Scope
This product provides revenue opportunity forecasts in the Storage market from 2019 to 2027, spanning 52 geographical markets, 6 regions and 22 verticals.
Key Highlights
- The global Storage market is expected to grow at a CAGR of 6.86% over the forecast period.
- The global Storage market over the forecast period is expected to be led by Asia Pacific with a share of 37.0%, followed by North America and Western Europe with shares of 31.4% and 16.1%, respectively. The Middle East, Africa, Central and Eastern Europe, and South and Central America together are expected to account for the remaining market share of 15.6%.
Reasons to Buy
- Access the current state and expected growth (next 5 years) of the Storage
- Determine the most lucrative sectors for Storage considering their current contribution to the overall Storage market and their expected contribution to the growth of the market over the next 5 years.
- Identify the geographies/countries who would be the contributors to the growth of Storage market over the next 5 years.
Frequently Asked Questions
The global Storage market size was estimated at US$ 123.05 billion in 2022 and is expected to reach US$ 127.23 billion in 2023.
The global Storage market is expected to grow at a compound annual growth rate of 6.86% over the forecast period to reach US$ 171.43 billion by 2027.
The manufacturing sector was the largest vertical with 9.5% market share in 2022.
The North America region dominated the Storage market with 37.0% market share in 2022.
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