Storage Market Size and Forecast (by Country, IT Solution Area, Size Band and Vertical) to 2027
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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 7.44% to reach US$ 176.18 billion by 2027. The cumulative revenue generation for storage providers is estimated at US$ 875.10 billion for 2022-2027.
Storage Market Outlook, 2022-2027 (US$ Billion)
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The ‘Storage Market’ opportunity forecast report provides the total addressable market for storage solutions from 2019 to 2027.
Market Size (2022) | US$ 123.05 billion |
Market Size (2027) | US$ 176.18 billion |
CAGR (2022-2027) | 7.44% |
Key Segments | · All-Flash and Hybrid Arrays
· Hard-Disk Drives · Managed Storage Services · Network Attached Storage (NAS) · Other Storage · Software Defined Storage Platforms and Applications · Storage Area Network (SAN) |
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 · Government · Insurance · Transport and Logistics · Healthcare · Construction · Energy · Consumer Goods · Financial Markets · Utilities · Communication · Education · Foodservice · Travel and Leisure · Media · Pharmaceuticals · Mining · Medical Devices · Others |
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Storage Market Segmentation by Region
The storage market is geographically segmented into North America, South and Central America, Western Europe, Central and Eastern Europe, 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, China held the largest market share of 31.6% in this region. On the other hand, North America and Western Europe held the second and third positions with 31.4% and 16.1% of market shares, respectively.
Storage Market Share 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, and energy are a few of the key end-use industries making use of storage in their operations. In terms of vertical end-use segments, the manufacturing sector held the highest market share of 9.5%, followed by the information technology sector.
The storage market for the energy sector is expected to be the fastest-growing segment, recording an estimated CAGR of 9.89%, during the forecast period.
Storage Market Share by Verticals, 2022 (%)
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Storage Market - Competitive Landscape
A few of the major players significantly impacting the storage market are Dell Technologies, NetApp, Hewlett Packard Enterprise (HPE), IBM Corporation, and Pure Storage 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 7.44% over the forecast period.
- Asia Pacific will hold the highest market share of 37.0% in the storage market over the forecast period. North America and Western Europe will follow with market 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 lucrative sectors for storage, considering their current contribution to the overall storage market and their expected input toward the market growth over the next 5 years.
- Identify the geographies/countries that would contribute to the storage market growth over the next 5 years.
Frequently asked questions
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What was the storage market size in 2022?
The storage market size was estimated at US$ 123.05 billion in 2022 and is expected to reach US$ 127.89 billion in 2023.
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What will the storage market growth be by 2027?
The storage market is expected to grow at a compound annual growth rate of 7.44% over the forecast period to reach US$ 176.18 billion by 2027.
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Which industry vertical led the storage market in 2022?
The manufacturing sector was the largest vertical with 9.5% market share in 2022.
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Which region accounted for the largest storage market share in 2022?
The Asia Pacific region dominated the storage market with 37.0% market share in 2022.
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