The Data Storage Market is a vital part of the digital landscape, meeting the escalating demand for storing and managing vast volumes of data generated by individuals and businesses. It encompasses diverse technologies like traditional hard disk drives, solid-state drives, magnetic tape storage, and optical storage, with SSDs gaining popularity for their speed and reliability. As the world becomes increasingly data-driven, data storage solutions play a crucial role in enabling effective data utilization across various industries.

The report " Global Data Storage Market, By Type (Primary (Random Access Memory (RAM) and Read Only Memory), Secondary (Hard Disks and Magnetic Tapes), and Tertiary (Cloud and Networked Storage)), By Application (Enterprises, Consumer, Banking, Telecommunication, Media & Entertainment, Education, and Government), and Region - Global Forecast to 2030"

Key Highlights:

·       In November, 2018, Amazon Web Services., Inc. launched eight new storage services and capabilities. These new services consist of amazon elastic file system (EFS), amazon elastic block store, amazon S3, amazon glacier, data transfer services, and AWS storage gateway.

Analyst View:

The data storage market is experiencing remarkable growth, driven by increasing data volumes from digitalization, IoT, and cloud computing. Solid-state drives (SSDs) will dominate the market due to better performance and lower costs. Edge computing and 5G will boost demand for distributed storage, while cloud storage remains a significant player. Data security and privacy concerns will drive advancements in encryption and protection technologies, offering vast opportunities for vendors to cater to data-driven businesses.

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Key Market Insights from the report:          

The global data storage market accounted for US$ 61.24 billion in 2020 and is projected to register a moderate CAGR of 26.0%. over the forecast period. The market report has been segmented on the basis of type, application, and region.

·       By types, the global data storage market is segmented into primary, secondary, and tertiary. Primary data storage is further classified into random access memory (RAM) and read only memory. Secondary data storage is further classified into hard disks and magnetic tapes. Tertiary data storage is further classified into cloud and networked storage.

·       By application, the global data storage market is categorized into enterprises, consumer, banking, telecommunication, media & entertainment, education, and government.

·       By region, Asia Pacific is expected to be the leading target market over the forecast period due to rising adoption of cloud technology to ensure information backup and recovery. Also, growth of e-commerce industry and rapid increase in urban population have upsurge the demand for high capacity databases which is augmenting the target market growth in the region. Whereas, North America is the second dominating target market. Rise in the adoption of cloud storage gateways and rising need for big data is the major driver for the growth of the target market in the region.

The prominent player operating in the global data storage market includes SanDisk Corporation, Amazon Web Services., Inc., IBM Corporation, Microsoft Corporation, Toshiba Corporation, Hewlett Packard Development Company, Quantum Corporation, Hitachi Ltd., Lenovo., Inc., and Western Digital Corporation

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