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Pune, India, Dec. 02, 2021 (GLOBE NEWSWIRE) -- The growing demand for cloud drives owing to enormous data collection is expected to foster the growth of the market, states Fortune Business Insights in a report, titled Data Storage Market Size, Share & Industry Analysis, By Storage Medium (Hard Disk Drive, Solid State Drive, Network Attached Storage, Cloud Storage), By Industry (BFSI, IT & Telecom, Government, Healthcare, Retail, Manufacturing, Media & Entertainment, Education, Others) and Regional Forecast, 2021-2028. The emergence of IoT and Big Data is predicted to foster the healthy growth of the market.

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The report data storage market encloses:

Market Driver:

Increasing Digitalization and Advancement to Accelerate Market Potential

The shift from paper-based data to computerized data is expected to fuel demand for storage devices, which, in turn, can boost the market. The increasing adoption of smartphones, laptops, and tablets for enhanced data storage capacity is predicted to foster the growth of the market in the forthcoming years. The growing technological innovation in storage devices is expected to bode well for the market. For instance, storage devices can now store and transfer data from hard disk to virtual data storage platforms like a cloud. The growing focus of companies towards launching advanced platforms is predicted to promote the growth of the market. The rising implementation of Artificial Intelligence (AI) in High-Performance Computing (HPC) data centers is expected to spur demand for high capacity cloud storage infrastructure, which, in turn, will boost the market. The emergence of high storage capacity with multiple cloud model options as per customer needs is expected to foster the growth of the market. Additionally, the growing demand for flexible, and reliable cloud-based storage solutions is likely to aid the expansion of the market. Besides, the advent of big data analytics, the Internet of Things (IoT), and AI are expected to spur demand for robust cloud infrastructure, which, in turn, can accelerate the market.

However, the lack of data security in cloud-based storage is expected to restrict the market growth in the forthcoming years.

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Regional Analysis:

Rising Adoption of Cloud-based Solutions to Aid Growth in Asia Pacific

Geographically, the data storage market is divided into North America, Europe,Asia Pacific,Middle East, andAfrica, and Latin America. Asia Pacific is expected to experience rapid growth owing to the rising digitalization in developing nations. The growing adoption of smartphones, tablets, and smart devices is expected to spur demand for cloud-based storage platforms, which, in turn, will aid growth in the region. Furthermore, the growing implementation of cloud and mobile solutions in developing countries such asSingapore, Malaysia, and India is expected to further promote the growth of the market in the region. North America is expected to witness a significant growth rate during the forecast period due to the presence of major players in the US. The blooming IoT and big data analytics are expected to favor growth in the region.

Key Development:

February 2020:Egnyte, Inc. patented protection services and separate file sharing in the cloud has turned into a unified content service. The services are offering better analytics with machine learning technology and tiered storage.

June 2019:Microsoft Corporation announced that it has a signed partnership agreement with Oracle Corporation to run and migrate critical enterprise workloads across Oracle Cloud and Microsoft Azure.

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Research Objectives of the Market Report: -

The Report Lists the Prominent Companies in the Data Storage Market:

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Data Storage Market to Escalate Swiftly; Adoption of Big Data Analytics and AI to Amplify Revenue, states Fortune Business Insights - GlobeNewswire