How big is the data storage industry?

The market for Data Storage is forecast to reach $4.2 billion by 2026, growing at a CAGR of 32.3% from 2021 to 2026 due to the rapid increase in consumer and machine data developments. The market will be driven by increasing need for smartphones, Laptops, PCs and online storage software in small and large enterprises.

How much is the data storage industry worth?

Next-generation Data Storage Market Worth $56.7 Billion by 2027, Growing at a CAGR of 10.1% from 2020 with COVID-19 Impact – Meticulous Research® Analysis.

What is data storage?

Data storage definition Data storage refers to the use of recording media to retain data using computers or other devices. The most prevalent forms of data storage are file storage, block storage, and object storage, with each being ideal for different purposes.

What industry trends currently have the most significant impact on the storage market choose two?

The major drivers for this market include the massive growth in digital data volume; proliferated use of smartphones, laptops, and tablets; growth of the IoT market; and increasing penetration of high-end cloud computing.

How much do companies spend on data storage?

For small to medium-sized businesses, the average spend is about $120 thousand per year. Still, at least 13 percent of SMBs still exceed $1.2 million in annual cloud spending.

How much data is there in the world?

In 2018, the total amount of data created, captured, copied and consumed in the world was 33 zettabytes (ZB) – the equivalent of 33 trillion gigabytes. This grew to 59ZB in 2020 and is predicted to reach a mind-boggling 175ZB by 2025.

What is the latest storage technology?

According to a technology roadmap put forward by the Advanced Storage Technology Consortium, the capacity of HDDs will rise to 100TB by 2025, enabled by new writing technologies such as Shingled Magnetic Recording, Perpendicular Magnetic Recording, Enhanced Caching, and even installing helium inside the casing.

How much do companies spend on cloud?

Thirty-six percent of enterprises said their annual spend exceeded $12 million, and 83 percent reported that cloud spend exceeds $1.2 million per year.

How much should my company spend on IT?

The average small company (less than $50 million in revenue) spends 6.9% of its revenue on IT. Mid-sized (between $50 million – $2 billion) spend 4.1% Larger companies (over $2 billion) spend a relatively tiny 3.2%