Market Size of Enterprise Flash Storage Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 13.67 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Enterprise Flash Storage Market Analysis
The Enterprise Flash Storage Market is expected to register a CAGR of 13.67% over the forecast period. A large amount of raw data is generated daily, leading to a data storage crisis for companies. The enterprise storage market is the most active, as storage users have been subjected to repeated hype for decades. Consumers shifted from hard disk drives (HDDs) to solid-state drives (SSDs); they are further expected to move towards the upcoming all-flash arrays (AFAs). Enterprises are attempting to devise a strategy for strategically deploying approaches to maximize return on investment.
- The growing adoption of cloud technology, coupled with growth in the amount of data generated by enterprises, is expected to drive the market. The adoption of flash storage is in demand in enterprise data centres globally. There are advantages in terms of power consumption, performance, scalability, and ease of management that boost the adoption rate.
- Non-Volatile Memory Express (NVMe) and other changes have helped the market for enterprise flash storage grow. Mission-critical applications, including real-time analytics and demanding database systems, can be performed easily with flash storage systems. So can virtual servers, financial systems, virtual desktop platforms, and data analytics applications that gather vast amounts of data.
- Aided by the demand for digitization, it is expected to contribute value to different end-user industries, such as BFSI and IT services, and raise the global need for mega data centers. On the other hand, new enterprise storage investments were made because of the need for public cloud resources and a global enterprise infrastructure update.
- Flash is becoming the game changer in delivering hybrid-cloud environments to support on-premise, the edge, and public cloud infrastructure consumption. Another benefit of flash storage is its flexibility and ability to be deployed into more dynamic environments than traditional removable storage, such as a cache or persistent buffer for IoT devices, cameras, and sensors. Flash storage is enabling IT transformation in a variety of organizations of all sizes.
- The global pandemic, COVID-19, and the surge in data consumption due to the lockdown have led to a shortage and higher prices for memory and storage products to counter the demand for data center operations. Although limited production has resumed, the current supply is quickly being stockpiled by large technology companies. Drive vendors expect that the high price of flash drives will continue into next year because of low stock, long wait times, and problems with production.
