GRC Viewpoint

The Enterprise Data Storage Market: Trends for 2023

The enterprise data storage industry was valued at about $84.7 bn USD last year. The industry will be worth up to $102.92 bn USD toward 2028 at a compound CAGR of 3.3%.

Businesses can choose from various suppliers’ data storage solutions for sophisticated and reliable data services. Today’s enterprises have to process vast volumes of data. Sorting and storing this data is critical to leverage it effectively. 

An enterprise storage system serves as the central repository for corporate data. 

READ MORE: Multi-cloud Storage: A Look Into the Current Scenario, Trends, and the Right Approach

Enterprise data storage enables businesses to store and retrieve large amounts of corporate data. Organizations can store varied amounts of data, depending on their storage format. The urgency for effective data storage solutions has been a driving factor for the growth of the enterprise storage industry.

The market is likely to surpass expectations in 2023 due to the market’s stable growth and the increasing adoption of tactics by significant players.

READ MORE: Minimalistic Storage, the Hottest Trend in 2022?

The competition is severe in this industry. However, the challenges to excel by leveraging the available opportunities are many.

Industry experts continue to explore the possibilities of data storage. For instance, today’s CISOs are exploring combining cyber security with enterprise storage to devise a well-aligned cyber security strategy. 

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