The latest IDC report said that the installed base of storage capacity will grow 16 percent to 6.8 zettabytes (ZB) this year.
IDC expects the installed base of storage capacity to achieve a compound annual growth rate (CAGR) of 17.8 percent over the course of the 2019-2024 forecast.
“The volume of data stored in the Global StorageSphere is doubling approximately every four years,” said John Rydning, research vice president, IDC’s Global DataSphere.
The amount of data being stored (utilized storage) in the Global StorageSphere is expected to grow to 8.9ZB by 2024, representing a 2019–2024 CAGR of 20.4 percent. The share of utilized storage in the Global StorageSphere installed base is expected to reach 67.5 percent in 2024, up more than 7 percentage points from the beginning of the forecast.
The growth in cloud storage is affecting the mix and share of the Global StorageSphere installed base between core, edge, and endpoint. The core is where the world’s data is progressively being stored and will hold 60 percent share of the StorageSphere installed base in 2024, up from 40 percent in 2019.
While the edge is growing nearly as fast as core, it will hold less than 10 percent of the overall Global StorageSphere installed base in 2024.
Hard disk drive (HDD) storage makes up the majority of the StorageSphere installed base, though it will decline from 65 percent of the installed base in 2019 to about 54 percent of the installed base in 2024.