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Technology Industry > Hardware, Storage & Peripherals

Hardware, Storage & Peripherals

Hardware, Storage, and Peripherals: Powering the Digital Ecosystem

Hardware, though often considered a slower-growing segment relative to software, is seeing a resurgence, particularly in high-performance computing, edge devices, and semiconductor manufacturing. The global semiconductor market, essential to the production of everything from consumer electronics to automotive systems, was valued at $625 billion in 2023, as reported by McKinsey. With the rise of AI, 5G, and next-gen computing, this market is projected to grow to $1 trillion by 2030, spurred by demand for cutting-edge chips like GPUs (Graphics Processing Units) and AI accelerators.

Storage and peripherals, while traditionally tied to data management and consumer electronics, are evolving with the need for greater capacity and faster data transfer rates. The global data storage market, which reached $63.8 billion in 2023 according to MarketsandMarkets, is expected to grow to $132 billion by 2028, driven by the proliferation of big data, IoT, and the rise of data-intensive workloads in AI and ML applications.

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