What it holds
Data Center Storage follows the money through the Memory and storage bill of materials: the parts it takes to build it, and the companies that earn their revenue supplying them. Each company is read from its own reports, so a holding reflects what it actually sells into the theme, not what it says about it.
| Part | What it covers |
|---|---|
| Storage Devices | enterprise SSD, NAND flash, storage controllers, HDD nearline |
How it breaks down
- United States60%
- Japan15%
- China15%
- Taiwan10%
- Mega cap (over $200bn)15%
- Large cap ($10bn to $200bn)85%
Shares of the strategy as of the data date.
Largest companies
| Company | Listing | Market value |
|---|---|---|
| Western Digital | WDC.XNAS | $148 billion |
| NetApp | NTAP.XNAS | $44 billion |
| Seagate Technology Holdings | STX.XNAS | $158 billion |
| Sandisk | SNDK.XNAS | $206 billion |
| Kioxia Holdings | 285A.T | $50 billion |
| Shenzhen Longsys Electronics Co. Ltd. A | 301308.SHE | $15 billion |
| Phison Electronics | 8299.TWO | $14 billion |
The market
NAND flash industry revenue forecast, helped by high-capacity QLC enterprise SSDs
TrendForce, 2025Data center storage market
Precedence-style report via StorageNewsletter, 2034All data center storage, including systems and software as well as devices
Global Market Insights, 2024NAND flash, all end uses (growth, a year)
Global Market Insights, 2025–2034The whole-segment 2024 estimates range from USD 54.76 to 63.72 billion, and the growth rates from 4.4% to 9.4%, because the vendors scope the market differently. Part-level estimates also vary widely, and several cover broader or different products (all NAND end uses, SSD controller chips only) than the four device parts.
All 28 published estimates, with sources
| What it measures | Figure | Year | Source |
|---|---|---|---|
| All data center storage, including systems and software as well as devices (growth, a year) | +9.4% | 2025–2034 | Global Market Insights |
| All data center storage, including systems and software as well as devices | $60bn | 2024 | Global Market Insights |
| Data center storage market (growth, a year) | +4.4% | 2025–2033 | Straits Research |
| Data center storage market | $64bn | 2024 | Precedence-style report via StorageNewsletter |
| Data center storage market | $72bn | 2025 | Precedence-style report via StorageNewsletter |
| Data center storage market | $209bn | 2034 | Precedence-style report via StorageNewsletter |
| Data center storage market | $55bn | 2024 | Straits Research |
| Data center storage market | $81bn | 2033 | Straits Research |
| NAND flash industry revenue forecast (growth, a year) | +77% | 2024 | TrendForce |
| NAND flash industry revenue forecast, helped by high-capacity QLC enterprise SSDs (growth, a year) | +29% | 2025 | TrendForce |
| NAND flash industry revenue forecast, helped by high-capacity QLC enterprise SSDs | $87bn | 2025 | TrendForce |
| NAND flash, all end uses (growth, a year) | +5.6% | 2025–2034 | Global Market Insights |
| NAND flash, all end uses | $65bn | 2024 | Global Market Insights |
| Enterprise SSD (growth, a year) | +11% | 2025–2033 | Data Horizzon Research |
| Enterprise SSD (growth, a year) | +3.4% | not stated | Report Prime |
| Enterprise SSD | $13bn | 2024 | Data Horizzon Research |
| Enterprise SSD | $35bn | 2033 | Data Horizzon Research |
| Nearline HDD (growth, a year) | +8.2% | 2025–2033 | Growth Market Reports |
| Nearline HDD (growth, a year) | +7.4% | 2025–2033 | Dataintelo |
| Nearline HDD | $20bn | 2024 | Growth Market Reports |
| Nearline HDD | $14bn | 2024 | Dataintelo |
| SSD controller chips only (growth, a year) | +13% | 2026–2035 | Global Market Insights |
| SSD controller chips only; first digits were cut off in the reader's source, so check the page | $1.5bn | 2025 | Global Market Insights |
| Storage controllers (growth, a year) | +4.9% | 2024–2030 | Lucintel |
| Storage controllers | $11bn | 2030 | Lucintel |
| Storage controllers, likely RAID, host-bus-adapter and array controllers (growth, a year) | +6.1% | 2025–2033 | Data Horizzon Research |
| Storage controllers, likely RAID, host-bus-adapter and array controllers | $9.1bn | 2024 | Data Horizzon Research |
| Storage controllers, likely RAID, host-bus-adapter and array controllers | $16bn | 2033 | Data Horizzon Research |
Questions
- What is Data Center Storage?
- Enterprise SSDs, NAND, storage controllers and nearline drives.
- What does Data Center Storage hold?
- Listed companies that earn their revenue from the parts it takes to build AI Supercycle: Storage Devices. 7 companies as of 2026-10-28.
- What is not in Data Center Storage?
- SSD controllers and RAID or NVMe Storage Devices controllers: Storage Devices, not Data Processing Unit (DPU) or Motherboard Interface Backup, replication and recovery software and appliances: Backup and Disaster Recovery Solutions, not data center security software or Storage Devices
Sources
Every part of the bill of materials is researched from published industry sources, and every company from its own annual reports and exchange data. Nothing is estimated that cannot be sourced.
Industry research: iot-analytics.com/data-center-infrastructure-market/ · news.futunn.com/en/post/1000831934/global-research-selection · panews.io/articles/01a1259f-d881-7008-9a96-71832906cd45 · investing.com/news/technology-news/what-it-costs-to-deploy-1 · nextplatform.com/ai/2025/11/08/vast-datas-117-billion-deal-w · x.com/pequityresearch/status/2084631439149006849
What it is not
Where an item could belong to two parts, these rules decide which owns it; items outside every part are not counted.
- SSD controllers and RAID or NVMe Storage Devices controllers: Storage Devices, not Data Processing Unit (DPU) or Motherboard Interface
- Backup, replication and recovery software and appliances: Backup and Disaster Recovery Solutions, not data center security software or Storage Devices
Not investment advice. Figures are dated and sourced; ThematIQ does not estimate figures it cannot source.