From 1FQ23 to 1FQ24, Hitachi Vantara's Products Revenue Growth Increased by 27%

An increase in storage sales was reported by Hitachi Vantara, a division of Hitachi, Ltd., for the first quarter that concluded on June 30.

Specifically, Q/Q product sales growth increased by 27% during 1FQ23 (First Financial Quarter 2023), outpacing the market's CAGR of 11.31%. The United States had a 54% Q/Q rise in Hitachi revenue growth over the previous year, making the growth even more noticeable there.

The company's larger expansion in the storage sector as a whole is reinforced by its ongoing success. The company saw a 9.2% increase in earnings in the external enterprise data storage market in the calendar year 2023 compared to 2022, which was the second highest growth among the top 8 companies evaluated in IDC's Globally External Enterprise Storage Systems Market Shares, 2023 (published May 2024).

These findings are particularly noteworthy because maintaining complex data environments is becoming an increasingly difficult business task as a result of AI's pace and effects on data infrastructure. According to a recent poll, companies anticipate using twice as much data between 2023 and 2025. According to the research, 6 out of 10 corporate executives are currently overwhelmed by the volume of data they have on file, and 75% are worried that their present infrastructure won't be able to grow with them in the future.

Businesses have always understood the need to future-proof their IT systems, but the explosive growth of GenAI has made this a top priority, according to CRO Neil McGowan. With the changing needs of customers and IT teams’ finding it difficult to stay up, Hitachi Vantara is enabling companies to take advantage of this critical time. With a portfolio of infrastructure designed for unparalleled scalability, dependability, and performance, customers can quickly convert data into real financial gains, automate tasks to streamline workflows and scale their infrastructure as needed to save money and improve overall experience.