IDC is estimating that the worldwide installed base of data storage capacity will grow nearly 17% this year to 6.8 zettabytes (ZB), and grow at a compound annual growth rate of nearly 18% through 2024. The research firm noted that the rate of growth of what it terms the "Global StorageSphere" will be most visible in core and edge deployments.

"The volume of data stored in the Global StorageSphere is doubling approximately every four years," said John Rydning, research VP for IDC's Global DataSphere, in a prepared statement. "While the COVID-19 pandemic will hamper economic growth and IT spending, it will have little impact on the expansion ... as consumers and organizations are likely to extend the useful life of existing storage capacity to keep up with the demand for storing more data, especially near term."

Along with measuring the size of the installed base of storage capacity, IDC also measures the amount of data stored and how much storage capacity is available each year. According to the latest forecast, the amount of data being stored – also called "utilized storage" – is expected to grow at a 20.4% CAGR through 2024, topping out at 8.9 ZB that year. Further, utilized storage in the installed base is expected to reach 67.5% in 2024, which is up 7% from the beginning of the forecast period.

Despite being the majority of the installed base of storage capacity, hard disk drive (HDD) storage is expected to take the heaviest hit and decline from 65% of the installed base in 2019, to about 54% of the installed base in 2024.

The dramatic spike of usage is also impacting the mix and share of the installed storage base between core, edge, and endpoint. IDC forecasts that 60% of the data storage capacity installed base will be at the core by 2024, up from 40% in 2019.

Edge computing is another area experiencing increased growth – nearly as fast as core. However, IDC projects it will hold less than 10% of the overall installed storage capacity base in 2024.

The firm’s estimates are in stark contrast to the global IT spending projections it released last month that slid from positive to negative territory in just a matter of weeks. IDC is now forecasting a 2.7% decrease in worldwide IT spending this year, compared with a previous prediction of 5.1% growth it noted at the end of January.

The abrupt reversal underlines the extent to which the coronavirus pandemic is leaving analysts and the global economy at large flat footed.