Digital information is being created at a faster pace than previously thought, and for the first time the amount of digital information created each year has exceeded the world's available storage space, according to a new IDC report. 

"This is our first time … where we couldn't store all the information we create even if we wanted to," states the EMC-sponsored report, titled "The Diverse and Exploding Digital Universe."

The amount of information created, captured and replicated in 2007 was 281 exabytes (or 281 billion gigabytes), 10% more than IDC previously believed – and more than the 264 exabytes of available storage on hard drives, tapes, CDs, DVDs and memory. (Compare storage products.) IDC revised its estimate upward after realizing it had underestimated shipments of cameras and digital TVs, as well as the amount of information replication.

The 2007 total is well above that of 2006, when 161 exabytes of digital information was created or replicated.

We're not actually running out of storage space, IDC notes, because a lot of digital information doesn't need to be stored, such as radio and TV broadcasts consumers listen to and watch but don't record, voice call packets that aren't needed when a call is over, and surveillance video that isn't saved.

But the gap between available storage and digital information will only grow, making it that much harder for vendors and enterprises to efficiently store information that is needed.

In 2011 there will be nearly 1,800 exabytes of information created, twice the amount of available storage, IDC predicts. One long-term experiment planned for the soon-to-open Large Hadron Collider in Switzerland by itself will create an amazing 300 exabytes of data per year, IDC states.

EMC's president of content management, Mark Lewis, doesn't think we'll ever hit the point where the world's available storage is exceeded by the amount of information we need to store. "With the price points of storage continuing to decline, I don't think we're ever going to create some kind of storage shortage," he says.

Enterprises and their employees create about a third of new data, but enterprises are ultimately responsible for maintaining the security, privacy and reliability of 85% of all data, according to IDC.