Next-Generation Data Storage Market Outlook 2024-2033: Comprehensive Overview and Forecast

Overview and Scope
Next-generation data storage refers to a kind of data storage instrument that is comprised of cutting-edge data storage products and services to handle increasing amounts of data and a significant amount of unstructured data. The use of next-generation data storage devices enables more rapid and straightforward data recovery as well as reliable data preservation.

Sizing and Forecast
The next-generation data storage market size has grown rapidly in recent years. It will grow from $80.74 billion in 2023 to $89.36 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%.  The  growth in the historic period can be attributed to rapid data growth, digital transformation initiatives, need for faster data retrieval, data security concerns, demand for cost-effective storage solutions.

The next-generation data storage market size is expected to see rapid growth in the next few years. It will grow to $136.72 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%.  The growth in the forecast period can be attributed to edge computing expansion, focus on energy-efficient storage, quantum computing developments, data compliance and privacy regulations, enhanced security measures. Major trends in the forecast period include adoption of non-volatile memory (nvm) technologies, advancements in solid-state drives (ssds), deployment of storage virtualization, integration of artificial intelligence (ai) in storage management, hybrid and multi-cloud storage solutions.

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Segmentation & Regional Insights
The next-generation data storage market covered in this report is segmented –

1) By Туре: Direct Attached Storage (DAS), Network Attached Storage (NAS), Storage Area Network (SAN), Other Types
2) By Technology: Magnetic Storage, Hybrid Flash Array, Solid State Drive (SSD)
3) By Architecture: File-Based, Object-Based, Block Storage
4) By Deployment: On Premise, Cloud
5) By Industrial Vertical: BFSI, Government, Retail, IT And Telecommunication, Manufacturing, Healthcare, Education, Media And Entertainment

North America was the largest region in the next-generation data storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the next-generation data storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East,  Africa.

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Major Driver Impacting Market Growth
A surge in the use of mobile and smart devices is expected to propel the growth of the next-generation data storage market going forward. Smart devices refer to electronic gadgets and parts that are connected to an intelligent system and are meant to be placed next to, on, or inside an organism. A surge in the use of mobile devices will increase the use of internet searches and social media, which ultimately increases the amount of data generated, thus increasing the demand for next-generation data storage to store this large amount of data. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, there were 71.8 million mobile connections in the UK at the beginning of 2022, which is a rise of 3.8% from 2021 (about 2.6 million) and 4.2 million higher than the country’s total population. And there will be 68.3 million people living in the UK by 2025, and 95% of them (or about 65 million people) will be smartphone users. Therefore, the surge in the use of mobile and smart devices is driving the growth of the next-generation data storage market.

Key Industry Players
Major companies operating in the next-generation data storage market report are Samsung Electronics Co. Ltd., Dell Technologies Inc., Hitachi Ltd., Huawei Technologies Co. Ltd., The International Business Machines Corporation, SK hynix Inc., Broadcom Inc., Fujitsu Limited, Hewlett Packard Enterprise Company, Toshiba Corporation, Infineon Technologies AG, Western Digital Technologies Inc., Microchip Technology Inc., Inspur Group Co. Ltd., NetApp Inc., Pure Storage Inc., Nutanix Inc., Pure Storage Inc., Netgear Inc., Rambus Incorporated, DataDirect Networks, Everspin Technologies Inc, Cloudian Inc., Drobo Inc., Viking Technology, Avalanche Technology Inc., Spin Memory Inc., 4DS Memory Limited, Nantero Inc.

The next-generation data storage market report table of contents includes:

1. Executive Summary
2. Next-Generation Data Storage Characteristics
3. Next-Generation Data Storage Trends And Strategies
4. Next-Generation Data Storage – Macro Economic Scenario
5. Global Next-Generation Data Storage Size and Growth
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31. Global Next-Generation Data Storage Competitive Benchmarking
32. Global Next-Generation Data Storage Competitive Dashboard
33. Key Mergers And Acquisitions In The Fat Replacers Market
34. Next-Generation Data Storage Future Outlook and Potential Analysis
35. Appendix

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