The Business Research Company’s report on the Next-Generation Data Storage Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the next-generation data storage market’s growth in recent years?
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. 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.
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How does the future projection of the next-generation data storage market size compare to its historical growth?
The next-generation data storage market size has grown strongly in recent years. It will grow from $87.37 billion in 2024 to $95.5 billion in 2025 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to rapid data growth, digital transformation initiatives, the need for faster data retrieval, data security concerns, and 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 $157.34 billion in 2029 at a compound annual growth rate (CAGR) of 13.3%. 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, and enhanced security measures. Major trends in the forecast period include the 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, and hybrid and multi-cloud storage solutions.
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Which key players are shaping the future of the next-generation data storage market?
Major companies operating in the next-generation data storage market include 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., Rambus Incorporated, DataDirect Networks, Everspin Technologies Inc, Cloudian Inc., Drobo Inc., Viking Technology, Avalanche Technology Inc., Spin Memory Inc., 4DS Memory Limited, Nantero Inc.
What trends will propel the growth and evolution of the next-generation data storage market?
Product innovations are a key trend gaining popularity in the next-generation data storage market. Companies operating in the next-generation data storage market are using advanced technologies to sustain their position in the market. For instance, in November 2023, DataDirect Networks, a US-based software company, launched DDN Infinia. It is an advanced software-defined storage platform tailored to tackle the challenges of AI data management. It boasts exceptional ease of use, allowing for deployment in just 10 minutes, and provides uninterrupted service with rolling upgrades and automated storage allocation. The platform facilitates quick tenant creation through dynamic data provisioning and incorporates strong multi-tenancy along with automated SLA management. Furthermore, it offers sophisticated metadata management to enhance governance and control, ensuring secure and scalable data processing across various environments, including Amazon S3 object storage.
Which regions are expected to become dominant players in the next-generation data storage market?
North America was the largest region in the next-generation data storage market in 2024. 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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What are the emerging key segments in the next-generation data storage market, and how are they evolving?
The next-generation data storage market covered in this report is segmented –
1) By ????: 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
Subsegments:
1) By Direct Attached Storage (DAS): Internal Storage Devices, External Storage Devices
2) By Network Attached Storage (NAS): Home NAS Solutions, Enterprise NAS Solutions
3) By Storage Area Network (SAN): Fibre Channel SAN, iSCSI SAN
4) By Other Types: Cloud Storage Solutions, Hybrid Storage Systems, Object Storage
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What defines the structure and scope of the next-generation data storage market?
Next-generation data storage refers to a kind of data storage instrument that is comprised of cutting-edge data storage products and IT & Communication Technology 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.
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