How is the Next-Generation Data Storage Global Market Size Growing and What is the Anticipated Growth Rate?
The next-generation data storage market size has exhibited robust growth recently. The market capitalization is set to soar from $87.37 billion in 2024 to a whopping $95.5 billion in 2025 at a compound annual growth rate (CAGR) of 9.3%. This growth during 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.
Moreover, the next-generation data storage market size is expected to see astronomical growth in the coming years. It is forecasted to burgeon to an impressive $157.34 billion in 2029 at a compound annual growth rate (CAGR) of 13.3%. The forthcoming growth can be ascribed to edge computing expansion, focus on energy-efficient storage, quantum computing developments, data compliance and privacy regulations, and enhanced security measures. Major upcoming trends 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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What are the Major Drivers of the Next-Generation Data Storage Market Growth?
An upsurge in the use of mobile and smart devices is expected to fuel the growth of the next-generation data storage market moving forward. Smart devices, which are electronic gadgets and parts that are connected to an intelligent system meant to be placed next to, on, or inside an organism, contribute significantly to the generation of large data. Consequently, the demand for next-generation data storage for storing this expanse of data increases heavily. For instance, in February 2023, Uswitch Limited, a UK-based financial conduct authority, reported that their country had 71.8 million mobile connections at the beginning of 2022, signifying a rise of 3.8% from 2021. It predicted that by 2025, 95% of the UK’s projected population of 68.3 million (approximately 65 million people) will be smartphone users. Thus, the surge in the use of mobile and smart devices is driving the growth of the next-generation data storage market.
What Segments Fall Under The Next-Generation Data Storage Global Market?
1) By Type: 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
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Which Major Players are Pioneering in the Next-Generation Data Storage Market?
Key players leading 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 Trending Developments are Shaping the Next-Generation Data Storage Market?
Product innovation is a key trend proliferating in the next-generation data storage market. For instance, DataDirect Networks, a US-based software firm, launched DDN Infinia in November 2023. This advanced software-defined storage platform is custom-made to tackle AI data management challenges and offers enhanced governance and control, thus ensuring secure and scalable data processing across various environments including Amazon S3 object storage.
What is the Regional Perspective on the Growth of the Next-Generation Data Storage Market?
In 2024, North America was the largest region for the next-generation data storage market. However, Asia-Pacific is expected to outpace other nations in the forecast period. The regions encompassed in the next-generation data storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Next-Generation Data Storage Global Market Report 2025 Offer?
Next-generation data storage pertains to cutting-edge data storage products and services designed to manage an increasing amount of data, especially unstructured data. The use of next-generation data storage devices facilitates quicker and simpler data recovery, alongside reliable data preservation. The Next-Generation Data Storage Global Market Report 2024 research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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