With 7.3% CAGR, Next-Generation Data Storage Market Growth to Surpass USD 86.2 billion

The Next-Generation Data Storage market is projected to grow from USD 60.7 billion in 2023 and is projected to reach USD 86.2 billion by 2028; it is expected to grow at a CAGR of 7.3% from 2023 to 2028.

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The growth of this market is driven by factors such as surging adoption of IoT technologies and connected devices, increasing adoption of hybrid cloud storage, and rising data generation with surge in use of mobile and smart wearable devices.

Rapid technological advancements and requirements from end-user industries, such as consumer electronics, enterprise storage, and automotive & transportation, have led to the continuous development of numerous memory technologies which is expected to change the next-generation data storage market dynamics. The market for computers, laptops, mobiles, and other smart electronic appliances has been witnessing a significant increase year-on-year, driving the need for advanced memory technologies.

The emerging non-volatile memory technologies, such as MRAM, NVDIMM, FRAM, and NRAM, are expected to replace the traditional non-volatile memory technologies due to the limitations of conventional memory technologies, such as a smaller number of write and erase cycles. Most emerging memory technologies are in the introductory phase, and various companies are conducting extensive research on these memories. Flash (2D NAND + NOR) memory is currently the most mature market but is soon expected to be replaced by emerging non-volatile memories.

The market for Direct-Attached Storage (DAS) segment is expected to grow at a significant during the forecast period. DAS is more cost-efficient than NAS and SAN. DAS would meet the need for significant storage for small and medium-sized companies with limited budgets. Earlier, DAS systems used to offer HDD with less storage space, but with constant technological advances, the DAS system can be integrated with a 20 TB HDD, which meets the requirement of small-scale vendors with limited budgets. In September 2022, Western Digital launched its 22 TB HDD, the Ultrastar DC HC570 HDD, designed based on the growing data volumes and data center expansions in India. Furthermore, in September 2020, ROMISE Technology Inc., a leading storage solutions provider, declared a breakthrough in data storage with the development of PegasusPro. It is a data storage solution that solves the incompatibility issue of block-based DAS and file-based NAS. PegasusPro enables rapid data transfer from DAS to NAS and vice-versa.

The government bodies segment will grow at a faster rate in market during the forecast period. Government bodies worldwide are planning to adopt digital technologies to improve their strategic planning. The adoption of next-generation data storage in the government and public sectors is increasing rapidly. Several federal agencies have joined forces with different data storage vendors. NetApp (US) offers various cloud data storage and virtualization environments for the US federal government and different state and local governments. Different governments have adopted digitalization and data analytics technologies to improve their strategic planning. Environmental concerns, public security, education, and areas of authority can easily be managed through effective data processing and storage.

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In terms of geographic coverage, the Next-Generation Data Storage market has been segmented into four regions, namely, North America, Europe, Asia Pacific and Rest of the World (RoW). The market in North America is expected to record high market share during the forecast period. The increasing volume of unstructured data across various industries and rapid technological advancements have increased the demand for secure, reliable, and cost-efficient storage infrastructure in North America. North America, the early adopter of advanced data storage technologies, captures the largest share of the next-generation data storage market.

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