Press release
Strong Growth Ahead: Next-Generation Data Storage Market Size To Grow At Arecord 13.3% Cagr By 2029
Next-Generation Data Storage
How Big Is the Next-Generation Data Storage Market Size Expected to Be by 2034?
The market size for next-generation data storage has seen robust growth in the past few years. It's projected to rise from $87.37 billion in 2024 to reach $95.5 billion by 2025, indicating a compound annual growth rate (CAGR) of 9.3%. The significant growth during the historic period could be linked to the swift expansion of data, initiatives focused on digital transformation, urgency for faster data retrieval, concerns related to data security, and the demand for cost-effective storage solutions.
In the forthcoming years, a rapid expansion in the market size of next-generation data storage is anticipated, culminating to a worth of $157.34 billion in 2029, with a compound annual growth rate (CAGR) of 13.3%. This projected surge over the forecast period could be ascribed to several factors including the rise of edge computing, a concentrated emphasis on power-efficient storage, advancements in quantum computing, data compliance and privacy laws, and improved security protocols. Key projected trends during the forecast period comprise the adoption of non-volatile memory (NVM) technologies, innovative improvements in solid-state drives (SSDs), the deployment of storage virtualization, the incorporation of artificial intelligence (AI) into storage management, and the utilization of hybrid and multi-cloud storage solutions.
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What Are the Emerging Segments Within the Next-Generation Data Storage Market?
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 Long-Term Drivers Are Shaping Next-Generation Data Storage Market Trends?
The advancement in mobile and smart devices usage is predicted to accelerate the expansion of the upcoming next-generation data storage market. Smart devices basically imply electronic equipment and components tied to an intelligent system intended to be positioned next to, onto, or within an organism. An influx in mobile devices application will elevate internet searches and social media use, subsequently increasing the data produced, thereby escalating the need for next-generation data storage to accumulate this massive data quantity. For instance, in February 2023, Uswitch Limited, a UK-based financial conduct authority, reported that there were about 71.8 million mobile connections in the UK at the start of 2022, marking a 3.8% increase from 2021 (around 2.6 million) and surpassing the nation's total population by 4.2 million. By 2025, the UK will have a population of 68.3 million, out of whom 95% (or nearly 65 million people) will be smartphone users. Consequently, the boom in the usage of mobile and smart gadgets is propelling the progress of the next-generation data storage market.
Who Are the Top Competitors in Key Next-Generation Data Storage Market Segments?
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 Next-Generation Data Storage Market Trends Are Gaining Traction Across Different Segments?
The rising trend toward product innovations is quickly catching on in the next-generation data storage market. Firms participating in this market are adopting cutting-edge technology to maintain their market foothold. For example, DataDirect Networks, a software company based in the US, unveiled DDN Infinia in November 2023. This advanced, software-defined storage platform has been designed specifically to address the complexities of AI data administration. Notably, it offers extraordinary user-friendliness, enabling deployment in a mere 10 minutes, and delivers continuous service via rolling upgrades and automatic storage allotment. In addition, the platform enables swift tenant set up through dynamic data provisioning, features robust multi-tenancy, and incorporates automated SLA management. It also provides sophisticated metadata management to improve governance and control, guaranteeing safe and scalable data handling across a range of settings, which includes Amazon S3 object storage.
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Which Regions Are Becoming Hubs for Next-Generation Data Storage Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Next-Generation Data Storage Market?
2. What is the CAGR expected in the Next-Generation Data Storage Market?
3. What Are the Key Innovations Transforming the Next-Generation Data Storage Industry?
4. Which Region Is Leading the Next-Generation Data Storage Market?
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