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Global Next-Generation Data Storage Market: Major Trends Reshaping the Future of the Industry
Next-Generation Data Storage Market
What Will the Next-Generation Data Storage Industry Market Size Be by 2025?
There has been a significant expansion in the market size of next-generation data storage in the past few years. The projected growth is from $87.37 billion in 2024 to $94.72 billion in 2025, with a compound annual growth rate (CAGR) of 8.4%. The historical growth is primarily ascribed to the swift expansion of data, initiatives for digital transformation, necessity for quick data retrieval, concerns over data security, and the rising demand for economical storage solutions.
What's the Long-Term Growth Forecast for the Next-Generation Data Storage Market Size Through 2029?
In the forthcoming years, the next-generation data storage market is set to undergo substantial expansion, with projections indicating a growth to $154.54 billion in 2029 at a compound annual growth rate (CAGR) of 13.0%. Several factors account for this predicted growth during the forecast period, including the rise of edge computing, increased focus on energy-efficient storage, progress in quantum computing, heightened data compliance and privacy regulations, and bolstered security practices. Observable trends for the forecast period comprise the uptake of non-volatile memory (NVM) technologies, innovations in solid-state drives (SSDs), the practical application of storage virtualization, the integration of artificial intelligence (AI) into storage management, and the advent of hybrid and multi-cloud storage solutions.
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What Are the Key Growth Drivers Fueling the Next-Generation Data Storage Market Expansion?
The growth of the next-generation data storage market is projected to be fueled by an upswing in mobile and smart device utilization. In this context, smart devices are defined as electronic components that interface with an intelligent system and are designed to reside on, beside, or within a living organism. The heightened use of mobile devices intensifies internet surfing and social media usage, which consequently augments the volume of data produced. This, in turn, amplifies the need for next-generation data storage capable of holding this massive influx of data. As a case in point, Uswitch Limited, a financial conduct authority based in the UK, reported in February 2023 that the UK began 2022 with 71.8 million mobile connections. This figure represents an increase of 3.8% from 2021, or approximately 2.6 million and is 4.2 million more than the UK's total populace. Projections estimate that nearly 68.3 million individuals will inhabit the UK by 2025, with 95% of them, (or around 65 million individuals) being smartphone users. Thus, the escalating trend of mobile and smart devices utilization is a key driver propelling the next-generation data storage market.
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What Are the Key Trends Driving Next-Generation Data Storage Market Growth?
The emergence of product innovations is a pivotal trend that is steadily gaining traction in the next-generation data storage market. To maintain their market standing, companies in this sector are leveraging advanced technological applications. For example, in November 2023, DataDirect Networks, a software firm based in the US, unveiled DDN Infinia, a cutting-edge software-defined storage platform designed to address the complications of AI data management. The platform offers not only remarkable simplicity, enabling setup in merely 10 minutes, but also continuous service with rolling enhancements and automated storage distribution. What's more, it supports swift tenant creation via dynamic data allocation and features robust multi-tenancy complemented by automatic SLA management. Additionally, through sophisticated metadata management, it reinforces governance and oversight, thereby guaranteeing a secured and scalable data manipulation across various settings, including Amazon S3 object storage.
How Is the Next-Generation Data Storage Market Segmented?
The next-generation data storagemarket 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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Which Companies Are Leading the Charge in Next-Generation Data Storage Market Innovation?
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.
Which Regions Are Leading the Global Next-Generation Data Storage Market in Revenue?
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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