Next-Generation Data Storage Market is expected to reach US$ 109.41 billion by 2030

Growing Industrialization Drives Next-Generation Data Storage Market Growth

According to our latest study on “Next-Generation Data Storage Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Storage System, End-User, Storage Medium, Storage Architecture, and Deployment,” the market was valued at US$ 56.12 billion in 2022 and is expected to reach US$ 109.41 billion by 2030; it is estimated to record a CAGR of 8.7% from 2022 to 2030.

The report includes growth prospects in light of current next-Generation Data storage market trends and driving factors influencing market development. Data protection, redundancy, automated cloud backups, and centralized file storage solutions are features of next-generation data storage systems. These solutions include enhanced data management capabilities, increased storage space, and improved performance. Next-gen storage systems use data deduplication and compression techniques to optimize storage and lower storage requirements. The shifting demands of enterprises to efficiently manage and use data continue to drive the advancement of storage technology and solutions. The market for next-Generation Data storage is anticipated to grow considerably as businesses' needs for data storage rise. Next-Generation Data storage helps companies store, manage, and retrieve ever-increasing volumes of data cost-effectively.

Next-Generation Data Storage Market – by Region, 2022 and 2030

Source: The Insight Partners Analysis

The next-generation data storage market is being driven further by the rising adoption of IoT and connected devices, rapid digitization, and the surge in 5G technology. The increasing use of solid-state drives (SSDs), as well as hybrid storage, is projected to boost the next-generation data storage market growth.

The North America market is segmented into the US, Canada, and Mexico. The US accounts for the largest next-generation data storage market share in North America. The next-generation data storage market is experiencing significant growth in North America. North America has established itself as a prominent player in the next-generation data storage market due to various factors. North America boasts a robust technological infrastructure and is home to several technology giants and innovative startups. The North America region's strong economy advances investments in research and development, aiding the development of cutting-edge data storage technologies.

North America has a high focus on data-intensive industries such as e-commerce, healthcare, and finance, which generate vast amounts of data that require economical storage solutions. Positive government policies and regulations support the growth of the data storage market in North America. The presence of a tech-savvy population and early adopters of emerging technologies also contributes to the North America next-generation data storage market. The region's significant volume of unstructured data across various industry verticals and the need for secure and cost-effective data storage solutions further fuel the market in North America. Overall, North America holds a substantial market share in the next-generation data storage market, driven by its technological prowess, data-intensive industries, favorable policies, and a population that embraces new technologies.

By deployment, the market is segmented into on-premises, cloud, and hybrid. The on-premise segment held the largest next-generation data storage market share in 2022. In the context of next-generation data storage, the on-premise segment refers to storing and managing data within an organization's own physical infrastructure or data centers. It involves maintaining and controlling the storage resources and data within the organization's premises rather than relying on external cloud-based storage solutions. On-premise data storage offers several advantages. It gives organizations full control over their infrastructure, allowing them to customize and optimize their storage environment according to their needs. This level of control can be particularly important for industries with strict compliance and security requirements. On-premise storage also allows direct access to data, which can be favorable for applications requiring low latency or specific performance requirements. Keeping data within the organization's premises reduces the reliance on network connectivity and potential latency issues associated with accessing data from remote cloud storage. On-premise storage provides organizations with the ability to maintain data sovereignty and data privacy. Furthermore, industries, such as healthcare or government sectors, may have regulatory or legal requirements that necessitate keeping data within their infrastructure.

Next-Generation Data Storage Market Report Segmentation and Scope:

The “next-generation data storage market analysis” has been carried out by considering the following segments: storage system, end-user, storage medium, storage architecture, deployment, and geography. Based on geography, the next-generation data storage market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Several key factors are driving next-generation data storage in these regions. Firstly, the exponential growth of data volumes across various industries necessitates storage solutions that can handle massive amounts of information. Secondly, the increasing demand for faster data processing and retrieval speeds requires storage technologies that can provide high-performance capabilities. Additionally, the need for enhanced data security and protection against cyber threats is pushing the development of advanced encryption and authentication mechanisms. The next-generation data storage market forecast can help stakeholders plan their growth strategies.

Dell Technologies Inc, Hewlett Packard Enterprise Co., NetApp Inc, Hitachi Ltd, International Business Machines Corp, Pure Storage Inc, DataDirect Networks Inc, Fujitsu Ltd, NETGEAR, and Huawei Technologies Co Ltd are among the prominent players profiled in the next-generation data storage market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem.

Next-Generation Data Storage Market Recent Developments: 

Companies in the next-generation data storage market highly adopt inorganic and organic strategies such as mergers and acquisitions. As per company press releases, below are a few recent key developments:

• In March 2023, NETGEAR, Inc. launched the first WiFi 7 router with its new addition to the award-winning Nighthawk line. The router includes link aggregation for concurrent multi-gig internet and LAN access, which offers a graceful transition for a home network to upgrade to a multi-gig network. A USB hard drive can be connected for network-attached storage to facilitate large file backup or sharing as well as high-quality media streaming.

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