Next Generation Data Storage Market Growth and Size by 2030
The next-generation data storage market size is projected to reach from US$ 56.12 billion in 2022 to US$ 109.41 billion by 2030; it is estimated to record a CAGR of 8.7% from 2022 to 2030. The increasing resilience of DAS is likely to remain a key trend in the market.
Next Generation Data Storage Market Analysis
The next-generation data storage market in Asia Pacific is experiencing significant growth owing to constant technological advancements, rapid urbanization, and increased investments in research and development by data storage solution providers. One notable development is the launch of the Asia Pacific Data Centre Association (APDCA), which marks the first association of its kind in the region. The APDCA aims to consolidate the shared interests of the data center industry across the Asia Pacific, bringing together data center operators, suppliers, and stakeholders. This association supports advocacies for policies that encourage the sustainable growth of the data center industry. The launch of the APDCA signifies a unified effort to represent the collective interests of the data center industry in Asia Pacific. This association, along with the advancements in technology and the growing market demand, demonstrates the region's commitment to shaping the future of next-generation data storage. The economic development of countries such as Japan and China has also surged the adoption of cutting-edge technologies in enterprises that aim to enhance operational efficiency and maintain competitiveness. Additionally, the presence of a large number of IT industries in the region drives the next-generation data storage market
Next Generation Data Storage Market Overview
5G's significantly faster speeds and lower latency are projected to enable a surge in data generation. The demand for the Internet of Things (IoT) will increase with more smart devices generating real-time data. In addition, with faster downloads and uploads, users will consume and create more data, from 4K/8K video streaming to AR/VR experiences. Also, remote work, cloud applications, and data-driven decision-making will increase enterprise data volumes. This massive data flood necessitates next-gen storage solutions that can handle high volume and velocity with low latency. Efficiently storing and processing real-time data streams requires advanced technologies such as flash storage and in-memory computing.
In November 2023, several companies implemented 5G technologies. For instance, the Port of Tyne, one of the UK's biggest and most important ports, went live with 5G private network connectivity. Together with partners BT and Ericsson, the Port deployed a private network with coverage across the entire estate, making it the UK's first site-wide deployment of 5G standalone connectivity for smart port applications. In addition, in January 2024, Ataya, one of the leaders of unified connectivity for Industry 4.0 and beyond, announced the launch of Chorus, a standalone 5G Access Point (AP) that brings unparalleled simplicity and low-cost benefits to enterprises needing to deploy Private 5G networks rapidly. This will increase the data generation volume. Moreover, partnerships and collaborations between technology giants, telecommunications companies, and storage solution providers will be crucial for driving innovation and delivering integrated solutions. Therefore, 5G technology is acting as a catalyst for the next-generation data storage market, pushing the boundaries of data management and paving the way for faster, more efficient, and scalable storage solutions.
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Next Generation Data Storage Market: Strategic Insights
Next Generation Data Storage Market
-
CAGR (2022 - 2030)
8.7%
-
Market Size 2022
US$ 56.12 Billion
-
Market Size 2030
US$ 109.41 Billion
Market Dynamics
GROWTH DRIVERS
- Increasing adoption of IoT & connected devices, rapid digitization across industries, and rising 5G technology
FUTURE TRENDS
- The increasing resilience of DAS
OPPORTUNITIES
- Growing Demand For Hybrid Data Storage, Increasing use of SSD
Key Players
- 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
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Storage System
- Direct Attached Storage
- Network Attached Storage
- Storage Area Network
End-User
- BFSI
- Retail
- IT and Telecom
- Healthcare
- Media and Entertainment
Storage Medium
- Hard Disk Drive
- Solid-State Drive
- Tape
Storage Architecture
- File-Object based Storage and Block Storage
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Next Generation Data Storage Market: Strategic Insights
-
CAGR (2022 - 2030)8.7% -
Market Size 2022
US$ 56.12 Billion -
Market Size 2030
US$ 109.41 Billion
Market Dynamics
- Increasing adoption of IoT & connected devices, rapid digitization across industries, and rising 5G technology
- The increasing resilience of DAS
- Growing Demand For Hybrid Data Storage, Increasing use of SSD
Key Players
- 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
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Direct Attached Storage
- Network Attached Storage
- Storage Area Network
- BFSI
- Retail
- IT and Telecom
- Healthcare
- Media and Entertainment
- Hard Disk Drive
- Solid-State Drive
- Tape
- File-Object based Storage and Block Storage
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Next Generation Data Storage Market Drivers and Opportunities
Rapid Digitization Across Industries to Favor Market
Digitization across industries, from healthcare and finance to retail and manufacturing, is creating an explosion in data generation. This includes everything, including sensor data from connected devices and AI-generated insights. Traditional storage solutions struggle with this volume and require constant upgrades or scaling, making next-gen technologies more attractive. Digitized processes and decision-making rely on real-time data access and analysis. Next-gen technologies, including flash storage, NVMe, and software-defined storage, offer significantly faster performance compared to traditional disk drives, enabling smoother operations and faster insights.
Rapidly evolving business needs have further surged the demand for storage solutions that can easily scale up or down as data volumes and access demands fluctuate. Next-gen solutions such as cloud storage and object storage offer on-demand scalability and flexibility, eliminating the need for upfront infrastructure investments and catering to dynamic workloads. Further, new technologies such as AI, IoT, and machine learning generate unstructured and complex data types that require specialized storage solutions. Next-gen technologies such as data lakes and data fabrics offer specialized tools and frameworks for managing and analyzing these diverse data types, unlocking potential value. Thus, rapid digitization is acting as a powerful catalyst for the next-generation data storage market by creating demand for scalable, performant, and secure solutions that can handle the ever-growing volume and complexity of data.
Growing Demand For Hybrid Data Storage
The demands on modern businesses are greater than ever. Companies need to be innovative, flexible, and efficient in order to stay competitive. Hybrid cloud storage, which combines the benefits of public and private cloud environments, including on-premises data centers or edge locations, has emerged as a crucial technology for promoting growth. An architecture framework for hybrid clouds gives businesses the ability to control where data is stored while also efficiently handling spikes in IT demand. It is anticipated that specialized hybrid cloud solutions designed for particular industries or niche requirements will become more popular. These solutions will meet the needs of businesses operating in highly regulated sectors and address their particular compliance requirements while also building greater trust.
Next Generation Data Storage Market Report Segmentation Analysis
Key segments that contributed to the derivation of the next-generation data storage market analysis are storage system, end user, storage medium, storage architecture, and deployment.
- Based on the storage system, the next-generation data storage market is divided into direct attached storage (DAS), network attached storage (NAS), and storage area network (SAN). The network attached storage (NAS) segment will hold a significant market share in 2022.
- By end user, the market is segmented into BFSI, retail, IT and telecom, healthcare, media and entertainment, and others. The BFSI segment held the largest market share in 2022.
- In terms of storage medium, the market is segmented into hard disk drives, solid-state drives, and tape. The hard disk drive segment held the largest market share in 2022.
- In terms of storage architecture, the market is segmented into file-object-based storage and block storage. The file-object-based storage segment held the largest market share in 2022.
- In terms of deployment, the market is segmented into on-premise, cloud-based, and hybrid. The on-premise segment held the largest market share in 2022.
Next Generation Data Storage Market Share Analysis by Geography
The geographic scope of the next-generation data storage market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The next-generation data storage market in Asia Pacific is experiencing significant growth, propelled by various factors. Firstly, there is a remarkable surge in the number of laptop and smartphone users, accompanied by rising disposable income and increasing consumer awareness. As a result, the region is witnessing strong demand for dependable, secure, and cost-effective storage infrastructure. Secondly, the presence of a substantial number of IT industries in countries such as China, Japan, and India plays an essential role in driving market expansion. Additionally, the adoption of technologies such as big data, IoT, and other digital platforms in economies including China, India, Japan, and South Korea amplifies the need for efficient data storage management solutions. The emergence of data hubs and commercial organizations in Asia Pacific also promotes its dominance in the next-generation data storage market.
Next Generation Data Storage Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2022 | US$ 56.12 Billion |
Market Size by 2030 | US$ 109.41 Billion |
Global CAGR (2022 - 2030) | 8.7% |
Historical Data | 2020-2021 |
Forecast period | 2023-2030 |
Segments Covered |
By Storage System
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Next Generation Data Storage Market News and Recent Developments
The next-generation data storage market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the next-generation data storage market are listed below:
- DDN, the global leader in artificial intelligence (AI) and multi-cloud data management solutions, announced the launch of DDN Infinia. This next-generation software-defined storage platform leverages two decades of DDN engineering in file systems, data orchestration, and AI-based optimization, all coming together to usher in the era of accelerated computing and generative AI. (Source: DDN, Press Release, November 2023)
- Hitachi, Ltd. announced the transformation of its existing data storage portfolio with the introduction of Hitachi Virtual Storage Platform One, a single hybrid cloud data platform. Having a common data plane across structured and unstructured data in block, file, and object storage allows businesses to run different types of applications anywhere—on-premises and in the public cloud—without any complexities. (Source: Hitachi, Ltd, Press Release, October 2023)
Next Generation Data Storage Market Report Coverage and Deliverables
The “Next Generation Data Storage Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
- Next-generation data storage market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Next-generation data storage market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Next-generation data storage market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the next-generation data storage market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Storage System, End-User, Storage Medium, Storage Architecture, and Deployment
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
North America is expected to dominate the next-generation data storage market with the highest market share in 2022.
The next-generation data storage market size is projected to reach US$ 109.41 billion by 2030.
The global next-generation data storage market is expected to grow at a CAGR of 8.7% during the forecast period 2022 - 2030.
The leading players operating in the next-generation data storage market are 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.
The increasing resilience of DAS is anticipated to play a significant role in the global next-generation data storage market in the coming years.
Increasing adoption of IoT & connected devices, rapid digitization across industries, and rising 5G technology are the major factors driving the next-generation data storage market.
The List of Companies - Next-Generation Data Storage Market
- Dell Technologies Inc
- Hewlett Packard Enterprise Co
- NetApp Inc
- Hitachi Ltd
- International Business Machines Corp
- Pure Storage Inc
- DataDirect Networks Inc
- Fujitsu Ltd
- NETGEAR
- Huawei Technologies Co Ltd