What Has Been the Growth Trajectory for the Next-Generation Data Storage Market in Recent Years?
The next-generation data storage market has seen considerable growth due to a variety of factors.
•There has been a significant expansion in the market size of next-generation data storage in the past few years. There's an anticipated increase from $87.37 billion in 2024 to $95.5 billion in 2025, marking a compound annual growth rate (CAGR) of 9.3%.
The notable growth observed in the historical period can be linked to the swift growth of data, initiatives for digital transformation, the necessity for quicker data recovery, matters pertaining to data security, and the surging demand for cost-efficient storage solutions.
How Does the Forecast Look for the Next-Generation Data Storage Market?
The next-generation data storage market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for a swift expansion of the next-generation data storage market in the upcoming years. The market is predicted to reach a value of $157.34 billion in 2029, with a compound annual growth rate (CAGR) of 13.3%.
This projected growth within the forecast period is thanks to several factors, including the proliferation of edge computing, emphasis on energy-saving storage, advancement in quantum computing, regulations regarding data compliance and privacy, as well as improved security precautions. The forecast period also anticipates key trends such as the use of non-volatile memory (NVM) technologies, progress in solid-state drives (SSDs), the implementation of storage virtualization, the incorporation of artificial intelligence (AI) into storage management, and the advent of hybrid and multi-cloud storage solutions.
What Main Forces Are Fueling Expansion In The Next-Generation Data Storage Market?
The next-generation data storage market is predicted to grow due to the rising utilization of mobile and smart devices. These smart devices are electronic components that integrate with intelligent systems, and they're designed to be carried or embedded within a living organism. The increased usage of mobile devices escalates internet searches and social media activities, consequently producing vast amounts of data. This spurs a demand for next-generation data storage systems for handling such colossal data quantities. As a case in point, 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, indicating an increment of 3.8% or approximately 2.6 million since 2021, and 4.2 million more than the population. It's projected that by 2025, the UK's population will be 68.3 million, with 95%, or about 65 million of them, being smartphone users. As a result, the escalating use of mobile and smart devices is fueling the expansion of the next-generation data storage market.
What Are The Primary Segments In The Global 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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Which Key Trends Are Driving Changes In The Next-Generation Data Storage Market?
The trend of product innovation is increasingly evident in the next-generation data storage market. Businesses in this field are leveraging advanced technologies to maintain their market standing. A case in point is DataDirect Networks, an American software company, which introduced DDN Infinia in November 2023. This state-of-the-art software-defined storage platform is designed to address the complexities of AI data management. Not only is it remarkably user-friendly, it can also be set up in as little as 10 minutes, ensuring seamless service with automatic storage allocation and rolling upgrades. The platform permits swift tenant formation through dynamic data provisioning and integrates robust multi-tenancy along with computerized SLA management. In addition, it features advanced metadata management to reinforce governance and control, guaranteeing secure and scalable data processing across a variety of settings, such as Amazon S3 object storage.
Who Are the Key Players in the Next-Generation Data Storage Market?
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 Is The Most Dominant Region In The Next-Generation Data Storage Market?
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.
