The Next Generation Data Storage Market is said to be going through a great transformation, as the increasing demand for scaling data management systems within every business and various other sectors is leading to an ultimate outburst, which needs more efficient, reliable, and secured storage solutions for data. Gone are the times when the generated and consumed data by businesses and establishing organizations was of relatively lesser volume.
Now, the amount of data is exponentially doubling with each passing day. This is leading the market to brutally pounce upon the huge data like a need for Killer instinct. The market size was approximately USD 56.12 billion in 2022 and is predicted to grow up to USD 109.41 billion by 2030, at a compound annual growth rate of 8.7 percent, in terms of value.
Trends in the market showcasing a move towards Cloud Storage, Hybrid Solutions, and Advanced Data Compression. Market Drivers
- Exponential Data Growth
Due to the integration of IoT, cloud computing, big data analytics, and other new technologies, a large amount of data is produced. Organizations need advanced storage solutions to manage the data. The growing volume of data is the main reason why we need the upcoming generation of storage technologies.
- Emergence of New Technologies
Investments will be made in next-generation data storage solutions as new technological evolutions such as artificial intelligence (AI), machine learning (ML), and 5G increase the speed and efficiency of transmission while raising the demand for data storage.
- Growing Need for Data Security
While physical threats do still exist, increasing numbers of cyber threats are forcing organizations to prioritize the security of data over any other criteria. Products such as next-generation storage solutions or 3D NAND offer features like full disk encryption, as well as error detection or correction against data corruption, all of which make them viable products for
- Cost Efficiency and Scalability
Traditional storage solutions solutions used to store and manage data often lack the flexibility when it comes to scalability and cost. Newer-gen storage solutions such as cloud storage and software-defined storage (SDS) offer more pay-as-you-use pricing models and allow the scaling of storage capacity in different flavors, thereby solving challenges for efficient data management.
Market Segmentation
- By Technology
- Cloud Storage
- Software-Defined Storage (SDS)
- Hybrid Storage
- Flash Storage
Among them, cloud storage takes the highest share of the market and its leads are expected to continue growing, due to the increasing application of cloud computing and remote access.
By End-User Industry
- IT and Telecommunications
- Healthcare
- Banking, Financial Services, and Insurance (BFSI)
- Manufacturing
- Retail
The IT and telecom sectors are likely to contribute the most in terms of growth, these industries require robust storage space to deal with a very large volume of data.
Regional Analysis
North America
North America dominates the next-generation data storage market, fuelled by the presence of key market players and advanced technological structure in the region.
Europe
In Europe too, the adoption of biometrics is accelerating, spurred by data protection concerns and regulatory push.
Asia-Pacific
The Asia-Pacific region led growth during the forecast period due to rapid industrialization and faster cloud services adoption.
Competitive Landscape
The prominent players of the Next Generation Data Storage Market are Dell Technologies, IBM, NetApp, Hewlett Packard Enterprise, and Western Digital, among others. Key players are adopting various strategies including mergers & acquisitions, partnerships, and acquisitions to boost their presence in the market and offer innovative product offerings to their customers.
Future Outlook
The Future of the Next Generation Data Storage Market looks bright as digital transformation across various industries continues to dominate. As a result of this bullish backdrop, the Next Generation Data Storage Market is projected to grow at a CAGR of 8.7% during the forecast period to reach USD 109.41 billion in 2030 from its current value of 60.89 billion. Companies that invest in new-age storage with a focus on security are likely to gain market share.
Published By:-
David Mark
Senior Market Research expert at The Insight Partners
