Global Next-Generation Data Storage Market Report and Forecast 2023-2028

Global Next-Generation Data Storage Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global next-generation data storage market reached a value of USD 60.25 billion in 2022. Aided by the rise in the usage of cloud computing and the digitisation of information across numerous industries, the market is projected to further grow at a CAGR of 11.29% between 2023 and 2028 to reach a value of USD 108.4 billion by 2028.

Next-generation data storage refers to the modern data storage technologies and solutions that offer superior speed, capacity, scalability, and reliability compared to their traditional counterparts. As businesses and institutions pivot towards data-driven decision-making, next-gen storage solutions, such as Solid-State Drives (SSDs), hyper-converged infrastructure, and storage-class memory, have become paramount. These advanced technologies facilitate instant data retrieval, ensuring seamless business operations and enhanced user experiences.

A key driver catalysing the trajectory of the next-generation data storage market growth is the sheer volume of data being generated today. From IoT devices and smartphones to cloud platforms and enterprise servers, the digital explosion is relentless. The data surge is pushing organisations to re-evaluate their storage infrastructure, seeking solutions that can efficiently handle large datasets without compromising on performance.

Moreover, sectors such as e-commerce, financial services, healthcare, and entertainment, which heavily rely on real-time data access, have been instrumental in propelling the next-generation data storage market demand. For instance, the healthcare sector, with its emphasis on Electronic Health Records (EHR) and telemedicine, requires storage solutions that ensure patient data's integrity, security, and quick access. Similarly, the entertainment industry's transition to 4K and 8K formats necessitates storage devices capable of handling voluminous data files without a glitch.

The rise of AI and machine learning applications, which necessitate the processing and analysis of vast data chunks, further accentuates the next-generation data storage market outlook. Advanced analytics and simulations require high-speed data access, and traditional hard drives can no longer keep up. This shift towards AI-driven operations is subsequently fuelling the demand for state-of-the-art storage technologies.

Furthermore, as cyber threats become more sophisticated, the importance of secure data storage cannot be overstated. Next-generation storage solutions come with enhanced encryption and security features, ensuring data protection and compliance with stringent regulatory norms.

The trend towards hybrid cloud environments in businesses is another crucial factor accelerating the next-generation data storage market expansion. Hybrid cloud setups allow organisations to harness the power of both on-premise and cloud resources, necessitating storage solutions that can seamlessly integrate and function across these diverse environments.

Market Segmentation

The market can be divided based on storage system, storage medium, storage architecture, deployment type, end-user, and region.

Market Breakup by Storage System

• Direct-Attached Storage (DAS)
• Network-Attached Storage (NAS)
• Storage Area Network (SAN)

Market Breakup by Storage Medium

• Hard Disk Drive (HDD)
• Solid State Drive (SSD)
• Tape

Market Breakup by Storage Architecture

• File and Object Based Storage
• Block Storage

Market Breakup by Deployment Type

• On-Premises
• Cloud
• Hybrid

Market Breakup by End-User

• BFSI
• Retail
• IT and Telecom
• Healthcare
• Media and Entertainment
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global next-generation data storage companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Dell Technologies, Inc
• Hewlett Packard Enterprise Company
• NetApp, Inc
• Huawei Technologies Co., Ltd
• Samsung Electronics Co., Ltd.
• Pure Storage, Inc.
• Hitachi, Ltd.
• Fujitsu Limited
• IBM Corporation
• Netgear Inc.
• Micron Technology, Inc
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.