Next-generation Data Storage Market - By Storage System (Direct-Attached Storage, Network-Attached Storage, Storage Area Network), By Storage Architecture (File & Object-based Storage, Block Storage), By Storage Medium, By Deployment Type, By End-Use, For

Next-generation Data Storage Market - By Storage System (Direct-Attached Storage, Network-Attached Storage, Storage Area Network), By Storage Architecture (File & Object-based Storage, Block Storage), By Storage Medium, By Deployment Type, By End-Use, Forecast, 2023 - 2032

Next-generation Data Storage Market could record substantial growth from 2023 to 2032, driven by the widespread integration of IoT technologies and connected devices.

As industries embrace the IoT, an enormous volume of data is generated, requiring advanced storage solutions. For instance, in July 2022, Dell Technologies introduced a modern software-driven storage solution across its storage portfolio to boost intelligence, automation, cyber resilience, and multi-cloud flexibility. Such developments will provide organizations with a safe and adaptable environment that will help get essential insights for growth in the digital era.

Furthermore, next-gen data storage technologies cater to the demands of data-intensive applications, real-time analytics, and seamless connectivity. The exponential expansion of IoT ecosystems, from smart devices to industrial sensors, fuels the market's upward trajectory as businesses prioritize efficient data management and quick accessibility for informed decision-making.

Moreover, as industries harness the potential of 5G for transformative technologies, the market I expected to gain momentum in the coming years. Next-gen storage solutions, like solid-state drives and edge computing storage, cater to these demands, ensuring quick data access and real-time processing. The massive influx of data generated by 5G-connected devices, IoT applications, and data-intensive services necessitates advanced storage capabilities.

The next-generation data storage market is segregated based on storage architecture, deployment, end-use, and region.

Based on storage architecture, the next-generation data storage market size from the block storage segment recorded substantial growth in 2022. The segment will exhibit a notable CAGR through 2032 due to the increasing adoption of block storage to accommodate the escalating data demands of modern applications. The increased reliance of businesses on data-intensive processes and cloud computing will boost the demand for block storage solutions that offer high performance, reliability, and scalability.

As per storage deployment, the cloud-based next-generation data storage market is anticipated to gain considerable traction through 2032. Cloud-based storage offers several advantages as it enables cost-efficient data management, seamless scalability, and remote accessibility, aligning well with the demands of modern workflows and remote work arrangements. The increasing adoption of SaaS models and hybrid cloud setups will further fuel segment growth.

The IT & telecom end-use segment captured a significant share of the next-generation data storage market revenue in 2022 and is set to register considerable growth between 2023 and 2032. The escalating data volumes from communication networks, applications, and customer interactions have surged the need for robust and scalable storage solutions across industries. Next-gen data storage technologies, such as high-capacity drives and flash storage, cater to the demanding requirements of IT & telecom sectors, ensuring faster data access, reduced latency, and improved user experiences, thereby contributing to the overall market growth.

Considering the regional landscape, Europe next-generation data storage industry share is poised to witness robust growth through 2032, driven by increasing digitalization, stringent data privacy regulations, and expanding cloud adoption. European businesses are embracing advanced storage solutions to handle massive data volumes efficiently while ensuring compliance with regulations like GDPR. The push for data security, in line with the demand for high-performance storage for AI, IoT, and analytics, will augment the regional market outlook.