CHICAGO, July 2, 2024 /PRNewswire/ -- The
next-generation data storage market is projected to
grow from USD 65.1 billion in 2024
and is estimated to reach USD 90.0
billion by 2029; it is expected to grow at a Compound Annual
Growth Rate (CAGR) of 6.7% from 2024 to 2029 according to a new
report by MarketsandMarkets™. The growth of the
next-generation data storage market is driven by surging adoption
of IoT technologies and connected devices, growing requirement for
real-time data, and increasing data generation with rising use of
wearable devices and smartphones.
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Browse in-depth TOC on "Next-Generation Data Storage
Market"
242 – Tables
74 – Figures
356 – Pages
Next-Generation Data Storage Market
Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 65.1 billion
|
Estimated Value by
2029
|
$ 90.0 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 6.7%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Storage System,
Storage Medium, Storage Architecture and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Challenges associated
with multi-tenancy and resource isolation in shared NAS
environments
|
Key Market
Opportunities
|
Emergence of artificial
intelligence (AI) and machine learning (ML) technologies
|
Key Market
Drivers
|
Increased data
generation attributed to surging use of smartphones and smart
wearable devices
|
By storage system, the storage area network (SAN) segment is
projected to grow at high CAGR of the next-generation data storage
market during the forecast period.
The storage area network (SAN) segment is positioned for robust
growth over the forecast period. SAN architectures are optimized
for high-throughput data access and low-latency performance, making
them well-suited for mission-critical applications such as
databases, virtualization, and high-performance computing. SAN
plays a crucial role in supporting virtualized infrastructures by
providing centralized storage management and seamless integration
with cloud services. Technological advancements like flash-based
storage and cloud integration enhance San's appeal, positioning
them as vital components of modern IT infrastructures. The market
of SAN storage is likely to be dominated by insurance, financial
services, banking, telecommunications, and IT sectors due to the
increasing adoption of digital technologies, resulting in a high
demand for reliable data storage architecture. Companies are
focusing on developing customer-specific solutions to stay
competitive in the market. For instance, in May 2023, NetApp, Inc. (US) launched its first
block-only SAN array, simplifying storage for SAN customers. The
company also introduced a Ransomware Recovery Guarantee and
expanded Onta One software and the NetApp Advance program to
enhance data protection and customer support.
By storage medium, the hard-disk drive (HDD) segment is
projected to grow at high rate during the forecast period.
The market for HDDs is expected to grow at high rate during the
forecast period. The rising demand for HDDs for high-capacity
storage systems for applications such as cloud storage, data
centers, PCs, surveillance systems, and industrial embedded
systems drives the growth. Companies are engaged in the
development of enterprise-grade HDDs that offer scalable and
cost-effective infrastructure for data center customers. For
instance, in May 2023, Synology
(Taiwan) launched Plus Series SATA
HDDs for enterprises to enable efficient performance in multi-user
environments. It provides a dependable storage solution tailored
for home and small office users. The Plus Series HDDs come in 4 TB,
6 TB, 8 TB, and 12 TB models, catering to various storage needs and
budgets. These HDDs ensure consistent performance and ease of use
for users and are designed to meet various storage needs such as
file sharing, data backup, and surveillance recording.
Cloud Service Providers segment is projected to grow at high
CAGR of the next-generation data storage market during the forecast
period.
The cloud service providers segment is expected to grow at high
CAGR in next-generation data storage market during the
forecast period. The demand for advanced data storage systems is
surging due to the proliferation of cloud platforms, encompassing
traditional corporate private clouds, new public clouds, and
personal home clouds. Cloud computing is emerging as the preferred
choice for enterprises and consumers to back up and archive their
data. Additionally, technological advancements in next-generation
storage systems have led to the development of flash and hybrid
arrays with new interfaces like peripheral component interconnect
express (PCIe) and non-volatile memory express (NVMe). These
advancements, characterized by high speed and rapid data access,
are driving the adoption of next-generation data storage devices in
cloud computing environments. Moreover, the rise of remote work and
digital transformation initiatives has accelerated the adoption of
cloud-based collaboration tools, communication platforms, and
productivity applications. Cloud service providers offer diverse
software-as-a-service (SaaS) solutions that enable seamless remote
collaboration, virtual meetings, and document sharing, empowering
organizations to enhance workforce productivity and collaboration
regardless of geographical constraints.
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Noth America is poised for significant growth in the
next-generation data storage market by 2029.
The North American next-generation data storage industry is
poised for significant growth in the upcoming years. The region is
home to a concentration of global vendors and consumers,
particularly in the US, which is home to leading data storage
manufacturers, such as Dell Inc. (US), NetApp Inc. (US), Hewlett
Packard Enterprise Company (US), Hitachi, Ltd. (US), IBM
Corporation (US), Micron Technology, Inc. (US), and Western Digital
Corporation (US). Being an early adopter of advanced data storage
technologies, North America
contributes a large portion of revenue in the next-generation data
storage market. The presence of major tech companies, cloud service
providers, and data-driven enterprises drives the demand for
next-generation data storage solutions. The region's robust IT
infrastructure and ecosystem create a conducive environment for the
growth of the next-generation data storage market. Rapid
technological advancements, increasing volume of user-generated
data, internet traffic, and e-commerce transactions in North America create a strong demand for
scalable and secure data storage technologies.
Key companies operating in the next-generation data storage
companies are Dell Inc. (US), Hewlett Packard Enterprise
Company (US), NetApp (US), Huawei Technologies Co., Ltd.
(China), Pure Storage, Inc. (US),
Hitachi, Ltd (Japan), Fujitsu
(Japan), IBM Corp. (US),
DataDirect Networks (US), and Micron Technology, Inc. (US).
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