Next Generation Data Storage Market
Global Industry Analysis and Forecast 2023-2030
Market Value (2022)
USD 63.12 Billion
Forecasted Value (2030)
USD 116.66 Billion
CAGR (2023 – 2030)
Fastest Growing Region (2023 - 2030) - Asia Pacific
Direct-Attached Storage, Network-Attached Storage, Storage Area Network, Others
By Storage Type
On Premise, Cloud, Hybrid
Banking, Financial Services & Insurance (BFSI), Retail, Healthcare, Government, Telecom Companies, Others
The global Next Generation Data Storage Market was valued at USD 63.12 billion in 2022 and is projected to reach USD 116.66 billion by 2030, growing at a CAGR of 7.98% from 2023 to 2030.
The next generation data storage market growth is accelerated by the rising data production with the growing use of mobile devices and smart wearables. The proliferation of connected devices and the growing adoption of 5G technology is driving the market growth. Technological advances are a major paradigm shift in the market, which include e-commerce, smart technologies, and automated systems. In addition, the rising number of research and funding to develop advanced technologies to meet consumer needs would accelerate the next-generation data storage market revenues. However, security breaches in cloud and server services and less structured data are the most significant barriers to the growth of the industry. There are many data security issues associated with cloud storage, such as configuration errors, inadequate data management, and poor user rights. Such security issues of cloud storage, which may expose corporate information to unauthorized parties, may hinder the growth of the market.
Analyst’s Review on Next Generation Data Storage Market
Industry expansion is accelerated by the factors, including the adoption of Al/ML cloud based services which propels market growth. The exponential data growth across large-scale industries such as patient information, banking services, financial services, online shopping, video, pictures, and others, requires companies to handle their ability to retain memory. Next-generation data storage devices offer automatic cloud backups and centralized file storage solutions that streamline data and provide data protection and redundancy. The next generation data storage technology offers better performance, higher storage capacity. and better data management capabilities. The next generation data storage market is expected to continue to flourish as organizations face increasing data storage requirements. These advances enable businesses to efficiently store, manage, and access increasing volumes of data in a cost-effective and scalable manner.
Next-generation data storage devices offer automatic cloud backups and centralized file storage solutions that streamline data and provide data protection and redundancy. These solutions offer better performance, higher storage capacity, and better data management capabilities. Next-generation storage systems use data deduplication and compression techniques to optimize storage and reduce storage requirements. The evolution of storage technologies and solutions continues to be driven by the changing needs of organizations to effectively manage and use data. The next-generation data storage market is expected to continue to grow as organizations face increasing data storage requirements. These advances enable businesses to efficiently store, manage, and access increasing volumes of data in a cost-effective and scalable manner.
The explosive growth of digital data generated by individuals, businesses and devices such as the Internet of Things and smartphones has created a need for advanced storage solutions. With the proliferation of data-driven application and analytics, there is a growing need for storage solutions that can provide better performance, low latency, and faster data access and processing capabilities. The adoption of cloud services has increased significantly, which has led to the demand for scalable and flexible storage solutions that enable data transfer and storage in the cloud. The growing popularity of data protection and backup has led to the use of a new generation of data storage solutions that offer automatic cloud backup, centralized file storage, and data aggregation capabilities.
The concerns about security breaches in cloud and server-based services are hindering the market growth. Additionally, cloud storage and high costs associated with robust and high-speed data storage are expected to impede the next-generation data storage market expansion during the forecast period. Recent ransomware attacks affected the delivery capacity of hospitals essential services, impaired public services in the metropolises and caused considerable destruction for many organizations, which restricts market growth.
The global next generation data storage market is segmented based on type, storage type, end-user, and geography.
Based on type, the market is segmented into direct-attached storage, network-attached storage, storage area network, and others. The direct-attached storage segment is expected to dominate over the forecast period. The DAS segment is likely to be driven by the growing number of small and medium enterprises. The DAS enables various information access functions and these systems do not require a dedicated IT specialist to manage and maintain, they are built on a simple installation structure and provide backup and easy access to the database.
Based on storage type, the market is classified into on premise, cloud, and hybrid. The on premise segment dominated the market in 2022. The on-premises next-generation data storage is best suited for households or small businesses because of its cost-effectiveness and backup and recovery capabilities, which expands its usability.
Based on end-user, the market is categorized into banking, financial services & insurance (BFSI), retail, healthcare, government, telecom companies, and others. The healthcare segment is expected to attain a dominating share over the estimated timeframe. The segment growth is supported by the growing utilization of across the healthcare industry to maintain important data about patients and companies related to various procedures, operations, and services. The demand for efficient data storage solutions is proliferating due to the increased adoption of electronic health records (EHR) and telemedicine, as well as broadening attention to data security and compliance to manage and protect data.
Based on regional analysis, the global next generation data storage market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.
North America dominated the next-generation data storage market in 2022 as the region hosts a large amount of unstructured data across many industries, which is required to secure and provide cost-effective solutions for data storage. The easy availability of technologically advanced products such as 3D and molecular imaging is likely to increase the growth prospects of the North American market during the forecast period. In addition, the spread of hyper scale data centres, mainly used by cloud service companies and social network providers, has grown rapidly. The adoption of big data, IoT, and other digital and virtualized platforms securely have expanded the adoption of advanced data storage technologies, which further propels the market growth.
The global next generation data storage industry study will provide valuable insights with an emphasis on the fragmented nature of the global market. Prominent players are focusing on several key business strategies, such as partnerships, mergers & acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. The major players in the market are:
- Dell Technologies Inc.
- Hewlett Packard Enterprise Development LP
- Hitachi Vantara LLC
- Huawei Technologies Co. Ltd.
- Microchip Technology Inc.
- Micron Technology Inc.
- Netgear Inc.
- Pure Storage, Inc.
- March 2023 (Launch): SAP launched the SAP Datasphere, the next generation of the company's cloud data warehousing service, with new data cataloging, simplified data replication, and advanced data modelling capabilities. Datasphere's cloud service and its new functions and integrations with technology partner systems are designed to help companies and organizations develop a business structure architecture based on the use of metadata to ensure access to data rather than its location.
- In January 2023 (Launch): Hewlett Packard Enterprise launched HPE Alletra 4000 product family, which is designed to accelerate data initiatives at any scale and ideally economically. It offers a modern information infrastructure that is purpose-built to sustain information needs in a secure, economical, and easy-to-use manner.
The global Next Generation Data Storage Market is segmented as:
- Direct-Attached Storage
- Network-Attached Storage
- Storage Area Network
By Storage Type
- On Premise
- Banking, Financial Services & Insurance (BFSI)
- Telecom Companies
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- North Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America