Next-Generation Data Storage Market Set to Witness Explosive Growth at a CAGR of 6.7%

/EIN News/ -- Chicago, July 16, 2024 (GLOBE NEWSWIRE) -- The next-generation data storage market was valued at USD 65.1 billion in 2024 and is estimated to reach USD 90.0 billion by 2029, registering a CAGR of 6.7% during the forecast period.

The growth of the next-generation data storage market is driven by growing demand for energy-efficient and compact storage solutions in homes and small offices, increasing adoption of NVMe in enterprise storage systems, and rising use of 5G technology.

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Major Next-Generation Data Storage Companies Include:

• 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).

Next-Generation Data Storage Market Segmentation Analysis:

By Storage System, Network-attached Storage (NAS) segment to hold larger market share during the forecast period.

The network-attached storage (NAS) segment is expected to hold high market share during the forecast period. The growing demand for centralized storage solutions, coupled with the need for flexible and scalable storage options, fuels the growth of network-attached storage in the market. NAS is used in various environments, including homes, small businesses, large enterprises, and remote offices, where it serves as a reliable platform for file sharing, backup and recovery, multimedia streaming, and collaborative work environments.

By Storage Medium, Solid-state drive (SSD) segment account for the largest share of the next-generation data storage market for during the forecast period

Solid-state drive (SSD) segment to hold high market share during the forecast period. SSDs are leading in market share primarily due to their superior speed, reliability, and efficiency compared to traditional storage mediums like HDDs and tapes. With significantly faster data access and transfer speeds, SSDs enhance overall system performance and productivity, making them ideal for modern data-driven environments. The increasing need for storage capacity and adoption of NVMe technology are also driving factors for growth in the SSD market. For instance, in February 2024, Samsung (South Korea) launched the SSD 990 EVO, a consumer NVMe SSD in 1 TB and 2 TB options. The new product aims to enhance everyday computing tasks like gaming, work, and video/photo editing, catering to a wide range of users.

On-premises segment account for the largest share of the next-generation data storage market for during the forecast period

The on-premises segment is expected to hold a high market share during the forecast period. Data sovereignty and security concerns drive many organizations, particularly those in highly regulated industries such as finance, healthcare, and government, to prefer keeping their data on-site where they have full control over its management and security protocols.

By Region, Next-generation data storage market in Asia Pacific estimated to grow at the fastest rate during the forecast period

Asia Pacific region in the next-generation data storage market is expected to grow at the fastest rate during the forecast period. The growth of micro, small, and medium enterprises (MSMEs) in Asia Pacific fuels the demand for next-generation data storage solutions. As MSMEs increasingly adopt digital technologies and cloud services to streamline operations and enhance productivity, the need for scalable and secure data storage solutions is on the rise. The digitalization initiatives in the region are driving MSMEs to invest in data storage technologies to support their growing data requirements and digital transformation efforts.

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Next-Generation Data Storage Market Dynamics:

Drivers: Increased data generation attributed to surging use of smartphones and smart wearable devices

Major data generation sources used earlier were personal computers (PCs) or enterprise desktops. Nowadays, smartphones, tablets, and laptops have become essential to life with changing lifestyles, working patterns, and rapid globalization. The use of these devices has increased rapidly globally, which indicates that the popularity of digital devices is at its peak. Similarly, with technological advancements, many new gadgets have been launched, such as consumer wearables, Alexa (voice assistance device), 3D smart glasses, smart gadgets, and augmented and virtual reality (AR/VR) products. These devices generate high volumes of data through various applications, online shopping, financial transactions, etc. Most people spend almost 5–6 hours on mobile applications daily. This leads to increased data volumes and internet use, leading to a surge in big data and fueling the demand for next-generation data storage solutions.

Opportunities: Emergence of artificial intelligence (AI) and machine learning (ML) technologies

The emergence of AI and ML is a transformative force for data storage, offering various opportunities for intelligent data management and analytics. These technologies enable organizations to leverage their data more innovatively, shaping the future of the next-generation data storage market. AI and ML algorithms are skilled at deriving insights from large datasets, enabling organizations to optimize their data storage infrastructure. By analyzing patterns in data usage and predicting future storage needs, AI-driven solutions facilitate proactive management, ensuring that storage resources are allocated efficiently and effectively.

The integration of AI-powered analytics enhances data security within storage environments. These algorithms can detect anomalies and potential threats in real time, enabling organizations to respond swiftly to security breaches and mitigate risks. By augmenting traditional security measures with AI-driven solutions, organizations can fortify their defense systems against cyber threats and safeguard sensitive data, instilling stakeholder trust and confidence.

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