Next-Generation Data Storage
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How Large Will the Next-Generation Data Storage Market Size By 2025?
In recent times, the market size for next-generation data storage has seen a notable increase. The market, which is valued at $87.37 billion in 2024, is set to expand to $95.5 billion in 2025, with a compound annual growth rate (CAGR) of 9.3%. The unprecedented growth during the historic period is due to factors such as quick data growth, initiatives for digital transformation, the requirement for swift data retrieval, concerns about data security, and the demand for affordable storage solutions.
How Big Is the Next-Generation Data Storage Market Size Expected to Grow by 2029?
In the coming years, the market size for next-generation data storage is anticipated to experience rapid expansion, elevating to $157.34 billion by the year 2029, reflecting a compound annual growth rate (CAGR) of 13.3%. This projected increase during the forecast period can be ascribed to various factors such as the growth of edge computing, the concentration on energy-efficient storage, progression in quantum computing, data compliance and privacy rules, and improved safety precautions. Crucial trends projected during this period embrace the use of non-volatile memory (NVM) technologies, advancements in solid-state drives (SSDs), the utilization of storage virtualization, the incorporation of artificial intelligence (AI) in storage management, as well as the introduction of hybrid and multi-cloud storage solutions.
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Which Key Market Drivers Powering Next-Generation Data Storage Market Expansion and Growth?
The escalation in the usage of mobile and smart devices is predicted to fuel the expansion of the next-generation data storage market in the future. Electronic gadgets and components integrated with an intelligent system, with the intention of being positioned near, on, or within an organism, are what we refer to as smart devices. The rise in mobile device usage will boost internet searches and social media usage, resulting in an increased generation of data. This, in turn, magnifies the need for next-generation data storage to accommodate this vast data inflow. As an illustration, Uswitch Limited, a financial conduct authority based in the UK, reported in February 2023 that there were 71.8 million mobile connections in the UK at the start of 2022, marking a 3.8% increase from 2021 (roughly 2.6 million) and 4.2 million more than the entire population of the country. By 2025, the UK will have a population of 68.3 million, of which 95% (around 65 million people) will be smartphone users. Consequently, the escalation in mobile and smart device usage is a significant factor propelling the expansion of the next-generation data storage market.
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Which Fast-Growing Trends Are Poised to Disrupt the Next-Generation Data Storage Market?
The introduction of new products is a burgeoning trend in the market for next-generation data storage. To maintain their market stronghold, companies in this sector are leveraging state-of-the-art technologies. Take for instance DataDirect Networks, a software firm based in the United States, which introduced DDN Infinia in November 2023. This cutting-edge software-defined storage platform is uniquely designed to address AI data management issues. It particularly stands out for its simplicity of use, enabling deployment in a scant 10 minutes, while guaranteeing continuous service via rolling upgrades and automatic storage distribution. The platform allows for the rapid establishment of tenants via dynamic data allocation and includes robust multi-tenancy and automated SLA management. Moreover, it incorporates advanced metadata management to boost governance and control, enabling secure, scalable data processing in a range of environments, including Amazon S3 object storage.
What Are the Emerging Segments in the Next-Generation Data Storage Market?
The next-generation data storage market covered in this report is segmented –
1) By ????: Direct Attached Storage (DAS), Network Attached Storage (NAS), Storage Area Network (SAN), Other Types
2) By Technology: Magnetic Storage, Hybrid Flash Array, Solid State Drive (SSD)
3) By Architecture: File-Based, Object-Based, Block Storage
4) By Deployment: On Premise, Cloud
5) By Industrial Vertical: BFSI, Government, Retail, IT And Telecommunication, Manufacturing, Healthcare, Education, Media And Entertainment
Subsegments:
1) By Direct Attached Storage (DAS): Internal Storage Devices, External Storage Devices
2) By Network Attached Storage (NAS): Home NAS Solutions, Enterprise NAS Solutions
3) By Storage Area Network (SAN): Fibre Channel SAN, iSCSI SAN
4) By Other Types: Cloud Storage Solutions, Hybrid Storage Systems, Object Storage
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Who Are the Global Leaders in the Next-Generation Data Storage Market?
Major companies operating in the next-generation data storage market include Samsung Electronics Co. Ltd., Dell Technologies Inc., Hitachi Ltd., Huawei Technologies Co. Ltd., The International Business Machines Corporation, SK hynix Inc., Broadcom Inc., Fujitsu Limited, Hewlett Packard Enterprise Company, Toshiba Corporation, Infineon Technologies AG, Western Digital Technologies Inc., Microchip Technology Inc., Inspur Group Co. Ltd., NetApp Inc., Pure Storage Inc., Nutanix Inc., Pure Storage Inc., Rambus Incorporated, DataDirect Networks, Everspin Technologies Inc, Cloudian Inc., Drobo Inc., Viking Technology, Avalanche Technology Inc., Spin Memory Inc., 4DS Memory Limited, Nantero Inc.
Which are the Top Profitable Regional Markets for the Next-Generation Data Storage Industry?
North America was the largest region in the next-generation data storage market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the next-generation data storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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