Next-generation Data Storage Market Outlook
The global next-generation data storage market size was valued at USD 56.57 Billion in 2022 and is likely reach to USD 106.66 Billion by 2031, expanding at a CAGR of 7.3% during the forecast period, 2023-2031. The growth of the market is attributed to the growing usage of internet of things technology in the industries, such as BFSI, healthcare, and retail.
Next-generation data storage is referred as advanced data storage solutions and products to deal with massive amount of unstructured data and growing file sizes. This technology based products manage large amount of data securely and assist in fast recovery, secure, and reliable data management in a cost-efficient manner.
It offers many advantages like fast operational speed, fewer turnaround, low noise, longer life, and low heat production. This technology of data storage has emerged as an important technology because everything used today generates data.
Next-generation data storage technology has extensive application in supporting data storage in varied industry verticals, such as automobile, data centers, information technology, and network communication. Next-generation storage technologies are also used to retrieve and save data more capably.
The COVID-19 pandemic outbreak had considerable impact on the market. During pandemic, small & medium sized enterprises were temporarily shut down and manufacturing plants halted their operations, which hampered the market.
However, adoption of work from home policy by organizations and government bodies resulted in increased demand of next-generation data storage technologies to support remote working, online education, business, and in healthcare sector for storage of patient’s data.
Market Trends, Drivers, Restraints, and Opportunities
- Rising implementation of cloud computing by industry verticals is one of the key factor driving the market growth.
- Increasing volume of data through digital platforms in industries including, retail and BFSI is projected to drive the market expansion during the forecast period.
- Lack of skilled workforce for handling and maintenance of next-generation data storage technologies acts as a major challenge that can restrict the market growth in the coming years.
- Escalating requirements such as high speed internet for these technologies can hamper the market growth during the projected timeline.
- Growing customer demand of effective data analytics tools with data storage technologies is projected to create significant growth opportunities for the market.
Scope of Next-generation Data Storage Market Report
The report on the global next-generation data storage market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Next-generation Data Storage Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Cloud-based, Hybrid, and On-premise), Technologies (Hybrid Flash Array, Magnetic Storage, and Solid State Drive), End-users (Business [Cloud Service Providers, Government Bodies, Retail, Telecom Companies, Healthcare, BFSI, and Others] and Home), and Techniques (Network-attached Storage, Storage Area Network, Direct-attached Storage, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Dell Inc.; Hitachi, Ltd.; Hewlett Packard Enterprise Company; NetApp, Inc.; International Business Machines Corp.; Netgear Inc.; Inspur Group; and Micron Technology, Inc.
Next-generation Data Storage Market Market Segment Insights
Cost effectiveness nature drive the on-premise segment
Based on types, the global next-generation data storage market is fragmented into cloud-based, hybrid, and on-premise. The on-premise segment is expected to grow at a rapid pace during the forecast period attributed to its cost effectiveness nature, backup & recover capability, and best suitable for small & medium sized enterprises in low cost.
However, the hybrid segment is anticipated to expand at a substantial CAGR in the coming years due to the hybrid solution help companies in management of large volumes of both structured and unstructured data.
Hybrid flash array segment is projected to expand at considerable CAGR
In terms of technologies, the market is divided into hybrid flash array, magnetic storage, and solid state drive (SSD). The SSD segment is expected to account for a major market share during the projected timeline owing to storage using electronic chips instead of magnetic strips and safer data encryption.
Moreover, SSD have several benefits such as, low power consumption, extended lifespan, high operational speed, and low noise & heat production, which presents a major factor driving the segment.
On the other hand, the hybrid flash array segment is projected to expand at a considerable CAGR during the forecast period due to increasing demand for performance and efficiency across complex enterprise applications, such as artificial intelligence, big data, and Internet of Things technologies.
Rising adoption of data storage device increases the business segment market share
On the basis of end-users, the global next-generation data storage market is bifurcated into business and home. The business segment is further segregated into cloud storage service providers, government bodies, retail, telecom companies, healthcare, BFSI, and others.
The business segment is estimated to account for a significant market share during the forecast period attributed to rising adoption of data storage device.
Additionally, shift of business sector from traditional storage technologies to technological advanced, secure, and cost effective data storage technologies is major driver of the segment.
NAS segment is expected to expand at robust growth rate
Based on techniques, the market is segmented into network-attached storage (NAS), storage area network, direct-attached storage (DAS), and others. The NAS segment is estimated to expand at robust growth rate during the forecast period owing to low cost, simple, and basic architecture of DAS enables a many information accessibility features.
On the other hand, the DAS segment is projected to expand a considerable CAGR during the forecast period attributed to the benefits of DAS including, economical pricing, automated data backup, and more storage space.
Furthermore, DAS allows retrieving data from a single connected device for multiple users via an authenticated network, which is projected to accelerate the segment growth further.
Next-generation Data Storage Market Regional Outlook
North America is anticipated to constitute a key market share
In terms of region, the global next-generation data storage market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
North America is anticipated to constitute a key share of the market during the projected period owing to rising need for secure and economic solutions for storing data and large volume of unstructured data generation across industry verticals in the region.
However, the Asia Pacific market is anticipated to grow at a rapid pace during the forecast period due to the growing consumer awareness regarding data management, rapid increase in the number of smartphones and laptop users, and growth of small & medium sized enterprises in the region.
- Hybrid Flash Array
- Magnetic Storage
- Solid State Drive
- Cloud Service Providers
- Government Bodies
- Telecom Companies
- Network-attached Storage
- Storage Area Network
- Direct-attached Storage
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the global next-generation data storage market are Dell Inc.; Hitachi, Ltd.; Hewlett Packard Enterprise Company; NetApp, Inc.; International Business Machines Corp.; Netgear Inc.; Inspur Group; and Micron Technology, Inc.
Companies are focusing on investment in R&D for technological transformation of data storage devices for the market. Furthermore, companies are widely engaging in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.
For instance, in June 2019, Dell EMC. announced its forthcoming mid-range storage device, Midrange.next. The new device is to be a new ground-up software design with up to 16TB capacity. This is designed to leverage the best of modern storage technology.