Next-Generation Data Storage Market to Grow by USD 29.2 Billion from 2024-2028, Driven by IoT and Big Data Demand, AI-Powered Report- Technavio

NEW YORK, Sept. 10, 2024 /PRNewswire/ — Report on how AI is driving market transformation- The global next-generation data storage market size is estimated to grow by USD 29.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.08% during the forecast period. Growing demand for iot and big data operations is driving market growth, with a trend towards software-defined storage. However, high operating expenses for vendors poses a challenge. Key market players include Cloudian Inc., DataDirect Networks Inc., Dell Technologies Inc., Drobo Inc., Furukawa Electric Co. Ltd., Hewlett Packard Enterprise Co., Hitachi Ltd., Inspur Group, International Business Machines Corp., Micron Technology Inc., NetApp Inc., Netgear Inc., Nutanix Inc., Oracle Corp., Pure Storage Inc., Quantum Corp., Samsung Electronics Co. Ltd., Scality Inc., Toshiba Corp., and Western Digital Corp..

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Market Driver

Next-Generation Software Defined Storage (SDS) is a modern approach to enterprise data storage that separates software services, such as data administration, safety, and input/output capabilities, from hardware services. This separation enhances infrastructure flexibility, scalability, and automation capabilities. SDS also pools resources, abstracts hardware, and automates management, while supporting legacy applications, big data analytics, and cloud-based data apps. Vendors like EMC, NetApp, and IBM offer SDS-enabled infrastructure, making it a cost-effective alternative to reconfiguring existing arrays. Adopting new SSD arrays is more affordable than upgrading existing ones. SDS is increasingly essential due to the growing need for efficient data storage. 

The Next-Generation Data Storage Market is experiencing significant growth due to the exponential increase in digital data production from mobile devices, smart wearables, connected devices, and the Internet of Things. With the rollout of 5G technology, faster data transfer and lower latency are becoming essential for data-driven applications, analytics, and automated systems. The expansion of e-commerce, banking services, financial services, and online shopping is leading to massive amounts of less structured data. Security breaches, configuration errors, and poor user rights pose serious data security issues, making cloud storage and server services increasingly popular. Higher storage capacity, scalability, and flexibility are key requirements for large-scale industries handling corporate information, patient information, and financial data. The market is responding with high-speed data storage solutions, automatic cloud backups, and ransomware attack protection. The industry is poised for continued expansion as the world becomes more digitized. 

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 Market Challenges

Next-generation data storage market requires customized solutions based on end-user needs, resulting in costly research and development processes. Cloud service providers face demand fluctuations due to consumer trends, leading to potential oversupply or shortage situations. Complexity in designing next-generation storage solutions also poses a challenge to market growth. Vendors aim to align production with revenue, but unexpected changes in demand can disrupt manufacturing costs.The Next-Generation Data Storage Market is facing numerous challenges in today’s business landscape. Compliance with data protection regulations is a major concern for businesses, especially those in the BFSI, manufacturing, and consumer goods sectors. Data centers need to store vast amounts of data for cloud computing, big data, AI, machine learning, and social media, requiring efficient and secure storage solutions. Cyber threats such as malware, ransomware, viruses, worms, botnets, spam, spoofing, phishing, hacktivism, and state-sanctioned cyberwarfare pose significant risks to data integrity and privacy. Flash memory and HDDs from non-volatile manufacturers are crucial for addressing latency issues in mobile payments and tablets/laptops. On-premises storage systems must contend with FOBS systems and the need for high-performance, low-latency solutions. The market must adapt to these challenges to meet the evolving needs of businesses. PAC Storage (US) and other leading players are investing in advanced technologies to ensure secure, efficient, and cost-effective data storage solutions.

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Segment Overview

This next-generation data storage market report extensively covers market segmentation by

Application 1.1 SAN1.2 NAS1.3 DASDeployment 2.1 On-premise2.2 CloudGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 SAN- A Storage Area Network (SAN) is a dedicated high-speed network that connects next-generation storage devices to multiple servers. It moves data from the common user network and organizes it into an independent high-speed network, allowing each server to access storage devices. Enterprises are the primary adopters of SAN storage due to its better flexibility, availability, and performance compared to Direct Attached Storage (DAS) or Network Attached Storage (NAS). SAN is a local area network designed for handling large data volumes. It supports data storage, retrieval, and replication using high-end servers and multiple disk arrays. Vendors like Dell Technologies, Hewlett Packard Enterprise, and IBM offer SAN equipment, with costs ranging from hundreds to thousands of dollars. SAN solutions come in two types: Fibre Channel (FC) for mission-critical applications and iSCSI for IP networks. SAN offers advantages such as storage virtualization, high-speed disk technologies, centralized backup, and dynamic failover protection. The construction of data centers in developing countries is increasing, driving the adoption of SAN storage arrays. SAN solutions include Virtual SAN, Unified SAN, and Converged SAN, each offering unique benefits. Virtual SAN is implemented on a hypervisor, providing ease of management and scalability. Unified SAN exposes file and block storage through a single device. Converged SAN uses a common network infrastructure for different networks and keeps it separate from Ethernet networks.

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Research Analysis

The Next-Generation Data Storage market is experiencing exponential growth due to the growth in data production from mobile devices, smart wearables, and connected devices. With the rollout of 5G technology, faster data transfer and processing speeds are enabling new applications in e-commerce, mobile payments, and cloud computing. Smart technologies and automated systems are generating massive amounts of data, leading to an increased demand for efficient and secure data storage solutions. Security breaches and cyber threats are major concerns, driving the need for advanced encryption and data protection technologies. Cloud storage and data centers are becoming the go-to solutions for businesses and individuals seeking cost-effective and scalable storage solutions. Big data, analytics, AI, and machine learning are driving the need for high-performance storage solutions with low latency, such as Flash memory and non-volatile manufacturers. Social media, healthcare, and other data-intensive industries are also fueling the growth of the Next-Generation Data Storage market. HDDs continue to dominate the market due to their affordability and high storage capacity, but Flash memory is gaining popularity due to its faster read and write speeds. Distributed denial-of-service attacks and other cyber threats are also pushing the market towards more secure storage solutions. Overall, the Next-Generation Data Storage market is poised for significant growth in the coming years, driven by the increasing demand for efficient, secure, and scalable storage solutions for data generated by mobile devices, smart technologies, and other digital applications.

Market Research Overview

The next-generation data storage market is experiencing exponential growth due to the increasing production of digital data from mobile devices, smart wearables, connected devices, and the implementation of 5G technology. The expansion of e-commerce, smart technologies, and automated systems is also contributing to the industry’s growth. However, this growth brings new challenges such as security breaches, configuration errors, poor user rights, and data security issues. Large-scale industries, including healthcare, banking services, and financial services, generate vast amounts of less structured data that require scalable and flexible storage solutions. The healthcare sector, in particular, deals with sensitive patient information, making data protection and compliance essential. Cloud storage and server services are popular solutions for managing data, but they come with their own set of challenges, including data transfer, backup, and high-speed data storage. Ransomware attacks and other cyber threats pose significant risks, making data security a top priority. Direct-attached storage, network-attached storage, and storage area networks are on-premise solutions, while cloud, hybrid, and IT specialists offer installation and configuration services. The use of databases in retail, healthcare, and telecom companies, as well as in data centers, is increasing, making data security and compliance critical. The rise of mobile payments, cloud computing, big data, AI, machine learning, social media, and the Internet of Things is generating even more data, requiring new and innovative storage solutions to keep up with the demand. The market is expected to continue expanding as businesses and individuals seek to manage and protect their digital assets.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationSANNASDASDeploymentOn-premiseCloudGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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