Next-Generation Data Storage Market worth $90.0 billion by 2029 – Exclusive Report by MarketsandMarkets™

CHICAGO, July 2, 2024 /PRNewswire/ — The next-generation data storage market is projected to grow from USD 65.1 billion in 2024 and is estimated to reach USD 90.0 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.7% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the next-generation data storage market is driven by surging adoption of IoT technologies and connected devices, growing requirement for real-time data, and increasing data generation with rising use of wearable devices and smartphones.

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Next-Generation Data Storage Market Report Scope:

By storage system, the storage area network (SAN) segment is projected to grow at high CAGR of the next-generation data storage market during the forecast period.

The storage area network (SAN) segment is positioned for robust growth over the forecast period. SAN architectures are optimized for high-throughput data access and low-latency performance, making them well-suited for mission-critical applications such as databases, virtualization, and high-performance computing. SAN plays a crucial role in supporting virtualized infrastructures by providing centralized storage management and seamless integration with cloud services. Technological advancements like flash-based storage and cloud integration enhance San’s appeal, positioning them as vital components of modern IT infrastructures. The market of SAN storage is likely to be dominated by insurance, financial services, banking, telecommunications, and IT sectors due to the increasing adoption of digital technologies, resulting in a high demand for reliable data storage architecture. Companies are focusing on developing customer-specific solutions to stay competitive in the market. For instance, in May 2023, NetApp, Inc. (US) launched its first block-only SAN array, simplifying storage for SAN customers. The company also introduced a Ransomware Recovery Guarantee and expanded Onta One software and the NetApp Advance program to enhance data protection and customer support.

By storage medium, the hard-disk drive (HDD) segment is projected to grow at high rate during the forecast period.

The market for HDDs is expected to grow at high rate during the forecast period. The rising demand for HDDs for high-capacity storage systems for applications such as cloud storage, data centers, PCs, surveillance systems, and industrial embedded systems drives the growth. Companies are engaged in the development of enterprise-grade HDDs that offer scalable and cost-effective infrastructure for data center customers. For instance, in May 2023, Synology (Taiwan) launched Plus Series SATA HDDs for enterprises to enable efficient performance in multi-user environments. It provides a dependable storage solution tailored for home and small office users. The Plus Series HDDs come in 4 TB, 6 TB, 8 TB, and 12 TB models, catering to various storage needs and budgets. These HDDs ensure consistent performance and ease of use for users and are designed to meet various storage needs such as file sharing, data backup, and surveillance recording.

Cloud Service Providers segment is projected to grow at high CAGR of the next-generation data storage market during the forecast period.

The cloud service providers segment is expected to grow at high CAGR in next-generation data storage market during the forecast period. The demand for advanced data storage systems is surging due to the proliferation of cloud platforms, encompassing traditional corporate private clouds, new public clouds, and personal home clouds. Cloud computing is emerging as the preferred choice for enterprises and consumers to back up and archive their data. Additionally, technological advancements in next-generation storage systems have led to the development of flash and hybrid arrays with new interfaces like peripheral component interconnect express (PCIe) and non-volatile memory express (NVMe). These advancements, characterized by high speed and rapid data access, are driving the adoption of next-generation data storage devices in cloud computing environments. Moreover, the rise of remote work and digital transformation initiatives has accelerated the adoption of cloud-based collaboration tools, communication platforms, and productivity applications. Cloud service providers offer diverse software-as-a-service (SaaS) solutions that enable seamless remote collaboration, virtual meetings, and document sharing, empowering organizations to enhance workforce productivity and collaboration regardless of geographical constraints.

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Noth America is poised for significant growth in the next-generation data storage market by 2029.

The North American next-generation data storage industry is poised for significant growth in the upcoming years. The region is home to a concentration of global vendors and consumers, particularly in the US, which is home to leading data storage manufacturers, such as Dell Inc. (US), NetApp Inc. (US), Hewlett Packard Enterprise Company (US), Hitachi, Ltd. (US), IBM Corporation (US), Micron Technology, Inc. (US), and Western Digital Corporation (US). Being an early adopter of advanced data storage technologies, North America contributes a large portion of revenue in the next-generation data storage market. The presence of major tech companies, cloud service providers, and data-driven enterprises drives the demand for next-generation data storage solutions. The region’s robust IT infrastructure and ecosystem create a conducive environment for the growth of the next-generation data storage market. Rapid technological advancements, increasing volume of user-generated data, internet traffic, and e-commerce transactions in North America create a strong demand for scalable and secure data storage technologies.

Key companies operating in the next-generation data storage companies are 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).

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