The next-generation data storage market size is projected to reach from US$ 56.12 billion in 2022 to US$ 109.41 billion by 2030; it is estimated to record a CAGR of 8.7% from 2022 to 2030.
Next-Generation Data Storage Market Analyst Perspective:
The report includes growth prospects in light of current next-generation data storage market trends and driving factors influencing the market growth.
The next-generation data storage market in Asia Pacific is experiencing significant growth owing to constant technological advancements, rapid urbanization, and increased investments in research and development by data storage solution providers. One notable development is the launch of the Asia Pacific Data Centre Association (APDCA), which marks the first association of its kind in the region. The APDCA aims to consolidate the shared interests of the data center industry across Asia Pacific, bringing together data center operators, suppliers, and stakeholders. This association supports advocacies for policies that encourage the sustainable growth of the data center industry. The launch of the APDCA signifies a unified effort to represent the collective interests of the data center industry in Asia Pacific. This association, along with the advancements in technology and the growing market demand, demonstrates the region's commitment to shaping the future of next-generation data storage. The economic development of countries such as Japan and China has also surged the adoption of cutting-edge technologies in enterprises that aim to enhance operational efficiency and maintain competitiveness. Additionally, the presence of a large number of IT industries in the region drives the next-generation data storage market.
Next-Generation Data Storage Market Overview:
5G's significantly faster speeds and lower latency are projected to enable a surge in data generation. The demand for Internet of Things (IoT) will increase with more smart devices generating real-time data. In addition, with faster downloads and uploads, users will consume and create more data, from 4K/8K video streaming to AR/VR experiences. Also, remote work, cloud applications, and data-driven decision-making will increase enterprise data volumes. This massive data flood necessitates next-gen storage solutions that can handle high volume and velocity with low latency. Efficiently storing and processing real-time data streams requires advanced technologies such as flash storage and in-memory computing.
In November 2023, several companies implemented 5G technologies. For instance, the Port of Tyne, one of the UK's biggest and most important ports, went live with 5G private network connectivity. Together with partners BT and Ericsson, the Port deployed a private network with coverage across the entire estate, making it the UK's first site-wide deployment of 5G standalone connectivity for smart port applications. In addition, in January 2024, Ataya, one of the leaders of unified connectivity for Industry 4.0 and beyond, announced the launch of Chorus, a standalone 5G Access Point (AP) that brings unparalleled simplicity and low-cost benefits to enterprises needing to deploy Private 5G networks rapidly. This will increase the data generation volume. Moreover, partnerships and collaborations between technology giants, telecommunications companies, and storage solution providers will be crucial for driving innovation and delivering integrated solutions. Therefore, 5G technology is acting as a catalyst for the next-generation data storage market, pushing the boundaries of data management and paving the way for faster, more efficient, and scalable storage solutions.
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Next-Generation Data Storage Market: Strategic Insights
Market Size Value in US$ 56.12 billion in 2022 Market Size Value by US$ 109.41 billion by 2030 Growth rate CAGR of 8.7% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Next-Generation Data Storage Market: Strategic Insights
| Market Size Value in | US$ 56.12 billion in 2022 |
| Market Size Value by | US$ 109.41 billion by 2030 |
| Growth rate | CAGR of 8.7% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Next-Generation Data Storage Market Driver:
Rapid Digitization across Industries to Boost Next-generation data storage Market Growth
Digitization across industries, from healthcare and finance to retail and manufacturing, is creating an explosion in data generation. This includes everything, including sensor data from connected devices and AI-generated insights. Traditional storage solutions struggle with this volume and require constant upgrades or scaling, making next-gen technologies more attractive. Digitized processes and decision-making rely on real-time data access and analysis. Next-gen technologies, including flash storage, NVMe, and software-defined storage, offer significantly faster performance compared to traditional disk drives, enabling smoother operations and faster insights.
Rapidly evolving business needs have further surged the demand for storage solutions that can easily scale up or down as data volumes and access demands fluctuate. Next-gen solutions such as cloud storage and object storage offer on-demand scalability and flexibility, eliminating the need for upfront infrastructure investments and catering to dynamic workloads. Further, new technologies such as AI, IoT, and machine learning generate unstructured and complex data types that require specialized storage solutions. Next-gen technologies such as data lakes and data fabrics offer specialized tools and frameworks for managing and analyzing these diverse data types, unlocking potential value. Thus, rapid digitization is acting as a powerful catalyst for the next-generation data storage market by creating demand for scalable, performant, and secure solutions that can handle the ever-growing volume and complexity of data.
Next-Generation Data Storage Market Report Segmentation and Scope:
The next-generation data storage market analysis has been carried out by considering the following segments: storage system, end user, storage medium, storage architecture, deployment, and geography. Based on storage system, the market is divided into direct attached storage (DAS), network attached storage (NAS), and storage area network (SAN). Based on end user, the market is segmented into BFSI, Retail, IT and telecom, healthcare, media and entertainment, and others. Based on storage medium, the market is divided into hard disk drive, solid-state drive, and tape. Based on storage architecture, the market is bifurcated into file-object-based storage and block storage. Based on deployment, the market is divided into on-premise, cloud-based, and hybrid. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
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Next-Generation Data Storage Market Segmental Analysis:
By end-user, the next-generation data storage market is segmented into BFSI, retail, IT and telecom, healthcare, media & entertainment, and others. The BFSI segment accounted for the largest next-generation data storage market share in 2022. Next-generation data storage is of utmost importance in the BFSI industry as it tackles the obstacles presented by the rapid expansion of digital data. These advanced storage solutions provide BFSI organizations with scalability, data security, regulatory compliance, data analytics capabilities, and business continuity. Prominent users of next-generation data storage in the BFSI sector encompass banking institutions, financial services providers, insurance companies, government bodies, cloud service providers, and telecom companies. By harnessing the potential of next-generation data storage solutions, BFSI organizations can proficiently handle and leverage their data assets to enhance operational efficiency, improve customer experiences, and ensure compliance with regulatory standards.
The retail segment is anticipated to hold a significant next-generation data storage market share by 2030. Next-generation data storage solutions provide the flexibility to scale storage capacity as per the growing needs of retail organizations. This ensures that retailers can accommodate the increasing capacity of data generated from various sources, such as online transactions, customer interactions, inventory management, and supply chain operations. Retailers deal with sensitive customer information, including personal and financial data. Next-generation data storage solutions offer robust security measures such as encryption, access controls, and data backup to protect against data breaches and unofficial access. This helps retailers maintain customer trust and comply with data protection regulations. The retail industry is subject to various data protection and privacy regulations, such as the General Data Protection Regulation (GDPR) in Europe. Next-generation data storage solutions provide features that assist retailers in meeting regulatory requirements, including data retention policies, audit trails, and data governance frameworks.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Next-Generation Data Storage Market Regional Analysis:
The Asia Pacific next-generation data storage market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominates the next-generation data storage market in Asia Pacific. The next-generation data storage market in Asia Pacific is experiencing significant growth, propelled by various factors. Firstly, there is a remarkable surge in the number of laptop and smartphone users, accompanied by rising disposable income and increasing consumer awareness. As a result, the region is witnessing strong demand for dependable, secure, and cost-effective storage infrastructure. Secondly, the presence of a substantial number of IT industries in countries such as China, Japan, and India plays an essential role in driving market expansion. Additionally, the adoption of technologies such as big data, IoT, and other digital platforms in economies including China, India, Japan, and South Korea amplifies the need for efficient data storage management solutions. The emergence of data hubs and commercial organizations in Asia Pacific also promotes its dominance in the next-generation data storage market.
Next-Generation Data Storage Market Key Player Analysis:
The next-generation data storage market forecast can help stakeholders plan their growth strategies. Dell Technologies Inc, Hewlett Packard Enterprise Co, NetApp Inc, Hitachi Ltd, International Business Machines Corp, Pure Storage Inc, DataDirect Networks Inc, Fujitsu Ltd, NETGEAR, and Huawei Technologies Co Ltd. are among the prominent players profiled in the next-generation data storage market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem.
Next-Generation Data Storage Market Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the next-generation data storage market. As per company press releases, below are a few recent key developments:
- In November 2023, DDN, the global leader in artificial intelligence (AI) and multi-cloud data management solutions, announced the launch of DDN Infinia. This next-generation software-defined storage platform leverages two decades of DDN engineering in file systems, data orchestration, and AI-based optimization, all coming together to usher in the era of accelerated computing and generative AI.
- In October 2023, Hitachi, Ltd. announced the transformation of its existing data storage portfolio with the introduction of Hitachi Virtual Storage Platform One, a single hybrid cloud data platform. Having a common data plane across structured and unstructured data in block, file, and object storage allows businesses to run different types of applications anywhere—on-premises and in the public cloud—without any complexities.
- In October 2023, IBM introduced the new IBM Storage Scale System 6000, a cloud-scale global data platform designed to meet today's data-intensive and AI workload demands and the latest offering in the IBM Storage for Data and AI portfolio. The new IBM Storage Scale System 6000 was built on IBM's leadership position with an enhanced high-performance parallel file system designed for data-intensive use cases. It provides up to 7M IOPs and up to 256GB/s throughput for read-only workloads per system in a 4U (four rack units) footprint.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Storage System, End-User, Storage Medium, Storage Architecture, and Deployment
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global next-generation data storage market is expected to reach US$ 109.41 billion by 2030.
The key players holding majority shares in the global next-generation data storage market are Dell Technologies Inc, Hewlett Packard Enterprise Co, NetApp Inc, Hitachi Ltd, International Business Machines Corp, Pure Storage Inc, DataDirect Networks Inc, Fujitsu Ltd, NETGEAR, Huawei Technologies Co Ltd.
DAS to witness significant growth is anticipated to play a significant role in the global next-generation data storage market in the coming years.
The surging adoption of IoT and connected devices and rapid digitization across industries are the major factors that propel the global next-generation data storage market.
The global next-generation data storage market was estimated to be US$ 56.12 billion in 2022 and is expected to grow at a CAGR of 8.7% during the forecast period 2023 - 2030.
The List of Companies - Next-Generation Data Storage Market
- Dell Technologies Inc
- Hewlett Packard Enterprise Co
- NetApp Inc
- Hitachi Ltd
- International Business Machines Corp
- Pure Storage Inc
- DataDirect Networks Inc
- Fujitsu Ltd
- NETGEAR
- Huawei Technologies Co Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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