Dublin, July 09, 2024 (GLOBE NEWSWIRE) -- The "Global Next-Generation Data Storage Market Size by Storage System (Direct-Attached, Network-Attached, Storage Area Network), Storage Medium (SSD, HDD, Tape), Storage Architecture (File-& Object-based Storage, Block Storage) & Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The next-generation data storage market is projected to grow from USD 65.1 billion in 2024 and is estimated to reach USD 90 billion by 2029; it is expected to grow at a CAGR of 6.7% from 2024 to 2029.
This research report categorizes the next-generation data storage market on the basis of storage system, storage medium, storage architecture, deployment, end user, and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the next-generation data storage market and forecasts the same till 2029. Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the next-generation data storage ecosystem.
Increasing traction of industrial grade flash memories, rising use of 5G technology, and increasing adoption of NVMe technology in SSD and data storage applications are the factors expected to fuel the growth of the next-generation data storage market.
The report profiles key players in the next-generation data storage market with their respective market ranking analysis. Prominent players profiled in this report 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).
North America is expected to hold a major market share for next-generation data storage market during the forecast period. North America is a dominant contributor to the next-generation data storage market in terms of market share. The region has strong presence of leading next-generation data storage providers such as NetApp (US), Hewlett Packard Enterprise Company (US), and Dell Inc. (US) that are extensively emphasizing on research and development activities. For instance, in FY2023, Dell Inc. (US) invested USD 2.8 billion i.e., around 3% of its total revenue on research & development activities.
Adding to this, the region is witnessing high investments towards development of new cloud data centers. For instance, in March 2024, Google announced it would build new data centers to power its cloud and AI ambitions in Kansas City and Northern Virginia locations. The company announced an investment of USD 1 billion for the Kansas City, US data center. The trend of having well-optimized data centers boosts the demand for next-generation data storage solutions in this region.
Network-attached Storage (NAS) segment of the next-generation data storage market to witness high growth during the forecast period.
The next-generation data storage market's network-attached storage (NAS) segment is projected to be one of the fastest-growing segment over the forecast period. With the rising trend of remote work and distributed teams, NAS facilitates remote access to files and collaboration among users across different locations.
Many NAS devices offer cloud integration and remote access features, allowing users to access and share files securely from anywhere at any time. NAS operates in a centralized storage system that enables easy access to data via networked devices. Smart home automation systems in growing countries such as China, Japan, the US, and Germany drive high demand for NAS.
The hybrid segment is projected to record the highest CAGR during the forecast period.
The hybrid segment is poised for remarkable growth within the next-generation data storage market over the forecast period. The hybrid storage systems facilitate seamless data mobility and accessibility across on-premises and cloud environments. They seamlessly integrate with other cloud services and applications and can accommodate diverse storage requirements.
In hybrid storage, the active data is stored on an on-premises system, and inactive data is stored on remote systems. Companies can avoid loss of critical information by keeping a backup of data in case of any disaster. The inclination toward hybrid cloud storage models is growing as companies need to back up crucial data to avoid losing critical information during disasters. It combines on-premises control over infrastructure and security with the flexibility of cloud technology.
The report provides insights on the following pointers:
- Analysis of key drivers (increased data generation attributed to surging use of smartphones and smart wearable devices, growing adoption of Internet of Things (IoT) technologies and connected devices, rising use of 5G technology, increasing adoption of NVMe in enterprise storage systems, growing demand for energy-efficient and compact storage solutions in homes and small offices), restraints (data security concerns, limited support for advanced features and functionalities in entry-level next-generation data storage solutions), opportunities (increasing adoption of hybrid cloud storage solutions, growing requirement for real-time data, rising trend of industrial-grade flash memories, emergence of AI and machine learning (ML) technologies), and challenges (lack of suitable infrastructure to secure data, generation of high latency in connecting storage devices over internet, challenges associated with multi-tenancy and resource isolation in shared NAS environments) influencing the growth of the next-generation data storage market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the next-generation data storage market.
- Market Development: Comprehensive information about lucrative markets - the report analysis the next-generation data storage market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the next-generation data storage market
- Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players like Dell Inc. (US), Hewlett Packard Enterprise Company (US), NetApp (US), Huawei Technologies Co., Ltd. (China), Pure Storage, Inc. (US), among others in the next-generation data storage market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 345 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $65.1 Billion |
| Forecasted Market Value (USD) by 2029 | $90 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
Companies Featured
- Dell Inc.
- Hewlett Packard Enterprise Company
- Netapp
- Huawei Technologies Co. Ltd.
- Pure Storage, Inc.
- Hitachi, Ltd.
- Fujitsu
- IBM Corp.
- Datadirect Networks
- Micron Technology, Inc.
- Cloudian
- Infortrend Technology Inc.
- Quantum Corp.
- Western Digital Corp.
- Samsung Electronics Co. Ltd.
- Nutanix
- Seagate Technology LLC
- Scality
- Netgear, Inc.
- Inspur Group
- Sk Hynix
- Lucidlink
- Datacore
- Kioxia Holdings Corp.
- Infinidat
For more information about this report visit https://www.researchandmarkets.com/r/hrnq6o
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