Dubai, UAE, Nov. 02, 2023 (GLOBE NEWSWIRE) -- According to a recent report published by Kings Research, the Global Next Generation Data Storage Market registered a valuation of USD 63.12 billion in 2022 and is estimated to be worth USD 116.66 billion by 2030, growing at a CAGR of 7.98% from 2023 to 2030. The market growth is primarily being driven by the increasing data production, fueled by the widespread growing use of mobile devices and smart wearables. Additionally, the adoption of 5G technology and the proliferation of connected devices are key factors contributing to market growth.
Technological advancements, such as e-commerce, smart technologies, and automated systems, play a significant role in shaping this market. Moreover, there is a rising focus on research and funding to develop advanced technologies that meet consumer requirements, thereby propelling revenues in the next generation data storage market.
The centralized file storage options and automated cloud backups provided by next-generation data storage devices streamline data management while guaranteeing data redundancy and safety. These systems offer better data management capabilities, more storage space, and improved performance. Additionally, they use compression and data deduplication methods to maximize storage and minimize space needs. The ongoing evolution of storage technologies is driven by organizations' evolving needs to effectively handle and leverage data. With increasing data storage demands, the next-generation data storage market is expected to continue growing. These advancements enable businesses to efficiently store, manage, and access growing data volumes in a cost-effective and scalable manner.
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Competitive Landscape
Prominent players in the global next generation data storage market are employing various strategic approaches, such as partnerships, mergers & acquisitions, product innovations, and joint ventures, to increase their market shares across different regions.
For instance, in March 2023, SAP introduced SAP Datasphere, the latest iteration of its cloud data warehousing service, featuring simplified data replication, enhanced data cataloging, and advanced data modeling capabilities. This cloud service, along with its new features and integrations with technology partners, is aimed at assisting companies and organizations in building a business architecture reliant on metadata for data access rather than its physical location.
Major participants in the global next generation data storage market include:
- Dell Technologies Inc.
- Hewlett Packard Enterprise Development LP
- Hitachi Vantara LLC
- Huawei Technologies Co. Ltd.
- Microchip Technology Inc.
- Micron Technology Inc.
- Netgear Inc.
- Pure Storage, Inc.
- SAP
- IBM
Trending Now: Huawei Determines to Use the OlympusMons Challenge 2023 to Revolutionize Global Data Storage
In May 2023, Huawei, a leading global provider of information and communication technology (ICT) infrastructure and smart devices, announced the OlympusMons Challenges 2023, a global competition to inspire scientists to tackle technical problems in data storage and build high-quality data storage systems. The competition focused on two challenges:
- Data Storage with Maximum Cost-Per-Bit Efficiency: Creating innovative solutions to lower data storage costs per bit.
- Data Resilience and Services Oriented towards Multi-Cloud Environments: Developing new technologies to improve the resilience and availability of data in multi-cloud environments.
Huawei set out to collaborate with the academicians to develop premium data storage systems distinguished by a data-centric storage framework, effective data utilization and governance technologies for novel applications, data robustness, and proactive security measures.
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Market Segmentation
By End-User
- Banking, Financial Services & Insurance (BFSI)
- Retail
- Healthcare
- Government
- Telecom Companies
- Others
Demand for Reliable Data Storage in Healthcare Industry to Augment Market Proliferation
In terms of end-user, the next generation data storage market is categorized into telecom companies, banking, financial services & insurance (BFSI), retail, government, healthcare, and others.
The healthcare segment is projected to account for a significant share of the market over the estimated period. This segmental growth is driven by the increasing use of technology in maintaining essential data for patients and organizations involved in various medical procedures, operations, and services. The demand for reliable data storage solutions has further increased with the adoption of electronic health records (EHR) and telemedicine, as well as a focus on data security and compliance to manage and safeguard information.
By Type
- Direct-Attached Storage
- Network-Attached Storage
- Storage Area Network
- Others
Rising Adoption of Direct-Attached Storage by Businesses to Support Market Expansion
In terms of type, the next generation data storage market is segmented into storage area network, network-attached storage, direct-attached storage, and others.
The direct-attached storage (DAS) segment is projected to dominate the market in the estimated period. The growth is mainly attributable to the increasing number of small and medium enterprises adopting DAS solutions. These systems offer convenient information access features and do not require dedicated IT specialists for management and maintenance. They are designed with a simple installation structure and provide reliable backup and effortless database accessibility.
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Growing Use of AI/ML Cloud-Based Services to Spur Market Growth
The adoption of AI/ML cloud-based services is a major factor driving the global next generation data storage market expansion. Exponential data growth in sectors such as healthcare for managing patient information, banking, financial services, online shopping, and multimedia necessitates efficient data handling and storage. Next-generation data storage devices provide cloud backups, centralized storage, improved performance, greater capacity, and enhanced data management. This trend is set to continue as organizations grapple with growing data storage needs, allowing them to manage data cost-effectively and at scale.
North America to Dominate Next Generation Data Storage Market Due to Presence of Abundant Unstructured Data
North America has emerged as the leader in the next generation data storage market in 2022. This growth can be attributed to the region's abundance of unstructured data across various industries, which necessitates secure and cost-effective data storage solutions. The region also benefits from easy access to technologically advanced products such as 3D and molecular imaging, which is expected to contribute to its growth potential over the forecast period.
Moreover, hyper scale data centers have experienced significant expansion, catering primarily to cloud service companies and social network providers. The increased adoption of advanced data storage technologies driven by big data, IoT, and other digital platforms has further propelled market growth in the region.
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Table of Content
Chapter 1 Introduction of The Global Next Generation Data Storage Market
Chapter 2 Executive Summary
Chapter 3 Research Methodology
Chapter 4 Global Next Generation Data Storage Market Outlook
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Next Generation Data Storage Market, By Type
Chapter 7 Global Next Generation Data Storage Market, By Storage Type
Chapter 8 Global Next Generation Data Storage Market, By End-User
Chapter 9 Global Next Generation Data Storage Market, By Geography
Chapter 10 North America
Chapter 11 Europe
Chapter 12 Asia Pacific
Chapter 13 Middle East & Africa
Chapter 14 Latin America
Chapter 15 Global Next Generation Data Storage Market Competitive Landscape
Chapter 16 Company Profiles
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