Press release
Next-Generation Data Storage Market Size, Growth, Market Analysis, Segmentation, And Forecast To 2033
Next-Generation Data Storage Market
The next-generation data storage market size is expected to see rapid growth in the next few years. It will grow to $136.72 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to edge computing expansion, focus on energy-efficient storage, quantum computing developments, data compliance and privacy regulations, enhanced security measures. Major trends in the forecast period include adoption of non-volatile memory (nvm) technologies, advancements in solid-state drives (ssds), deployment of storage virtualization, integration of artificial intelligence (ai) in storage management, hybrid and multi-cloud storage solutions.
Market Overview -
Next-generation data storage refers to a kind of data storage instrument that is comprised of cutting-edge data storage products and services to handle increasing amounts of data and a significant amount of unstructured data. The use of next-generation data storage devices enables more rapid and straightforward data recovery as well as reliable data preservation.
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Surge In Mobile And Smart Device Usage Fuels Next-Generation Data Storage Market Growth
A surge in the use of mobile and smart devices is expected to propel the growth of the next-generation data storage market going forward. Smart devices refer to electronic gadgets and parts that are connected to an intelligent system and are meant to be placed next to, on, or inside an organism. A surge in the use of mobile devices will increase the use of internet searches and social media, which ultimately increases the amount of data generated, thus increasing the demand for next-generation data storage to store this large amount of data. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, there were 71.8 million mobile connections in the UK at the beginning of 2022, which is a rise of 3.8% from 2021 (about 2.6 million) and 4.2 million higher than the country's total population. And there will be 68.3 million people living in the UK by 2025, and 95% of them (or about 65 million people) will be smartphone users. Therefore, the surge in the use of mobile and smart devices is driving the growth of the next-generation data storage market.
Competitive Landscape -
Major companies operating in the next-generation data storage market report are Samsung Electronics Co. Ltd., Dell Technologies Inc., Hitachi Ltd., Huawei Technologies Co. Ltd., The International Business Machines Corporation, SK hynix Inc., Broadcom Inc., Fujitsu Limited, Hewlett Packard Enterprise Company, Toshiba Corporation, Infineon Technologies AG, Western Digital Technologies Inc., Microchip Technology Inc., Inspur Group Co. Ltd., NetApp Inc., Pure Storage Inc., Nutanix Inc., Pure Storage Inc., Netgear Inc., Rambus Incorporated, DataDirect Networks, Everspin Technologies Inc, Cloudian Inc., Drobo Inc., Viking Technology, Avalanche Technology Inc., Spin Memory Inc., 4DS Memory Limited, Nantero Inc.
Pioneering Innovation In The Next-Generation Data Storage Market
Product innovations are a key trend gaining popularity in the next-generation data storage market. Companies operating in the next-generation data storage market are using advanced technologies to sustain their position in the market. For instance, in April 2021, IBM, a US-based IT services and IT consulting company launched IBM Spectrum Fusion as a brand-new, container-native software-defined storage (SDS) solution. It is planned to include Red Hat OpenShift so that businesses may deliver software-defined storage for cloud, edge, and containerized data centers, as well as environments for both virtual machines and containers.
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Key Segments -
The next-generation data storage market covered in this report is segmented -
1) By ????: Direct Attached Storage (DAS), Network Attached Storage (NAS), Storage Area Network (SAN), Other Types
2) By Technology: Magnetic Storage, Hybrid Flash Array, Solid State Drive (SSD)
3) By Architecture: File-Based, Object-Based, Block Storage
4) By Deployment: On Premise, Cloud
5) By Industrial Vertical: BFSI, Government, Retail, IT And Telecommunication, Manufacturing, Healthcare, Education, Media And Entertainment
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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