Global Next-Generation Data Storage Market Report and Forecast 2024-2032

Global Next-Generation Data Storage Market Outlook

The global next-generation data storage market size reached a value of around USD 65.91 billion in 2023. The market is further expected to grow at a CAGR of 9.40% between 2024 and 2032, reaching a value of around USD 147.97 billion by 2032.

Key Trends in the Market

Next-generation data storage refers to products and advanced data storage solutions that can handle huge amounts of unstructured data and expanding file sizes. These technologically-advanced products help with quick recovery and dependable data management in a cost-effective way while managing massive amounts of data securely.

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• A rise in the usage of cloud computing as a result of the major increase in IoT penetration around the globe in sectors like manufacturing, retail, and healthcare are the key next-generation data storage market trends fuelling the market growth.

• The digitisation of information across numerous industries, aided by a rise in consumer volume, global expansion, and surging data generation is having a positive impact on the next-generation data storage market growth.

• Introduction of consumer electronics with faster processing rates will likely raise the demand for advanced data storing options like solid-state drives and the cloud among direct consumers, aiding the market for next-generation data storage over the coming years.

Global Next-Generation Data Storage Market Analysis

Based on storage system, the market is divided into direct-attached storage (DAS), network-attached storage (NAS), and storage area network (SAN). The market, based on storage medium, is categorised into hard disk drive (HDD), solid state drive (SSD), and tape. The next-generation data storage market segmentation, on the basis of storage architecture, is file and object based storage, and block storage. By deployment type, the market is divided into on-premises, cloud, and hybrid. On the basis of end-user, the market is segmented into BFSI, retail, IT and telecom, healthcare, and media and entertainment, among others. The regional markets for next-generation data storage are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model, along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global next-generation data storage market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

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• Dell Technologies, Inc

• Hewlett Packard Enterprise Company

• NetApp, Inc

• Huawei Technologies Co., Ltd

• Samsung Electronics Co., Ltd.

• Pure Storage, Inc.

• Hitachi, Ltd.

• Fujitsu Limited

• IBM Corporation

• Netgear Inc.

• Micron Technology, Inc

• Others

Global Next-Generation Data Storage Market Share by Storage System

By storage system, direct-attached storage (DAS) is expected to witness significant growth in the next-generation data storage global market. The simple and basic architecture of DAS enable support numerous information accessibility capabilities. DAS technology is also suited for small and medium-sized organisations due to its inexpensive cost. Over the forecast period, the DAS segment is likely to be driven by the growing number of small and medium-sized businesses in emerging economies.

Global Next-Generation Data Storage Market Share by End-User

Healthcare segment is anticipated to be one of the leading end-users of next-generation data storage throughout the forecast period, fuelled by the exponential increase in data generated with increasing digitalisation and rising patient volumes. Data storage in the healthcare sector has seen a paradigm shift in recent years, moving from traditional digital data storage to the use of cloud storage for the safe keeping of crucial patient and corporate data related to various procedures, operations, and services. In the near future, it is projected that the growing use of hybrid cloud in the healthcare sector will be a significant driver increasing the next-generation data storage market demand.

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Competitive Landscape

Dell Technologies, Inc, founded in 1984 and headquartered in Texas in the United States, is a multinational technology company that manufactures a wide range of consumer and business electronics. The company’s product line includes desktop and laptop computers, televisions, servers, smartphones, business software, and services for network and information security.

Hewlett Packard Enterprise Company was established in 1939, with its corporate headquarters in California, United States. A global information technology company, it offers software as a service (SaaS), cloud computing solutions, and software services like consulting, training, professional services, and support.

Fujitsu Limited, founded in 1935 and headquartered in Tokyo, Japan is a market leader in IT services, solutions, and technology. The company has years of experience in developing IT systems, services, and digital solutions for both public and private sector clients, including those in the retail, healthcare, financial services, and automotive industries.

Other market players include NetApp, Inc, Huawei Technologies Co., Ltd, Samsung Electronics Co., Ltd., Pure Storage, Inc., Hitachi, Ltd., IBM Corporation, Netgear Inc., and Micron Technology, Inc, among others.

Key Highlights of the Report