Global Next-Generation Data Storage Market Research Report: By Storage System (Direct-Attached Storage, Network-Attached Storage, Storage Area Network, Storage Architecture, File & Object-based Storage, and Block storage), By Deployment Type (On-premises and Cloud), By Storage Medium (Hard Disk Drive, Tape, and Solid-State Drive), By End-Use (BFSI, Healthcare, Retail, Cloud service providers, Government, IT & telecom, and Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.
The Global Next-Generation Data Storage Market was valued at USD 57.50 billion in 2022, and is estimated to reach approximately USD 110.24 billion by 2031, at a CAGR of 7.5% from 2023 to 2031. Next-generation data storage refers to a set of revolutionary technologies and methodologies aimed at revolutionizing data storage and administration. Traditional storage systems have proven more insufficient in addressing the needs for capacity, speed, and reliability as digital information has grown exponentially. Solid-state drives (SSDs), cloud storage, object storage, distributed storage systems, and storage virtualization are examples of next-generation data storage innovations. These technologies significantly enhance data transfer speeds, scalability, durability, and efficiency. They let organisations to store and manage massive volumes of data created by developing technologies such as artificial intelligence, IoT, and big data analytics.
NEXT-GENERATION DATA STORAGE MARKET: REPORT SCOPE & SEGMENTATION
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Report Attribute |
Details |
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Estimated Market Value (2022) |
57.50 Bn |
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Projected Market Value (2031) |
110.24 Bn |
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Base Year |
2022 |
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Forecast Years |
2023 - 2031 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Storage System, By Storage Medium, By End-Use, By Deployment Type, & Region |
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Segments Covered |
By Storage System, By Storage Medium, By End-Use, By Deployment Type, & Region |
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Forecast Units |
Value (USD Billion or Million), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031 |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Global Next-Generation Data Storage Market Dynamics
The increasing expansion of data volumes across sectors, driven by developments such as IoT, artificial intelligence, and machine learning, is creating a pressing demand for scalable and effective storage solutions. Furthermore, rising demand for high-speed data processing and real-time analytics is propelling the use of faster and more responsive storage technologies such as solid-state drives (SSDs). The growing popularity of cloud computing, as well as the demand for versatile and cost-effective storage alternatives, are driving the market growth during the forecast period.
Global Next-Generation Data Storage Market Drivers
Organizations require faster data access and processing capabilities to support real-time analytics, decision-making, and customer experiences. Next-generation data storage technologies like solid-state drives (SSDs), in-memory computing, and non-volatile memory express (NVMe) enable high-speed data access, reducing latency and improving overall system performance.
Restraints:
Migrating large volumes of data from legacy storage systems to next-generation platforms can be time-consuming, resource-intensive, and prone to disruptions. The complexities involved in data migration can act as a barrier to adoption for some organizations.
Opportunities:
The advancements in big data analytics and AI technologies require storage solutions capable of handling large datasets and supporting real-time data processing. Next-generation data storage technologies, such as flash storage arrays and distributed file systems, offer the necessary performance and capacity to support these applications.
Segment Overview
By Storage System
Based on the storage system, the global next-generation data storage market has been segmented into direct-attached storage, network-attached storage, storage area network, storage architecture, file & object-based storage, and block storage. The file & object-based category dominates the market with the largest revenue share of around 37.4% in 2022. These systems offer a unified approach to storage, allowing users to access files and objects from many applications and platforms. Furthermore, file and object-based storage systems include extensive data management features such as data deduplication, encryption, and metadata tagging, which improves data organization and retrieval.
By Deployment Type
Based on deployment type, the global next-generation data storage market has been segmented into on-premises and cloud. The on-premises category dominates the market with the largest revenue share of around 72.8% in 2022. Many businesses prefer on-premises solutions because they provide them direct control and physical ownership of their data storage infrastructure. This is especially true in businesses with strict security and compliance standards, where keeping data on corporate premises gives a sense of control and alleviates worries about data privacy. Furthermore, on-premises storage provides quicker data access and reduced latency, making it appropriate for applications requiring real-time data processing.
By Storage Medium
Based on storage medium, the global next-generation data storage market has been segmented into manual hard disk drive, tape, and solid-state drive. The solid-state drive is anticipated to grow at a higher CAGR of 8.6% during the forecast period. Several factors are driving this increase, including the fact that SSDs provide substantial advantages over traditional hard disc drives (HDDs), such as quicker data access, reduced latency, and improved reliability owing to the removal of moving components. SSDs give the required speed and responsiveness to manage enormous amounts of data as organizations prioritize performance and efficiency.
By End-Use
Based on specialty type, the global next-generation data storage market is has been segmented into BFSI, healthcare, retail, cloud service providers, government, IT & telecom, and others. The BFSI is anticipated to grow at a higher CAGR of 10.5% during the forecast period. Massive volumes of sensitive financial data are generated and handled in the BFSI business, demanding strong and secure storage solutions. Next-generation data storage solutions can provide increased data protection, encryption, and compliance capabilities to meet the BFSI sector's strict regulatory requirements.
Global Next-Generation Data Storage Market Overview by Region
By Region, the global next-generation data storage market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America dominated the market with 35.2% revenue share in 2022. The growth is due to several factors including strong technical infrastructure and the presence of multiple technology behemoths and creative startups, which drive the use of modern storage solutions. Furthermore, the region has a high concentration of data-intensive businesses such as healthcare, banking, and e-commerce, which generate large volumes of data and necessitate effective storage solutions.
Global Next-Generation Data Storage Market Competitive Landscape
In the global next-generation data storage market, a handful of major players exert significant market dominance and possess a strong regional presence. These prominent players are committed to continuous research and development endeavors. Furthermore, they actively engage in strategic growth initiatives such as creating innovative products, conducting product launches, forging joint ventures, and forming partnerships. The primary objective of these organizations is to enhance their market position, expand their client base, and capture a substantial share of the market.
Some of the leading companies in the global next-generation data storage market include Huawei Technologies Co., Ltd., IBM Corporation, Dell Technologies, Hewlett Packard Enterprise Development LP, Hitachi Ltd., NetApp, Cloudian Inc., Fujitsu, Pure Storage, Inc., NetGear, Samsung, Western Digital Corporation, and various other key players.
Global Next-Generation Data Storage Market Recent Developments
In May 2022, TerraMaster has introduced an advanced eight-bay Direct-Attached Storage (DAS) device designed to suit the demands of consumers looking for centralized data storage. DAS, as opposed to NAS, functions locally by creating direct connections through cables to PCs or other devices. The TerraMaster D8-332, which was just announced, is a high-performance RAID storage system with a capacity of up to 160TB.
Scope of the Global Next-Generation Data Storage Market Report
Next-Generation Data Storage Market Report Segmentation
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ATTRIBUTE |
DETAILS |
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By Storage System |
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By Storage Medium |
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By Deployment Type |
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By End-Use |
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By Geography |
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Customization Scope |
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Pricing |
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Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the global next-generation data storage market segmented by storage system, by storage medium, by end-use, by deployment type, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of next-generation data storage between 2019 and 2031.
To identify and infer the drivers, restraints, opportunities, and challenges for the global next-generation data storage market
To find out the factors which are affecting the sales of next-generation data Storage among consumers
To identify and understand the various factors involved in the global next-generation data storage market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
