The Next-Generation Data Storage market is projected to grow from USD 60.7 billion in 2023 and is projected to reach USD 86.2 billion by 2028; it is expected to grow at a CAGR of 7.3% from 2023 to 2028.
The growth of this market is driven by factors such as surging adoption of IoT technologies and connected devices, increasing adoption of NVMe in enterprise storage systems, and rising data generation with surge in use of mobile and smart wearable devices.
“Market for SAN segment to grow at the high CAGR during the forecast period.”
The market for SAN storage systems is expected to grow at the second-highest CAGR during the forecast period. SAN’s high I/O processing speeds and low latency make it a good option for high-speed transactional environments such as enterprise databases and high-traffic e-commerce websites. The SAN storage market is expected to be dominated by the banking, financial services, and insurance (BFSI) and IT and telecommunications sectors because of the rapid adoption of digital technologies in these sectors. As a result, there will be high demand for high-speed cloud-centric data storage systems with reliable data storage architecture.
“The hybrid segment is projected to record high CAGR during the forecast period.”
The hybrid segment is projected to record the high CAGR during the forecast period. The hybrid system consists of both on-premises and remote/cloud deployments, where active data is stored in the on-premises system, and inactive data is shifted to remote location-based systems. This is also known as disaster recovery management. The inclination toward such deployment models is increasing day by day as companies need to keep a backup of crucial data to avoid the loss of critical information in the case of any disaster. One of the benefits of hybrid cloud storage is that it combines on-premises control over infrastructure, security, and data with the flexibility of cloud technology.
“Asia Pacific will be the fastest growing region in Next-Generation Data Storage market during the forecast period”
Asia Pacific is expected to be the fastest-growing region in the Next-Generation Data Storage market during the forecast period. Adopting big data, IoT, and other digital and virtualized platforms in Asia Pacific economies such as China, India, Japan, and South Korea also increases the requirement for efficient data storage management solutions. Rules and regulations in these economies are compelling the banking and telecom companies to store a large volume of historical data and manage it in a secure manner. The Asia Pacific market is open to adopting advanced technologies in data storage further supporting the market growth.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the Next-Generation Data Storage space. The break-up of primary participants for the report has been shown below:
- By Company Type: Tier 1 – 50%, Tier 2 – 20%, and Tier 3 – 30%
- By Designation: C-level Executives – 20%, Directors –70%, and Others – 10%
- By Region: North America –20%, Europe – 15%, Asia Pacific– 55%, and RoW – 10%
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 include Dell Technologies Inc. (US), HPE (US), NetApp, Inc. (US), Huawei Technologies Co., Ltd. (China), Pure Storage, Inc. (US), Hitachi Ltd. (Japan), Fujitsu Ltd. (Japan), IBM Corporation (US), DataDirect Networks (US), and MicronTechnology Inc. (US).
Apart from these, Cloudian (US), Drobo, Inc. (US), Quantum Corp. (US), Western Digital Corporation (US), Samsung Electronics Co., Ltd. (South Korea), Nutanix (US), Seagate Technology LLC (US), Scality (US), NETGEAR, Inc. (US), Inspur Group (China), SK Hynix (South Korea), LucidLink (US), DataCore (US), KIOXIA Holdings Corp. (Japan), and Infinidat (US) are among a few emerging companies in the Next-Generation Data Storage market.
This research report categorizes the Next-Generation Data Storage market on the basis of storage system, storage medium, storage architecture, end user, deployment type, 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 2028. Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the Next-Generation Data Storage ecosystem.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
- This report segments the Next-Generation Data Storage market comprehensively and provides the closest market size projection for all subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
- This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions.
- The analysis of the top 25 companies, based on the market rank as well as the product footprint will help stakeholders visualize the market positioning of these key players.
- Patent analysis, trade data, and technological trends that will shape the market in the coming years has also been covered in this report.