Latest News- Next-Generation Data Storage Market: SAN is expected to lead the Application segment during 2024-2028

The Next-Generation Data Storage Market is being driven by Growing demand for IoT and big data operations

The Next-Generation Data Storage Market is expected to grow at a CAGR of 8.08% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 29.2 billion. Software-Defined Storage (SDS) is a revolutionary technology that delivers flexible, scalable, and automated enterprise data storage solutions. By separating software services, such as data administration, safety, and input/output capabilities, from hardware services, SDS increases infrastructure agility and efficiency. This separation also allows for the reconfiguration of storage resources, leading to cost savings. SDS offers resource pooling, abstraction, and automated management, making it an ideal choice for managing diverse storage environments. It supports legacy applications, big data analytics, and cloud-based data applications. With the ever-increasing demand for efficient data storage, SDS has become a crucial component of modern data management strategies. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • SAN
  • NAS
  • DAS
• Deployment
  • On-premise
  • Cloud
• Geography
  • North America
    • US
  • Europe
    • France
    • UK
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for IoT and big data operations
• Massive increase in digital data volume
• High adoption of software-as-a-service applications by enterprises

However, the market also witnesses some limitations, which are as follows:

• High operating expenses for vendors
• Data security concerns
• Environmental concerns due to high energy consumption

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Market Scope in Next-Generation Data Storage Market Research Report

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Research Analysis Overview

The Next-Generation Data Storage Market is experiencing significant growth due to the increasing demand for data storage in various sectors, including laptops, tablets, and smartphones. With the proliferation of mobile devices, the need for faster and more efficient data storage solutions has become crucial. This has led to the rise of non-volatile manufacturers, who are producing technologies like Flash memory to replace traditional Hard Disk Drives (HDDs). However, the next-generation data storage market faces challenges such as latency, cyber threats, and distributed denial-of-service attacks. The healthcare industry, in particular, generates massive amounts of data daily, making it a prime target for cyber attacks. To address these concerns, data security and privacy are becoming top priorities for businesses and individuals alike. Moreover, the integration of AI, machine learning, and analytics in various industries, including healthcare, e-commerce, and finance, is driving the need for big data and cloud computing. The adoption of 5G technology, mobile payments, and connected devices is further increasing data production. Automated systems and smart technologies are also contributing to the growth of the next-generation data storage market. Overall, the market is expected to grow significantly in the coming years, with a focus on security, efficiency, and scalability.

Market Research Overview

Technavio positions the next-generation data storage market as a segment of the broader global technology hardware, storage, and peripherals market, which encompasses manufacturers of IT hardware, including cellular phones, personal computers, servers, and peripherals. This market is further divided into data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. Technavio estimates the size of the global technology hardware, storage, and peripherals market based on the revenue generated from the sales of these hardware devices, equipment, and components. Key growth drivers for this market include the escalating demand for data centers, fueled by the increasing adoption of work-from-home technologies in the wake of COVID-19.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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