Next-Generation Data Storage Market Size to grow by USD 29.2 billion between 2024-2028
According to a research report “ Next-Generation Data Storage Market” by Application (SAN, NAS, DAS) Deployment (On-premise, Cloud) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 29.2 billion, at a CAGR of 8.08% during the forecast period. The global next-generation data storage market is poised for substantial growth due to the increasing number of Internet of Things (IoT) devices, estimated at approximately 40 billion worldwide in 2022. Trends like connected cars, homes, and cities are driving the popularity of IoT, with sectors such as manufacturing, utilities, retail, automotive, and social media adopting this technology. IoT devices necessitate an energy-efficient network of interconnected smart nodes, leading to an increased reliance on next-generation data storage solutions. These systems enable data preservation even when devices are offline, catering to the vast amounts of structured and unstructured data generated by both business and consumer applications..
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By Application, the SAN segment is projected to dominate the market size in 2024
In the realm of next-generation data storage, a Storage Area Network (SAN) emerges as a pivotal solution. SAN is a dedicated, high-speed network that interlinks advanced storage devices with multiple servers. By transferring data from the conventional user network, SAN consolidates and organizes it into an autonomous, high-speed network. Each server gains access to storage devices, enabling it to manage its assigned volume. In disaster recovery scenarios, a backup server assumes control over the primary server by connecting to the storage volume, ensuring business continuity. Enterprise organizations are the primary consumers of SAN storage systems due to their superior flexibility, availability, and performance compared to Direct Attached Storage (DAS) and Network Attached Storage (NAS) alternatives.
By Deployment, On-premise segment is expected to hold the largest market size for the year 2024
Next-generation on-premise data storage solutions leverage high-speed connectivity technologies such as Fibre Channel, InfiniBand, and Ethernet with remote direct memory access (RDMA) for enhanced data transfer rates, reduced latency, and superior I/O performance. Advanced data management and analytics capabilities are integrated into these systems, featuring data deduplication, data tiering, automated data movement, data protection, and integrated analytics for valuable insights. Prioritizing data security and compliance, next-generation on-premise storage solutions incorporate advanced encryption methods, access controls, data integrity checks, and regulatory compliance features to safeguard data and maintain privacy.
North America is forecasted to hold the largest market size by region in 2024
The next-generation data storage market is experiencing significant growth due to the increasing demand for advanced, scalable, and efficient storage solutions. Businesses are seeking to optimize their data management strategies, leading to a surge in demand for next-generation technologies such as cloud storage, artificial intelligence, and machine learning. These innovations offer enhanced security, improved data accessibility, and reduced costs, making them indispensable for modern organizations. The market is expected to continue its robust growth trajectory, driven by the relentless pursuit of digital transformation and data-driven insights.
The Next-Generation Data Storage Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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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
The Next-Generation Data Storage Market in the US is experiencing significant growth, driven by the increasing data requirements of various sectors such as PAC Storage in the US, consumer goods, manufacturing, and BFSI. The onset of FOBS systems in laptops and tablets necessitates high-speed data storage with low latency. Non-volatile manufacturers like HDDs and Flash memory are at the forefront of meeting these demands. However, with the digital age comes cyber threats such as state-sanctioned cyberwarfare, hacktivism, phishing, spam, botnets, spyware, malware, worms, viruses, ransomware, and distributed denial-of-service attacks. Cloud computing, big data, mobile payments, and data centers are major contributors to this data explosion. Compliance, data security, telemedicine, electronic health records, telecom companies, healthcare, retail, and database management are also driving the need for flexible and scalable storage solutions. The installation structure of storage solutions is shifting towards hybrid and cloud, with IT specialists focusing on data transfer, backup, and data protection. The processing capabilities of AI and machine learning demand faster data access and analytics for data-driven applications. Smartphones, the Internet of Things, digital data, and connected devices are adding to the exponential data growth and industry expansion. Despite these advancements, challenges such as poor user rights, configuration errors, data security issues, and less structured data persist. Therefore, the focus on security breaches, automated systems, and smart technologies is crucial for the next-generation data storage market. The integration of 5G technology and smart wearables and mobile devices is set to revolutionize data production and storage.
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