Global Next-Generation Data Storage Market – Industry Trends and Forecast to 2029

Market Analysis and Size

Next-generation data storage is being highly deployed as it facilitates scalable storage and handling of the large amount of unstructured data generated. Next generation data storage is widely utilized in numerous industries, such as healthcare, BFSI, and retail, among others.

Global Next-Generation Data Storage Market was valued at USD 68.98 billion in 2021 and is expected to reach USD 134.45 billion by 2029, registering a CAGR of 8.70% during the forecast period of 2022-2029. Network Attached Storage (NAS) is expected to witness high growth in the respective market owing to their ease and beneficial features. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Market Definition

Next generation data storage technology consists of technologically advanced data storage products and solutions to deal with increasing file sizes and huge amount of unstructured data. The next generation data storage technology manages large data securely and also helps in enabling reliable, secure and fast recovery of data in a cost-efficient manner. It has also enabled scalable storage and handling of large data generated by big enterprises.

Report Scope and Market Segmentation

Next-Generation Data Storage Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Penetration of IoT in Industries

The increase in the penetration of IoT in industries such as healthcare, manufacturing and retail, among others supporting the adoption of cloud computing acts as one of the major factors driving the next-generation data storage market.

• Rapid Digitization

The rise in digitization of information in residential and commercial places due to the increased use of mobile computing devices such as smartphones, tablets, and laptops, among others. Also, the rise in generation of digital information across industry verticals such as retail, and BFSI, among others has a positive impact on the market.

• Development of Effective Cloud Platforms

The development of effective, flexible and scalable cloud platforms owing to the information generated across the enterprise sector rapidly rising accelerate the market growth. Also, rise in the number of customers seeking for improved options for storing and managing their information has a positive impact on the market.

Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the next-generation data storage market.

Opportunities

Furthermore, increased need for data analytics extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, adoption of cloud storage and solid-state drives will further expand the market.

Restraints/Challenges

On the other hand, concerns regarding breach in data security in cloud and server-based services are expected to obstruct market growth. Also, high cost associated with cloud storage and delivering robust and high-speed data storage are projected to challenge the next-generation data storage market in the forecast period of 2022-2029.

This next-generation data storage market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on next-generation data storage market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Next-Generation Data Storage Market

The COVID-19 had a negative impact on the next-generation data storage market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand substation automation technology. The supply chain got hampered during the pandemic along with delay logistics activities. However, the next-generation data storage market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.

Recent Developments

• Dell Technologies announced regarding Dell EMC PowerScale in June’2020. This is a new family of storage systems engineered with industry-leading storage software and server hardware. This will set set a new industry standard associated how organizations capture and capitalize on unstructured data.
• Pure Storage Pure Storage partnered with Google Cloud’s Anthos Ready Storage Initiative in February’2020. The partnership assists in the expansion of Pure’s existing partnership with Google Cloud to help customers modernize existing applications.

Global Next-Generation Data Storage Market Scope and Market Size

The next-generation data storage market is segmented on the basis of type, architecture, storage technology and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Direct Attached Storage (DAS)
• Network Attached Storage (NAS)
• Storage Area Network (SAN)
• Others

Architecture

• File-Based
• Object-Based
• Block Storage
• Others

Storage Technology

• Hard Disk Drive
• Magnetic Tape
• All-Flash Array
• Hybrid Flash Array

Application

• BFSI
• Retail
• Healthcare
• Media and Entertainment
• Manufacturing
• Government
• Telecom and IT
• Others

Next-Generation Data Storage Market Regional Analysis/Insights

The next-generation data storage market is analysed and market size insights and trends are provided by country, type, architecture, storage technology and application as referred above.

The countries covered in the next-generation data storage market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the next-generation data storage market because of the large volume of unstructured data across several industry verticals within the region.

Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 because of the increase in the number of laptop and smartphone users in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Next-Generation Data Storage Market

The next-generation data storage market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to next-generation data storage market.

Some of the major players operating in next-generation data storage market are

• 4DS Memory Limited (Australia)
• Adesto Technologies Corporation. (US)
• Avalanche Technology (US)
• Cypress Semiconductor Corporation. (US)
• Everspin Technologies Inc. (US)
• FUJITSU (Japan)
• IBM (US)
• Microchip Technology Inc. (US)
• Nantero. (US)
• SAMSUNG (South Korea)
• Rambus (US)
• SK HYNIX INC. (South Korea)
• Spin Memory Inc. (US)
• NXP Semiconductors. (Netherlands)
• Toshiba CORPORATION (Japan)
• Texas Instruments Incorporated. (US)
• Western Digital Corporation (US)
• Viking Technology (US)

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