CHICAGO, Feb. 16, 2023 /PRNewswire/ -- 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 according to a new report by MarketsandMarkets. The growth of this market is driven by factors such as Rising use of 5G technology, surging adoption of IoT technologies and connected devices, and rising data generation with surge in use of mobile and smart wearable devices.
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Browse in-depth TOC on "Next-Generation Data Storage Market" 179 - Tables
66 - Figures
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NAS segment is expected to grow at the high CAGR from 2023 to 2028
NAS segment is expected to grow at high rates over the forecast period. A NAS device is connected to a network that allows storage and retrieval of data from a central location for authorized network users and varied clients. It helps enterprises to scale their storage capacities without upgrading or replacing the existing servers. With the high adoption rate of smart home automation in growing countries such as the US, Germany, China, and Japan, the demand for NAS storage systems for home cloud servers is growing rapidly. This will further fuel the segment growth over the forecast timeframe.
The SSD segment in Next-Generation Data Storage market is expected to be the fastest growing storage medium segment during the forecast period
The SSD segment is projected to be the fastest growing storage medium segment during the forecast period. SSDs use non-volatile solid-state chips that feature flash memory cells to store data on a long-term basis. The storage solution depends entirely on flash memory to store data, making them much faster at reading and writing data in ad hoc and sustained operations. Next-generation SSDs do not require an additional power source that always maintains an electrical current in the device to preserve data. This makes them more reliable than traditional HDDs. SSDs come with a storage capacity ranging from 120 GB to 30.72 TB. The high-end scalability feature provided by the SSDs will propel the market growth over the forecast period.
Cloud service providers segment of the Next-Generation Data Storage market to record highest CAGR from 2023 to 2028
The cloud service providers segment is expected to account for the highest CAGR of the Next-Generation Data Storage market from 2023 to 2028. Many organizations are opting for cloud solutions to drive down data storage costs. The challenge of dealing with burgeoning volumes of data-often unstructured-is likely to be a key factor for users' interest in the cloud. The adoption of solid-state drives (SSDs) by cloud providers continues to be a major trend. The availability of cloud storage solutions and services has eliminated the need to maintain on-premises storage infrastructures, such as disk storage and tape devices. Cloud storage solutions offer enterprises the flexibility to scale up or down the storage capacity, depending on the business requirements.
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North America will hold the largest share in the Next-Generation Data Storage market during the forecast period
North America will hold the largest Next-Generation Data Storage market share from 2023 to 2028. Leading companies in North America, such as Dell Technologies, HPE, and NetApp, Inc., provide the most developed data storage solutions to various industries. Enterprises in North America are increasingly spending on IT infrastructure to gain a competitive advantage and increase business productivity. The region has a large number of prominent players offering server-attached networks and storage systems, namely Dell, HPE, and Hitachi. Additionally, the market for data centers has been evolving through administration and federal mandates for data center optimization. Also, increasing cloud adoption is driving the demand for data centers. This trend of having well-optimized data centers boosts the demand for next-generation data storage solutions in this region.
Key players in the Next-Generation Data Storage market 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.
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