Europe Next Generation Storage Market Size (2024 - 2029)

Europe Next Generation Storage Market Analysis

The Europe Next Generation Storage Market size is estimated at USD 13.73 billion in 2024, and is expected to reach USD 22.42 billion by 2029, growing at a CAGR of 10.30% during the forecast period (2024-2029).

• Europen Union is investing and taking quick steps towards the AI and digitalizing the region's businesses. In comparison to 8.9 million ICT professionals in 2021, the EU wants to expand this number to at least 20 million by 2030, according to a report published by The Digital Economy and Society Index (DESI). At least 90% of SMEs in the EU must have a fundamental level of digital intensity by 2030 to meet the Digital Decade goal. By 2030, at least 75% of businesses should be using big data, cloud, and AI technology, and the EU hopes that at least 80% of individuals will have at least basic digital abilities. This growing demand in the IT sector for digitalization will create a need for high storage platforms.
• European Union proposed Data Act, specific regulations for connected devices. There is a lot of typically generated data by connected machines or connected devices, and the EU plans to put such data into productive use to benefit companies and society.
• A vast amount of data is available, and it is increasing. One of the major difficulties in data management is storing this data in various silos. If data is stored somewhere, a third party can access it. This can be avoided by keeping checks on unwanted access by using a variety of security measures, such as encryption and relying on third-party suppliers.
• Covid-19 gave businesses a new direction that firms can adapt and prosper even in challenging conditions. This insight brought a revolution in digitalization. European organizations are making a comeback by automating processes, reducing expenses, improving the ability to identify data dangers, and concentrating on providing the best possible customer experience. In challenging times, cutting-edge technologies and solutions increase revenue and reduce risks.

Europe Next Generation Storage Industry Segmentation

The need for greater capacity HDDs is being driven by the fact that data generation is increasing at double-digit rates annually and that cloud organizations are requesting storage space for this burgeoning data. Software-Defined Storage (SDS) feeds on the data stream. The availability of enormous amounts of data is pushing the IT industry to develop Software-Defined Storage solutions to grow in capacity and performance with ease. These solutions were created specifically for environments that use modern workloads and cloud-native applications.

Europe Next Generation Storage Market is segmented by Storage System (Direct Attached Storage (DAS), Network Attached Storage (NAS), Storage Area Network (SAN)), By Storage Architecture (File and Object-based Storage (FOBS), Block Storage), and End-user Industry (BFSI, Retail, IT and Telecom, Healthcare, Media & Entertainment, and Other) and Country.

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.