Next-generation Storage Market Size (2024 - 2029)

The next-generation storage market is experiencing significant expansion, driven by the increasing demands of the digital landscape, including mobile services, Big Data, and cloud computing. This market's growth is attributed to the limitations of conventional data storage technologies in managing large volumes of unstructured data, prompting a shift towards more advanced and cost-effective storage solutions. The market's scope is broadening within the information technology sector, with a focus on Big Data and enterprise data storage applications. Despite challenges such as cloud storage security concerns, the market is poised for growth, supported by the accelerated adoption of cloud-based solutions during the COVID-19 pandemic.

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Market Size of Next-generation Storage Industry

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Next-generation Storage Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 66.67 Billion
Market Size (2029) USD 95.13 Billion
CAGR (2024 - 2029) 7.37 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Next-generation Storage Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Next-generation Storage Market Analysis

The Next-generation Storage Market size is estimated at USD 66.67 billion in 2024, and is expected to reach USD 95.13 billion by 2029, growing at a CAGR of 7.37% during the forecast period (2024-2029).

With the sizeable and exponential growth in the digital world, there has been an accelerating development in mobile services, Big Data, cloud computing, and social networking applications. Next-generation storage technology deals with an advanced portfolio of products and solutions, which help store data across various end-user industries, including IT firms, automotive companies, and data centers. With the increasing file sizes and a massive amount of unstructured and Big Data, IT companies face plenty of problems while dealing with data management.

  • Conventional data storage technologies cannot handle a large amount of everyday data. The next-generation data storage infrastructure offers a reliable, faster, and cost-effective solution to meet the growing data storage demands.
  • Further, the next-generation storage technology market is moving into the information technology sector, with an extensive range of applications across Big Data storage, enterprise data storage, and other cloud-based services. Storage and how it is addressed can significantly impact the top and bottom lines. IT organizations are expected to be more willing to move from making a safe storage investment to investing in new technologies that can benefit the business.
  • In April 2023, VAST Data announced that Hewlett Packard Enterprise (HPE) had incorporated VAST Data's leading file software platform into the new HPE GreenLake for File Storage service. By leveraging VAST's unique and innovative scale-out software architecture for the new HPE GreenLakefor File Storage, enterprise customers can manage unstructured data with massive performance and achieve faster data insights.
  • However, many security issues are associated with cloud-based storage, such as misconfiguration, insufficient data governance, and poor access controls, among others. Such cloud storage security issues that can expose enterprise data to unauthorized parties can act as a restraint on market growth.
  • The COVID-19 pandemic outbreak positively impacted the next-generation storage market, especially solutions used in cloud storage. Storage vendors were making some of their hardware and software technology available for free to help researchers, businesses, work-from-home users, and partners run their businesses and work remotely during the COVID-19 coronavirus pandemic.

Next-generation Storage Industry Segmentation

Next-generation data storage includes advanced products and solutions for growing file sizes and massive amounts of unstructured data. The next-generation data storage technology products manage large data securely and enable secure, reliable, and fast recovery of data in a cost-efficient manner. End-user Industries, such as BFSI, healthcare, and IT and telecom, need next-generation storage devices owing to the massive volume of data generated in their businesses.

The Next-generation storage market is segmented by storage system (direct attached storage (das), network attached storage (NAS), storage area network (san)), storage architecture (file and object-based storage (fobs), block storage), end-user industry (BFSI, retail, it and telecom, healthcare, media, and entertainment), and geography (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa). The report offers the market size in value terms in USD for all the abovementioned segments.

Storage System
Direct Attached Storage (DAS)
Network Attached Storage (NAS)
Storage Area Network (SAN)
Storage Architecture
File and Object-based Storage (FOBS)
Block Storage
End User Industry
BFSI
Retail
IT and Telecom
Healthcare
Media and Entertainment
Other End-user Industries
Geography
North America
Europe
Asia Pacific
Rest of the World
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Next-generation Storage Market Size Summary

The next-generation storage market is poised for significant expansion, driven by the burgeoning digital landscape and the increasing demands of mobile services, Big Data, cloud computing, and social networking applications. This market encompasses advanced storage solutions that cater to various industries, including IT, automotive, and data centers, addressing the challenges posed by growing file sizes and unstructured data. Traditional storage technologies are becoming inadequate, prompting a shift towards next-generation infrastructure that offers reliable, faster, and cost-effective solutions. The market is particularly focused on IT applications, with a strong emphasis on Big Data and enterprise storage, as organizations seek to leverage new technologies to enhance business performance. Despite the promising growth, security concerns related to cloud-based storage, such as misconfiguration and insufficient data governance, pose challenges to market expansion.

The next-generation storage market is characterized by a semi-consolidated landscape with a few dominant players, yet innovation in memory packaging technology is enabling companies to penetrate emerging markets. The United States remains a key player, with substantial investments in data centers and a high concentration of IoT devices, driving demand for advanced storage solutions. The market is also witnessing advancements in Direct Attached Storage (DAS) and hyper-converged infrastructures, offering high performance and flexibility. Recent developments by major companies, such as NetApp and Pure Storage, highlight the ongoing innovation in storage technologies, addressing challenges like ransomware and IT complexity. The market's growth is further supported by the increasing internet traffic and user-generated data, particularly in North America, where mobile data usage and 5G subscriptions are on the rise.

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Next-generation Storage Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Threat of New Entrants

      2. 1.2.2 Bargaining Power of Buyers

      3. 1.2.3 Bargaining Power of Suppliers

      4. 1.2.4 Threat of Substitutes

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Assessment of COVID-19 Impact on the Industry

    4. 1.4 Technology Snapshot

      1. 1.4.1 Magnetic Storage

      2. 1.4.2 Solid State Storage

      3. 1.4.3 Software Defined Storage (SDS)

      4. 1.4.4 Cloud Storage

      5. 1.4.5 Unified Storage

      6. 1.4.6 Other Storage Technologies

  2. 2. MARKET SEGMENTATION

    1. 2.1 Storage System

      1. 2.1.1 Direct Attached Storage (DAS)

      2. 2.1.2 Network Attached Storage (NAS)

      3. 2.1.3 Storage Area Network (SAN)

    2. 2.2 Storage Architecture

      1. 2.2.1 File and Object-based Storage (FOBS)

      2. 2.2.2 Block Storage

    3. 2.3 End User Industry

      1. 2.3.1 BFSI

      2. 2.3.2 Retail

      3. 2.3.3 IT and Telecom

      4. 2.3.4 Healthcare

      5. 2.3.5 Media and Entertainment

      6. 2.3.6 Other End-user Industries

    4. 2.4 Geography

      1. 2.4.1 North America

      2. 2.4.2 Europe

      3. 2.4.3 Asia Pacific

      4. 2.4.4 Rest of the World

Next-generation Storage Market Size FAQs

The Next-generation Storage Market size is expected to reach USD 66.67 billion in 2024 and grow at a CAGR of 7.37% to reach USD 95.13 billion by 2029.

In 2024, the Next-generation Storage Market size is expected to reach USD 66.67 billion.

Next-generation Storage Market Report Snapshots

Next-generation Storage Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)