Next-Generation Data Storage Market Size, Share & Trends Analysis growing at a CAGR of 9.8% from 2024 to 2030

The global next-generation data storage market size was estimated at USD 66.52 billion in 2023 and is projected to reach USD 116.69 billion by 2030, growing at a CAGR of 9.8% from 2024 to 2030. Some of the key factors expected to drive the market growth in the near future include significant growth in the global penetration of IoT in retail, healthcare, manufacturing, and others and a consequent rise in the trend of cloud computing.

Key Market Trends & Insights

• North America dominated the next-generation data storage market with a revenue share of 37.46% in 2023.
• Based on storage system, the network-attached storage (NAS) segment is anticipated to witness at the fastest CAGR over the forecast period.
• Based on storage technique, the solid state drive storage segment led the market with the largest revenue share of 32.86% in 2023.
• Based on storage type, the local (on-premises) storage segment led the market with the largest revenue share of 52.58% in 2023.
• Based on end-use, the segment is divided into home and business.

Market Size & Forecast

• 2023 Market Size: USD 66.52 Billion
• 2030 Projected Market Size: USD 116.69 Billion
• CAGR (2024-2030): 9.8%
• North America: Largest market in 2023
• Asia Pacific: Fastest growing market

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Digitization of data in residential and commercial places, supported by an escalated use of laptops, smartphones, and tablets, is significantly contributing to the market growth.

There is massive growth in digital data volume across several industry verticals, such as healthcare, retail, and BFSI, which is expected to grow demand for next-gen data storage devices.

Market players are relying on the scalability, effectiveness, and flexibility of cloud data storage as data generation is increasing. To take advantage of cloud storehouse capabilities, market players are investing in innovative technologies such as crystal etching techniques. Combining Big Data analytics and cloud storage is allowing data storage companies to establish real-time and reliable access across all channels to enhance the customer experience especially when it comes to online shopping and internet banking.

There is a growing need for high-speed and robust data solutions due to the increasing demand for data digitization and the reduction of human labor. However, the high costs associated with advanced technologies that meet market needs may result in limited adoption in economically sensitive regions such as APAC and MEA. Despite this, the market’s lucrative growth prospects are expected to create significant opportunities for data analytics driven by consumer demands.

The rising production of input-output devices is a key contributor to market growth. Data generation across various sectors underscores the need for its maintenance and organization. Recent technological advancements, such as online shopping, smart technologies, and automated systems, are driving a significant shift in the market. In addition, increased funding for R&D in advanced technologies to meet consumer needs is contributing to market growth.

Market Concentration & Characteristics

The market is characterized by a high degree of innovation, with ongoing advancements in storage technologies, architectures, and solutions. Key players in the market continuously invest in research and development to introduce new storage technologies and features, enhancing performance, scalability, reliability, and security. Emerging technologies such as cloud computing, edge computing, artificial intelligence (AI), and machine learning (ML) drive innovation in the market, enabling organizations to leverage data more effectively for business insights and competitive advantages.

Next-Generation Data Storage Market Report Scope