Next Generation Data Storage Market - Price, Size, Share & Growth

Next generation data storage technology is comprised of advanced data storage products and solutions, in order to deal with increasing file size and a vast amount of unstructured data. Next generation data storage allows secure and reliable recovery of data in an efficient manner. It has facilitated scalable storage and handling of the vast amount of unstructured data generated by large enterprises. Furthermore, next generation data storage is used in various industry verticals including BFSI, healthcare, retail, etc.

The Global Next Generation Data Storage Market was valued for US$ 66644.1 Mn in 2021 is expected to exhibit a CAGR of 11.5% during the forecast period.

Next Generation Data Storage Market Report Coverage

Report Coverage	Details
Base Year:	2021	Market Size in 2021:	US$ 66644.1 Mn
Historical Data for:	2017 to 2020	Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	11.5%	2030 Value Projection:	US$ 174457.8 Mn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:	By Type: Direct Attached Storage (DAS), Network Attached Storage (NAS) and Storage Area Network (SAN) By Architecture: File Storage, Object Storage and Block Storage By Storage Medium: Tape, Hard Disk Drive(HDD) and Solid State Drive (SSD) By Deployment: On Premise and Cloud By Industry Vertical: BFSI, Government, Retail, IT and Telecommunication, Manufacturing, Healthcare, Education and Media and Entertainment
Companies covered:	Avago Technologies, Dell, IBM Corporation, EMC Corporation, Hitachi Data Systems, Micron Technology, Hewlett-Packard Development Company, Nutanix, Toshiba Corporation, Drobo, Quantum Corporation, and SimpliVity Corporation.
Growth Drivers:	Rising proliferation of smartphones, tablets, and laptops is expected to drive growth of the global next generation data storage market during the forecast period Rapid growth of e-commerce sector is expected to propel the global next-generation data storage market growth over the forecast period
Restraints & Challenges:	Data security breach in the cloud and server-based services is expected to hamper the global next generation data storage market growth over the forecast period High cost associated with cloud storage is expected to restrain growth of the global next generation data storage market during the forecast period

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Recent Developments:

In April 2022, Quantum Corporation, a solution provider for video and unstructured data, introduced the Quantum F2100 NVMe storage appliance for faster performance and better NVMe (nonvolatile memory express) storage capacity than previous generations of their storage appliance.

Restraint:

Data security breach in the cloud and server-based services is expected to hamper the global next generation data storage market growth over the forecast period
High cost associated with cloud storage is expected to restrain growth of the global next generation data storage market during the forecast period

Next Generation Data Storage Market - Impact of Coronavirus (Covid-19) Pandemic:

The COVID-19 Pandemic has had a favorable impact on the market for Next Generation Data Storage. Next-generation data storage is widely used in healthcare, retail, manufacturing, BFSI, and other industries to enable scalable storage and handling of enormous amounts of unstructured data generated by organizations. Because conventional data storage is capable of handling the vast quantity of data generated on a daily basis, many organizations prefer next generation data storage solutions. As a result of the extensive usage of storage devices during the pandemic, the next generation data storage market grew.

North America held a dominant position in the global next generation data storage market in 2021

Statistics:

North America region dominated the global next generation data storage market in 2021, accounting for a 35.7% share in terms of value, followed by, Asia Pacific and Europe, respectively.

Figure 1: Global Next Generation Data Storage Market Share (%), By Region, 2021

NEXT GENERATION DATA STORAGE MARKET

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North America next generation data storage market is expected to be one of the prominent region in the global market and witness high growth during the forecast period. So it is expected to boost the regional market growth.

Figure 2: Global Next Generation Data Storage Market (US$ Mn) Analysis and Forecast, 2017 - 2030

NEXT GENERATION DATA STORAGE MARKET

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The global next generation data storage market was valued at US$ 66644.1 Mn in 2021 and is expected to reach US$ 174457.8 Mn by 2030, growing at a CAGR of 11.5% between 2022 and 2030.

Major players operating in the global next generation data storage market include Avago Technologies, Dell, IBM Corporation, EMC Corporation, Hitachi Data Systems, Micron Technology, Hewlett-Packard Development Company, Nutanix, Toshiba Corporation, Drobo, Quantum Corporation, and SimpliVity Corporation.

About Author

Suraj Bhanudas Jagtap

Suraj Bhanudas Jagtap is a seasoned Senior Management Consultant with over 7 years of experience. He has served Fortune 500 companies and startups, helping clients with cross broader expansion and market entry access strategies. He has played significant role in offering strategic viewpoints and actionable insights for various client’s projects including demand analysis, and competitive analysis, identifying right channel partner among others.

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Frequently Asked Questions

The global Next Generation Data Storage Market size was valued at USD 66644.1 million in 2022 and is expected to reach USD 174457.8 million in 2030.

The global market for next generation data storage is expected to reach US$ 174457.8 Million by 2030.

The market is expected to grow at 11.5% CAGR over the period (2022-2030).

Rising proliferation of smartphones, tablets, and laptops is expected to drive growth of the market during the forecast period

Direct-Attached Storage sub-segment holds the largest market share among Type segment contributing 38.1% market share in terms of value in 2021.

North America region hold the largest share in the market in 2021 in terms of value.

Key players operating in the global next generation data storage are Avago Technologies, Dell, IBM Corporation, EMC Corporation, Hitachi Data Systems, Micron Technology, Hewlett-Packard Development Company, Nutanix, Toshiba Corporation, Drobo, Quantum Corporation, and SimpliVity Corporation