Next-Generation Storage Market to Reach $90.0 Billion by 2029

CHICAGO, July 2, 2024 /PRNewswire/ — This next generation storage market It is expected to increase from $65.1 billion in 2024 and is estimated to reach $90.0 billion by 2029; a new report from MarketsandMarkets™ predicts a compound annual growth rate (CAGR) of 6.7% between 2024 and 2029. The growth of the next-generation storage market is driven by the increasing popularity of IoT technologies and connected devices, the growing demand for real-time data, and the increased data generation associated with the increasing use of mobile devices and smartphones.

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Next Generation Storage Market Report Scope:

Report coverage	Details
Market revenues in 2024	$ 65.1 billion
Estimated value by 2029	$ 90.0 billion
Speed of growth	Expected to grow at a CAGR of 6.7%
Available market size for	2020″2029
Forecast period	2024″2029
Forecast units	Value (millions/billions of dollars)
Report coverage	Revenue Forecast, Competitive Landscape, Growth Drivers and Trends
Covered segments	By storage system, storage medium, storage architecture, and region
Geographical areas covered	North America, Europe, Asia Pacific and Rest of the World
Key Market Challenge	Challenges of Multi-Tenancy and Resource Isolation in Shared NAS Environments
Key Market Opportunities	The Rise of Artificial Intelligence (AI) and Machine Learning (ML)
Key Market Drivers	Increased data generation attributed to growing use of smartphones and smart wearable devices

In terms of storage systems, the storage area network (SAN) segment is projected to grow at a high CAGR in the next-generation storage market during the forecast period.

The storage area network (SAN) segment is positioned for solid growth during the forecast period. SAN architectures are optimized for high-bandwidth data access and low-latency performance, making them ideal for mission-critical applications such as databases, virtualization, and high-performance computing. SAN plays a key role in supporting virtualized infrastructures by providing centralized storage management and seamless integration with cloud services. Technological advancements such as flash-based storage and cloud integration are increasing the appeal of SANs, positioning them as key components of modern IT infrastructures. The SAN storage market is likely to be dominated by the insurance, financial services, banking, telecommunications, and IT sectors due to the increasing adoption of digital technologies, resulting in high demand for reliable storage architecture. Companies are focusing on developing customized solutions to remain competitive in the market. For example, in May 2023NetApp, Inc. (USA) launched its first all-block SAN array, simplifying data storage for SAN customers. The company also introduced the Ransomware Recovery Guarantee and expanded Onta One software and NetApp Advance program to enhance data protection and customer support.

In terms of storage media, the hard disk drive (HDD) segment is expected to grow at a rapid pace during the forecast period.

The HDD market is expected to grow at a rapid pace during the forecast period. Increasing demand for HDDs for large-capacity storage systems for applications such as cloud storage, data centers, PCs, surveillance systems, and industrial embedded systems is driving the growth. Companies are engaged in the development of enterprise-class HDDs that offer a scalable and cost-effective infrastructure for data center customers. For example, in May 2023Synology (Taiwan) has introduced the Plus Series SATA enterprise hard drives to enable efficient operation in multi-user environments. It provides a reliable storage solution tailored for home and small office users. The Plus Series hard drives are available in 4TB, 6TB, 8TB and 12TB models to meet various storage needs and budgets. These hard drives provide users with consistent performance and ease of use and are designed to meet various storage needs, such as file sharing, data backup and surveillance recording.

The cloud service provider segment is forecasted to grow at a high CAGR in the next-generation storage market during the forecast period.

The cloud service provider segment is expected to grow at a high CAGR in the next-generation storage market during the forecast period. The demand for advanced data storage systems is rapidly increasing due to the proliferation of cloud platforms, including traditional enterprise private clouds, new public clouds, and personal home clouds. Cloud computing is becoming the preferred choice for enterprises and consumers to back up and archive their data. Moreover, technological advancements in next-generation storage systems have led to the development of flash and hybrid arrays with new interfaces such as Peripheral Component Interconnect Express (PCIe) and Non-Volatile Memory Express (NVMe). These advancements, characterized by high speed and fast data access, are driving the adoption of next-generation storage devices in cloud computing environments. Moreover, the rise in remote work and digital transformation initiatives have accelerated the adoption of cloud-based collaboration tools, communication platforms, and productivity applications. Cloud service providers offer a variety of software as a service (SaaS) solutions that enable seamless remote collaboration, virtual meetings, and document sharing, enabling organizations to increase workforce productivity and collaboration regardless of geographic constraints.

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North America is poised for significant growth in the next-generation storage market through 2029.

The next-generation storage industry in North America is poised for significant growth in the coming years. The region is home to many global suppliers and consumers, particularly in the United States, where leading storage manufacturers such as Dell Inc. (USA), NetApp Inc. (USA), Hewlett Packard Enterprise Company (USA), Hitachi, Ltd. (USA), IBM Corporation (USA), Micron Technology, Inc. (USA), and Western Digital Corporation (USA) operate. As an early adopter of advanced storage technologies, North America contributes to a significant portion of the revenue in the next-generation storage market. The presence of large technology companies, cloud service providers, and data-centric enterprises is driving the demand for next-generation storage solutions. The region’s solid IT infrastructure and ecosystem create a favorable environment for the growth of the next-generation storage market. Rapid technological advancements, increasing user-generated data, Internet traffic, and e-commerce transactions in North America create a great demand for scalable and secure data storage technologies.

The key companies operating in the next-generation storage industry are: Dell Inc. (USA), Hewlett Packard Enterprise Company (USA), NetApp (USA), Huawei Technologies Co., Ltd. (China), Pure Storage, Inc. (USA), Hitachi, Ltd (Japan), Fujitsu (Japan), IBM Corp. (USA), DataDirect Networks (USA) and Micron Technology, Inc. (USA).

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