Next-generation Data Storage Market size is set to grow by USD 26.59 billion from 2023-2027, Cloudian Inc., DataDirect Networks Inc. and Dell Technologies Inc., and more to emerge as Some of the Key Vendors, Technavio

NEW YORK, April 22, 2024 /PRNewswire/ -- The global next-generation data storage market size is estimated to grow by USD 26.59 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 7.93% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of  32%. 

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Major Players in the Market

Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:

Cloudian Inc., DataDirect Networks Inc., Dell Technologies Inc., Drobo Inc., Furukawa Electric Co. Ltd., Hewlett Packard Enterprise Co., Hitachi Ltd., Inspur Group, International Business Machines Corp., Micron Technology Inc., NetApp Inc., Netgear Inc., Nutanix Inc., Oracle Corp., Pure Storage Inc., Quantum Corp., Samsung Electronics Co. Ltd., Scality Inc., Western Digital Corp., Toshiba Corp.

Analyst Review

In the next-generation data storage market, mobile devices, smart wearables, and connected devices are driving the demand for advanced data production and storage solutions. With the advent of 5G technology, e-commerce and smart technologies are experiencing exponential growth, leading to an increase in big data generation. Automated systems require efficient and secure data storage, making cloud computing and data centers essential. However, security breaches and cyber threats pose significant challenges. To mitigate these risks, non-volatile manufacturers are focusing on Flash memory and HDDs with improved latency and security features. AI, machine learning, social media, and healthcare industries generate vast amounts of data, necessitating the need for distributed storage solutions and AI-driven analytics. Cloud storage and mobile payments are also key areas of focus, as they offer convenience and flexibility. Overall, the next-generation data storage market is poised for significant growth, with a focus on security, efficiency, and scalability.

Key Market Drivers

The Next-Generation Data Storage Market is experiencing rapid expansion due to the exponential data growth from large-scale industries and IoT devices. Corporate information, patient data in healthcare, banking services, financial services, online shopping, video, and pictures require higher storage capacity in a scalable manner. IoT trends such as connected cars, homes, and smart cities increase data volumes, necessitating energy-efficient, always-interconnected networks. Next-generation data storage solutions offer low latency, faster data access, and processing capabilities, enabling data-driven applications and analytics. Cloud services provide scalable and flexible storage solutions for digital data transfer and backup. With the increasing use of IoT in various sectors like retail, healthcare, and telecom companies, data security becomes paramount against ransomware attacks. Direct-attached storage, network-attached storage, and storage area networks offer on-premise and cloud storage options for businesses. IT specialists are essential for installation structures and managing databases in this data-intensive landscape.

Challenges and Opportunities

The next-generation data storage market is characterized by complex requirements driven by compliance regulations, data centers, mobile payments, and the growing adoption of cloud computing, big data, AI, and machine learning. This necessitates advanced specifications and high investment in R&D for technologies like Flash memory, HDDs, and non-volatile manufacturers. However, the market faces challenges due to cyclical demand patterns from various sectors, including the BFSI sector, manufacturing sector, and consumer goods sector. The use of tablets, laptops, and FOBS systems further complicates the demand-supply equation. Security threats, such as cyber attacks, DDoS, ransomware, viruses, worms, malware, spyware, botnets, spam, spoofing, phishing, hacktivism, state-sanctioned cyberwarfare, and PAC Storage (US), add to the complexity and necessitate robust security features.

In the next-generation data storage market, the exponential growth of data from various sources such as data production from mobile devices, smart wearables, connected devices, and 5G technology, is driving the need for advanced storage solutions. The expansion of e-commerce, smart technologies, and automated systems in large-scale industries is leading to an increase in less structured data and data security issues. Security breaches, configuration errors, poor user rights, and corporate information vulnerabilities are major concerns. Cloud storage and server services are becoming essential for handling the digital data deluge. However, data security issues, including ransomware attacks, remain a significant challenge. The Internet of Things (IoT) and data-driven applications, such as analytics, require low latency, faster data access, and higher processing capabilities. The demand for scalable and flexible storage solutions is increasing, with automatic cloud backups and high-speed data storage becoming essential. Industries like healthcare, banking, and financial services generate massive amounts of sensitive data, including patient information and financial transactions. Ensuring data protection and backup is crucial. The next-generation data storage market offers solutions that cater to these needs, providing scalable, secure, and efficient storage solutions for the digital age.

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Market Overview

In the next-generation data storage market, technology continues to evolve, with devices and technologies such as 5G, techology, and smart technologies playing a significant role. Concepts like cloud, connect, and mobility are shaping the industry, with solutions like serverless, servicing, and secure capacity becoming increasingly important. Capabilities like automation, analytics, and artificial intelligence are also driving innovation, as is the need for faster, more efficient, and more cost-effective storage solutions. The market is expected to grow significantly, with companies investing in areas like containerized, object-based, and scalable storage, as well as in advanced technologies like blockchain and edge computing. Overall, the next-generation data storage market is poised for significant growth, with a focus on delivering more flexible, efficient, and secure storage solutions to meet the evolving needs of businesses and organizations.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio