According to our latest study on "Next-Generation Data Storage Market Size and Forecast (2020-2030), Global and Regional Share, Trend, and Growth Opportunity Analysis - by Storage System, Storage Medium, Deployment, Storage Architecture, and End-User," the market was valued at US$ 56.12 billion in 2022 and is expected to reach US$ 109.41 billion by 2030; it is estimated to record a CAGR of 8.7% from 2022 to 2030.

Growing Demand for Hybrid Storage to Provide Lucrative Opportunities for Next-Generation Data Storage Market Growth During Forecast Period

Hybrid storage is a storage system that is designed using a combination of mechanical hard disk drives (HDDs) and flash-based solid-state drives (SSDs) in order to provide high performance at an affordable price. New platforms that seamlessly integrate public and private cloud storage with on-premises solutions are expected to be in high demand. These platforms offer data mobility, workload optimization, and unified data management across diverse environments.

Hybrid cloud storage is gaining traction in the next-gen storage market. For instance, Generative AI's massive data needs are projected to drive companies to choose hybrid storage that includes cloud and on-premises hardware in 2024. In addition, in January 2024, TerraMaster launched the D5 hybrid industry's first 5bay USB3.2 hybrid storage, offering an ideal storage solution for hot and cold data. Moreover, in October 2023, NetApp opened its annual Insight conference with new technologies. The company is using it to increase its unified storage and hybrid multi-cloud capabilities.NetApp has unveiled updates across its entire portfolio, including enhancements to its unified data storage portfolio and improvements to its ransomware recovery guarantee via new technologies that help businesses take better advantage of hybrid multi-cloud environments. Thus, the increasing use of hybrid storage owing to the above parameters is projected to fuel the next-generation data storage market.

Key Findings of Next-Generation Data Storage Market Study:

Based on end-user, the next-generation data storage market is segmented into BFSI, retail, IT and telecom, healthcare, media & entertainment, others. Next-generation data storage is of utmost importance in the BFSI industry as it tackles the obstacles presented by the rapid expansion of digital data. These advanced storage solutions provide BFSI organizations with scalability, data security, regulatory compliance, data analytics capabilities, and business continuity. Prominent users of next-generation data storage in the BFSI sector encompass banking institutions, financial services providers, insurance companies, government bodies, cloud service providers, and telecom companies. By harnessing the potential of next-generation data storage solutions, BFSI organizations can proficiently handle and leverage their data assets to enhance operational efficiency, improve customer experiences, and ensure compliance with regulatory standards.

The next-generation data storage market in the US is expected to continue its growth trajectory in the coming years. Driving factors include the increase in the adoption of cloud computing, the rise of IoT devices, and the need for efficient data management and analysis. For instance, in June 2023, KIOXIA America, Inc., known for inventing NAND flash memory, showcased its wide range of next-generation solid-state drives (SSDs) at the HPE Discover event. These flash-based SSDs are specifically designed to optimize Hewlett Packard Enterprise (HPE) solutions, catering to various needs, from edge computing to cloud storage. KIOXIA has been collaborating with HPE for years to develop top-of-the-line storage solutions. Their products enable a broad range of HPE solutions, including mobile, data center, and enterprise applications. The showcased SSDs include a new class of SAS SSDs that offer unprecedented speeds to SAS-equipped architectures, as well as PCIe 5.0 NVMe SSDs that double the performance of PCIe 4.0 SSDs. These SSDs come in new form factors that provide high performance and density. Additionally, advancements in technologies such as artificial intelligence (AI) and machine learning (ML) are expected to further drive the demand for next-generation data storage market in the US.


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