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, expanding at a CAGR of 9.8% from 2024 to 2030. This growth is largely driven by the increasing global penetration of IoT across industries such as retail, healthcare, and manufacturing, alongside the rising adoption of cloud computing solutions.

The digitization of data across both residential and commercial sectors—fueled by widespread use of smartphones, laptops, and tablets—is playing a major role in driving market expansion.

With the exponential increase in digital data generated in industries like healthcare, BFSI, and retail, there is a rising demand for reliable and scalable next-generation storage solutions. To address this, companies are turning toward cloud-based systems that offer flexibility, efficiency, and scalability. Emerging technologies such as crystal etching and Big Data integration are further advancing real-time data access and management, enhancing customer experience especially in online retail and digital banking environments.

There is a significant push for robust, high-speed data storage systems driven by the need to digitize operations and reduce manual intervention. However, the high cost of implementing advanced storage technologies remains a challenge in economically constrained regions such as APAC and MEA. Nevertheless, growing demand for data-driven solutions and rising investment in R&D present substantial growth opportunities in the market.

The increased production of input-output devices and expansion of smart and automated technologies have made efficient data handling essential. Online commerce, smart devices, and media-rich data transmission are all contributing to the accelerated adoption of cloud storage and solid-state drives. Future product innovations focused on speed and capacity are expected to further drive market expansion.

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Key Market Trends & Insights

• In 2023, North America led the next-generation data storage market, holding a revenue share of 37.46%.
• Among storage systems, the network-attached storage (NAS) segment is expected to record the highest CAGR throughout the forecast period.
• On the basis of storage technique, the solid-state drive (SSD) segment dominated the market with a 32.86% revenue share in 2023.
• By storage type, local (on-premises) storage emerged as the market leader with a 52.58% revenue share.
• End-use applications are broadly categorized into home and business sectors.

Market Size & Forecast

• 2023 Market Size: USD 66.52 Billion

• 2030 Projected Market Size: USD 116.69 Billion

• CAGR (2024–2030): 9.8%

• Leading Region: North America (2023)

• Fastest Growing Region: Asia Pacific

Key Next-Generation Data Storage Companies Insights

Notable market players include Dell Technologies Inc. and Hewlett Packard Enterprise (HPE), both offering comprehensive storage portfolios catering to varied needs from edge computing to enterprise data centers.

• Dell Technologies delivers traditional and software-defined storage, hyper-converged infrastructure, and cloud services focused on performance and scalability.

• HPE provides hybrid cloud solutions and AI-driven optimization tools that emphasize agility and efficiency to support digital transformation efforts.

• Cohesity specializes in hyper-converged secondary storage and simplified data management through a unified platform.

• Rubrik offers integrated cloud data management that covers backup, recovery, replication, and archiving, with a focus on hybrid cloud security and compliance.

Key Market Players:

• Hewlett Packard Enterprise Company
• Dell Inc.
• NetApp, Inc.
• Hitachi, Ltd.
• International Business Machines Corporation
• Micron Technology, Inc.
• Netgear Inc
• Inspur

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Conclusion:

The next-generation data storage market is undergoing a major transformation fueled by the rise of digital ecosystems, IoT integration, and cloud computing. With strong demand from industries requiring efficient, scalable, and secure data solutions, the market is set for sustained growth. Innovations in storage technologies and increasing enterprise investments are poised to shape the competitive landscape, providing vast opportunities for players offering advanced, data-centric solutions.