The global next-generation data storage market was valued at USD 66.52 billion in 2023 and is projected to reach USD 116.69 billion by 2030, registering a CAGR of 9.8% from 2024 to 2030. Market growth is driven by the rapid adoption of IoT across industries such as retail, healthcare, and manufacturing, along with the rising trend of cloud computing.

The increasing digitization of data in both residential and commercial sectors—supported by higher adoption of laptops, smartphones, and tablets—is significantly boosting demand for next-generation data storage solutions. The surge in digital data volumes across industries such as healthcare, retail, and BFSI is further amplifying market growth.

To meet this demand, companies are leveraging the scalability, flexibility, and cost-effectiveness of cloud storage, investing in advanced technologies like crystal etching, and integrating Big Data analytics to provide real-time, reliable access. These innovations are particularly valuable in enhancing customer experiences for online shopping and internet banking.

While the high cost of advanced storage solutions could limit adoption in economically sensitive regions like APAC and MEA, increasing internet penetration, e-commerce expansion, and rapid digitization trends are expected to create substantial growth opportunities. The development of high-speed, high-capacity storage devices—particularly solid-state drives—will further accelerate adoption.

Key Market Trends & Insights

• Regional Insights: North America led the market with a revenue share of 37.46% in 2023. Asia Pacific is projected to be the fastest-growing region.

• By Storage System: The network-attached storage (NAS) segment is anticipated to record the highest CAGR during the forecast period.

• By Storage Technique: Solid-state drive storage dominated with a 32.86% revenue share in 2023.

• By Storage Type: Local (on-premises) storage accounted for the largest share at 52.58% in 2023.

• By End Use: Segmented into home and business applications.

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Market Size & Forecast

• 2023 Market Size: USD 66.52 Billion

• 2030 Projected Market Size: USD 116.69 Billion

• CAGR (2024-2030): 9.8%

• North America: Largest market in 2023

• Asia Pacific: Fastest-growing market

Competitive Landscape

Hewlett Packard Enterprise (HPE): Offers hybrid cloud storage solutions with a focus on agility, efficiency, and AI-driven optimization.

• Dell Technologies Inc.: Provides a wide range of storage solutions including traditional arrays, hyper-converged systems, and cloud services.

• Cohesity: Specializes in hyper-converged secondary storage for backup, analytics, and file services.

• Rubrik: Delivers unified cloud data management solutions focused on hybrid environments and compliance.

• Other Key Players: NetApp, Hitachi, IBM, Micron Technology, Netgear, and Inspur.

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Conclusion

The next-generation data storage market is poised for strong expansion through 2030, fueled by surging data generation, IoT proliferation, and the rapid shift to cloud-based ecosystems. Although cost barriers may challenge adoption in certain regions, technological innovations, the increasing need for secure and scalable solutions, and the relentless growth of digital commerce are set to sustain long-term market momentum. Companies that focus on high-speed, high-capacity, and AI-driven storage solutions will be best positioned to capitalize on these opportunities.

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