Next Generation Data Storage Technologies Market

Increasing IoT adoption to support market growth

The Internet of Things (IoT), the newest emerging technology, generates enormous amounts of data from connected devices like smartphones, tracking devices, car applications, and social media. This has led to increased demand for next-generation data storage to store and manage the massive amounts of data generated from these channels. The demand for next-generation data storage is being driven by the adoption of IoT technology across many industries for industrial applications like predicting agricultural yields and equipment failure, forecasting weather, and enabling autonomous driving. These applications generate significant volumes of sensitive data.

Organisations including Hewlett Packard Enterprise, Hitachi, Huawei, IBM, and Dell Technologies are heavily investing in next-generation data storage technology to gain a greater share of the currently rising data storage market.

The highest memory operations and data security levels are necessary for industrial applications because they are frequently at the forefront of critical systems, such as those in the aerospace & defense and healthcare industries, and they cannot afford to have any room for uncertainty or error. In industrial applications, flash memory is displacing HDDs. The grade of the memory must, however, be sufficient to meet the device's criteria when flash memory is used in industrial settings. Thus, non-volatile memory producers already sell flash memories tailored to particular applications. The majority of industrial applications employ single-level cell (SLC) NAND memory.

SLC flash only stores one piece of data on each cell, making it exceedingly unlikely that any data would be corrupted or lost if there was a power outage while writing. Thus, driving the next generation data storage technologies market revenue.

The exponential increase in data generation across various sectors is a primary driver for the Global Next Generation Data Storage Technologies Market Industry. With the proliferation of IoT devices, social media, and digital transactions, it is estimated that global data creation will reach 92.3 USD Billion in 2024. This surge necessitates advanced storage solutions that can efficiently manage and analyze vast amounts of data. Organizations are increasingly seeking innovative storage technologies that offer scalability and speed, thereby propelling market growth. As data continues to multiply, the demand for next-generation storage solutions is likely to intensify.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific next generation data storage technologies market area will dominate this market due to the emergence of data hubs and commercial organizations. Data centers have become the most important end-user industry sector, deploying most storage devices and holding the largest market share for next-generation data storage technology. Industrial automation and aerospace industries are anticipated to experience the largest growth in the market for next-generation data storage technologies throughout the anticipated time frame.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Next Generation Data Storage Technologies Market SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe next generation data storage technologies market accounts for the second-largest market share. The main elements anticipated to increase demand for dependable, secure, and affordable storage infrastructure in the area are a quick rise in the number of laptop and smartphone users, an increase in disposable income, and growing consumer awareness. 

The regional market will probably benefit from the increasing number of small and medium-sized firms across various industries in the area. Further, the German next generation data storage technologies market held the largest market share, and the UK next generation data storage technologies market was the fastest growing market in the European region

The North America Next generation data storage technologies Market is expected to grow at the fastest CAGR from 2023 to 2032. Advanced data-storage technologies have been embraced by North America first. Both consumers and international businesses are heavily concentrated in the US. Additionally, there has been a sharp rise in the number of hyper-scale data centers, which cloud computing providers and social network service providers mostly use. The largest market share is supported by these elements in North America. 

Moreover, US next generation data storage technologies market held the largest market share, and the Canada next generation data storage technologies market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the next generation data storage technologies market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, next generation data storage technologies industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global next generation data storage technologies industry to benefit clients and increase the market sector. In recent years, the next generation data storage technologies industry has offered some of the most significant advantages to market.

Major players in the next generation data storage technologies market attempting to increase market demand by investing in research and development operations include Dell Inc. (U.S.), IBM Corporation (U.S), VMware Inc. (U.S.), Hewlett-Packard Development Company (U.S.), Sandisk Corporation (U.S.), Micron Technology Inc. (U.S.), Nutanix (U.S.), NetApp (U.S.), Toshiba Corporation (Japan) and Quantum Corporation (U.S.).

For more than 25 years, SanDisk has been increasing the possibilities for data storage, assuring consumers and organizations that their data will always be dependable and accessible, even in the most difficult circumstances. Its products are trusted by customers worldwide and are utilised in cutting-edge data centers, innovative smartphones, tablets, and laptops. As a vertically integrated storage solution provider, we can produce cutting-edge, high-quality products more swiftly than our competitors. SanDisk storage solutions, from mobile devices to hyper-scale data centers, enable the amazing.

Nutanix Inc offers an enterprise cloud platform. It provides databases, big data analytics, virtual desktop infrastructure, and unified business applications. The company offers a variety of solutions, including databases, virtualization and cloud, business-critical apps, cloud-native, hybrid cloud, and consolidated storage services, among others. It benefits the industries of transportation, consumer goods, finance, healthcare, manufacturing, media, education, energy, retail, public sector, technology, and telecommunications.