Next-Generation Data Storage Market Summary

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, growing at a CAGR of 9.8% from 2024 to 2030. The market is expected to expand steadily as organizations across multiple sectors work toward upgrading their data management capabilities. Significant growth in the global penetration of IoT across retail, healthcare, manufacturing, and other industries is creating a continuous rise in data generation, increasing the need for efficient, scalable, and high-performance storage solutions. This trend, combined with the widespread adoption of cloud computing, is shaping the next phase of storage technology development.

The rapid digitization of data in both residential and commercial environments is further supporting market growth. Consumers and businesses are increasingly relying on laptops, smartphones, tablets, and other smart devices, all of which contribute to the creation and storage of substantial volumes of digital information. Additionally, several industries, including healthcare, retail, and BFSI, are experiencing exponential growth in data volume due to advancements in digital operations, electronic recordkeeping, and online services. This surge in data necessitates the adoption of next-generation storage devices capable of offering enhanced speed, reliability, and capacity.

Key Market Trends & Insights

• North America dominated the next-generation data storage market with a revenue share of 37.46% in 2023, driven by strong technological adoption and a mature IT infrastructure.
• Based on storage system, the network-attached storage (NAS) segment is anticipated to witness the fastest CAGR over the forecast period due to its scalability and ease of data access.
• Based on storage technique, the solid-state drive storage segment led the market with the largest revenue share of 32.86% in 2023, owing to rising demand for high-speed and energy-efficient storage technologies.
• Based on storage type, the local (on-premises) storage segment held the largest revenue share of 52.58% in 2023, supported by organizations prioritizing data control and security.
• Based on end-use, the segment is divided into home and business, with business users contributing significantly due to growing enterprise data storage requirements.

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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

Key Companies & Market Share Insights

Some of the key companies operating in the Market include Dell Technologies Inc., Hewlett Packard Enterprise, among others.

• Dell Technologies offers a comprehensive portfolio of storage solutions, including traditional storage arrays, software-defined storage, hyper-converged infrastructure, and cloud-based storage services. The company's storage offerings cater to a wide range of use cases, from enterprise data centers to edge computing environments, focusing on scalability, performance, and data management capabilities
• HPE provides a diverse range of storage solutions, spanning from traditional storage systems to modern hybrid cloud storage architectures. The company's storage portfolio includes solutions for data management, backup and recovery, software-defined storage, and AI-driven storage optimization. HPE emphasizes agility, efficiency, and intelligence in its storage offerings to support digital transformation initiatives

Rubrik, and Cohesity are some of the emerging market companies in the target market.

• Cohesity offers hyper-converged secondary storage solutions that consolidate data protection, backup, file services, and analytics onto a single platform. The company's focus on simplifying data management and improving data visibility resonates with organizations seeking to streamline storage infrastructure and unlock insights from their data
• Rubrik provides cloud data management solutions that combine backup, recovery, replication, and data archival capabilities in a unified platform. With a focus on hybrid cloud environments and data mobility, Rubrik helps organizations manage data across diverse IT ecosystems while ensuring security, compliance, and scalability

Key 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 expanding rapidly as industries worldwide generate increasingly large volumes of digital information. The growing adoption of IoT, cloud services, and advanced digital platforms is creating urgent demand for high-performance storage technologies capable of supporting modern data workloads. With continuous innovation and rising investments in infrastructure, next-gen storage solutions such as SSDs, NAS, and hybrid systems are becoming essential for businesses and households alike. North America continues to lead the market, while global advancements further accelerate adoption. As data continues to grow in scale, speed, and complexity, next-generation storage will remain vital for future digital transformation.