Next-generation data storage market projected to grow to $90.0 billion by 2029

From GlobeNewswire: 2024-07-16 08:00:00

The next-generation data storage market is valued at USD 65.1 billion in 2024, projected to reach USD 90.0 billion by 2029 with a 6.7% CAGR. Growth is fueled by demand for energy-efficient storage solutions, NVMe adoption, and 5G technology. Key players include Dell, HP Enterprise, NetApp, and Huawei among others.

Network-attached storage (NAS) dominates the market due to high demand for centralized storage solutions. Solid-state drives (SSD) lead in market share for their speed and efficiency over traditional mediums like HDDs. On-premises storage solutions are preferred for data sovereignty and security control.

The Asia Pacific region is expected to see the fastest growth in the next-generation data storage market. The rise of micro, small, and medium enterprises (MSMEs) in the region drives demand for scalable storage solutions as digitalization initiatives increase. AI and ML technologies present opportunities for innovative data management and analytics, enhancing security and efficiency in storage environments.



Read more at GlobeNewswire: Next-Generation Data Storage Market Set to Witness