Next-generation Data Storage Market Analysis

Next-Generation Data Storage Market Analysis

Based on end-use, the next-generation data storage market is segmented into BFSI, healthcare, retail, cloud service providers, government, IT & telecom, and others. The BFSI segment is expected to grow at a lucrative growth rate of over 12% between 2023 and 2032. Data creation through multiple touchpoints, such as mobile banking, digital wallets, and chatbot-supported customer assistance services, is currently at its peak in the banking sector.

To provide a seamless customer experience and facilitate frictionless backend processes, BFSI firms are increasingly adopting secure, fast, reliable & scalable data infrastructure. Furthermore, the growing need for financial institutions to make decisions based on databases to gain a competitive advantage is compelling them to implement smarter business platforms that are agile, adaptable, and feasible.
 

What are the growth opportunities in this market?

 Download Free Sample

Based on storage architecture, the next-generation data storage market is divided into file & object-based storage and block storage. The file & object-based storage segment held a market value of over USD 20 Billion in 2022, which is attributed to the increasing demand to arrange large volumes of data in a structure. File storage is a hierarchical storage method for organizing & storing data on a computer hard drive or a Network-Attached Storage (NAS) device. Object storage is a type of computer data storage architecture that is intended to handle large amounts of unstructured data. Unlike block storage architecture, it defines data as distinct units that are accompanied by metadata and a unique identifier that can be used to locate & access each data unit. Due to the rapid adoption of IoT technologies and connected devices as well as the increased use of mobile & smart wearable devices, the demand for file & object-based storage is increasing.
 

Based on deployment type, the next-generation data storage market is bifurcated into on-premises and cloud. The on-premises segment held a dominant market share in 2022 and is anticipated to grow at over 8% CAGR from 2023 to 2032. The high performance of on-premises storage solutions drives the segment. Due to its low cost and backup & recovery capabilities, on-premise next-generation data storage is best suited for small-sized businesses. The growing need to manage large volumes of data, both structured and unstructured, is a critical factor promising growth prospects for the on-premises segment.
 

Learn more about the key segments shaping this market

 Download Free Sample

North America is the dominant region in the global next-generation data storage market with over 35% share in 2022. The region is a pioneer in the adoption of advanced data-storage technologies. The U.S. has a high concentration of both global companies and consumers. In addition, the proliferation of hyper-scale data centers, which are primarily used by cloud computing companies and social network providers, has increased rapidly. These factors contribute to the region’s dominance in the market.